TEN WISE DECISIONS THAT WILL HELP YOU THRIVE AND FLOURISH IN THIS COVID-19 PERIOD!
“The problem is not the problem; the problem is your attitude about the problem”- Captain Jack Sparrow
You must not only survive during this Covid-19 period, you can also thrive and flourish if you make wise decisions. We all pray that this corona virus pandemic end soon, but there are certain indications that show that we may be in for a long haul. Companies are making life saving decisions to cut cost, reduce work force and judiciously manage resources. Many countries are slashing and adjusting their budget to embrace current realities. Presently there is a lot of chaos and uncertainties in the stock market; oil prices are crashing every day; things are falling apart and many centers can no longer hold. National revenues are getting depleted, and many countries may be unable to pay salaries if this pandemic linger more than necessary. Trade relationships are becoming more strained even between hitherto friendly nations! Funding will become harder and many businesses will shut down, but you can determine your own fate by making some wise decisions that can safeguard your future and fool-proof your resources.
Difficult times will demand difficult and wise decisions; this is not the time to be emotional about your finances; it is actually the time to develop a sustainable way of living. If celebrities and entertainers are observing unprecedented cut in their salaries and allowances, then you will be one of the most deceived human being on earth if you are not making wise financial decisions and tinkering with your lifestyle to safeguard your resources. During challenging times, it’s easy to get dragged down by uncertainties and negativities. I have compiled ten wise decisions that will help you navigate through this challenging period to ensure you emerge unscathed and flourishing.
#1 SELL YOUR LIABILITIES:
Yes you heard me well, sell your liabilities and buy assets! You cannot continuously invest in liabilities and flourish, it has apparently become economically suicidal to foolhardily hold on to things that are currently draining your finances. The more money the poor earns, the more money they spend on liabilities. The more money the rich earns, the more money they invest, and the more money they spend on assets. The poor always buy things that will elevate their status while the rich invest in assets to elevate their wealth. The most foolish decision in this period is to continue to invest in liabilities. God forbid, but if situation like this continue for the next six month, you would have spent one quarter of your revenue on maintaining liabilities. I want to specially reach out to the flamboyantly rich people: This is the worst time to own a private jet! It costs between $5000 and $10,000 per month to park a private jet. This may be more when cost of maintenance is added!
#2 GUARD YOUR ASSETS:
Hear this: The rich get their money from assets, not jobs! Robert Kiyosaki said, “The rich buy assets. The poor only have expenses. The middle class buys liabilities they think are assets.” Recently, one of my mentees needed my counsel on an issue that has been causing a rift between herself and her husband. She was considering selling the only landed property acquired by the family and the husband did not support the idea. I made her realized that any landed property sold in this period will definitely be sold at a distressed price because people are more interesting in staying alive than buying landed property. I advised her to guard her asset. Do not sell your assets out of distress, you will regret it later!
#3 REDUCE RENTAGE AND RENTED SPACE:
In this time that everybody is virtually working from home, it will be economically wise to stop paying rent for excess space. Cut off expenses on rented space if you can work from home. You can convert a part of your house to office. You can redesign your garage and work from there; this is the time to convert a section of your house to office! Any second or third apartment that you are not occupying presently is a financial waste. Don’t renew the rent for that office if you can comfortably work from home except the accommodation is needed to interface with your customers.
#4 EVOLVE A PRODUCT AND STEP UP YOUR ON-LINE PRESENCE:
Whether a virtual or physical product, the only way to outlive this time is to have a product that continuously sell. See and seize the opportunity in this trying times to evolve a product. You will need to brainstorm on a product that can meet people’s need. As people are now at home, this is the time to evolve contents and products that can be sold on-line. While many companies are laying off their employees, Amazon has decided to employ 100,000 distribution workers as they have the world biggest online sale platform. If you really want your product to thrive in this time, then you will have to design online sale into your marketing strategy. Online sale gives you the privilege to throw your products and contents at people without physically interfacing with them. The brands that will thrive in this trying times will be those that have integrated online sale and delivery into their marketing strategy. Every company or individual that will thrive in this period must step up their on-line presence on LinkedIn, Facebook, Twitter, Instagram etc. E-commerce will always flourish in times like this and being visible online and on social media will drastically give you an edge in this period.
#5 SPEND WISELY:
You must be wise in your spending pattern. How you spend in times like this will determine how you and your family will last in this critical time. Spend your money only on things that are really essential and needful. This is not the time to spend on luxuries, spend only on essentials and what really matters. You need the right money mindset in this critical time. Your relationship with money now matters a lot than ever. Your approach to money determines whether you will deplete, maintain or multiply it.
#6 BUILD PRODUCTIVE RELATIONSHIPS:
The right people are worth everything! This is the time to build and firm up relationships that are significant to your destination. Build relationships that matter! The richest people in the world build networks; everyone else is trained to look for work. Increase the quality of your network and connect more with people that are valuable to your destination. Your network determines your net worth.
#7 INVEST IN PERSONAL DEVELOPMENT:
The greatest hindrance to personal development is personal neglect. These are the times to read books and on-line contents that will develop you. In this lockdown period, let your personal growth be your most important goal. Make personal development and growth a daily affair. Create some non-negotiable daily rituals to develop yourself. It is not what you are acquiring that really matters now; it is who you are becoming! You have a gold mine when you have a ‘growth mind.’
#8 GET AN ADDITIONAL STREAM OF INCOME:
If you desire to protect your family from the unknown, having multiple streams of income is non-negotiable! Having multiple streams of income will help you live above the financial vagaries, vicissitude and uncertainty that can bewildered a single sourced income. In this lockdown period, you will definitely be using more consumables. You need an additional source of income to live a sustainable life. Engage yourself in deep critical thinking to see how you can design another source of income. You can be a virtual assistant to executives. If you have a washing machine at home, you can start a laundry service to create an additional source of income.
#9 REACH OUT TO PEOPLE THAT NEED YOUR HELP:
As much as you must economize your resources, you must ensure that you reach out to people in your circumference of influence with your charity. Don’t be too tight-fisted in this critical time as the lives of others might just depend on your act of generosity.
#10 STAY HEALTHY:
Staying healthy and boosting one’s immune system is highly necessary in the time that we are. Invest in your PHYSICAL HEALTH, reduce contact meetings as much as possible and get involve in virtual meetings. Invest in your MENTAL HEALTH and guard yourself from negative vibes and news. Invest in your EMOTIONAL HEALTH by surrounding yourself with people that will bring the best out of you; cut off negative people. The last and the most important is to invest in your SPIRITUAL HEALTH. Give priority to your relationship with God. Be mindful of the information you are feeding on in this critical time. Stop counting casualties, it will only feed your fears, rather look out for empowering information.
In this Covid-19 period, don’t just survive, thrive! I want you to take necessary and conscious actions from these wise decisions, and I assure you that they will make you economically tough and prudent in this challenging times. Tough times never last, but tough people do!
QUOTE OF THE WEEK: “No matter what economy we are living in, there’s ALWAYS opportunity’’- Dani Johnson