In this Edition
1. Thriving in Tough Times
2. Monthly Inspirational Quote
3. Recommended Reading
Thriving in Tough Times
Unless you have been living in a cave or have been extremely lucky, the recent world wide economic downturn has impacted you in some way. We only have to read the newspaper, turn on the television, and closer to home, look at ourselves or someone close to us to see the impact. I only need to look at my investments in the stock market, and my business is feeling the pinch too. The consensus among my peers is that individuals and organizations are being very cautious and thinking twice before spending money on things that could be seen as luxuries as opposed to necessities. This includes on conventions, events, and speakers.
Consider the following 5 points as you assess something as an investment or a cost.
1. Invest in yourself. Stress becomes an increasing risk when we look at what is going on around us and are concerned about when the recession will end, what the recovery will look like, or whether it will end. This can all be overwhelming at times. You certainly cannot take care of anyone else if you have not taken care of yourself first. This does not need to be costly, but can be incredibly impactful. Go for a walk, get some exercise, read a motivational book, listen to a CD of your favorite music, eat a little healthier, drink lots of water, meditate, get a massage, talk to someone about your concerns, join your local community centre. Basically, find something that engages you outside of work and spend some time on it.
2 Focus on the long term, while taking care of the short term. Too often we think that cutting costs is the solution to financial woes. It maybe is in the short term, however it is also important to think about what we want to look like in the long term. At the organizational level, cash is important, and for many the solution to the current problems is to cut costs. In many cases that unfortunately means people being laid off. While this is not always the wrong decision, these decisions must be made with much consideration. After all, what is the collateral damage when the worst is over and you are ready to rebuild?
3 Live within your means. We had a saying when I was growing up in Manchester, England called “cut your cloth accordingly”, which simply means live within your means. This is not a time to run up debt. My family and I have been looking at ways to cut back on our costs and so called luxuries. For the last few years we have been planning a summer vacation in France. My wife has lived there, and my daughter is in French immersion school. But what is more important than the location of the vacation is that we are spending time together. France would be an adventure but quite an expense right now. It is possible to create adventure closer to home in French speaking Quebec, Canada. A little imagination goes a long way.
4. Seek out good financial advice. This is a time to seek out professionals for guidance and advice. Remember, however, that they are advisors, not psychics. It is up to us to take the ultimate decisions regarding the risk factor in our investments and to accept the consequences.
5. Be a realistic optimist. Some people are oriented to being pessimistic and look at the current reality rather negatively. Some people are eternal optimists who will always look forward with sometimes too much enthusiasm. It is important to recognize that we have gone through economic downturns in the past and come out the other side. Yes, this current downturn has been deep, and global, and we are all still looking for the light at the end of the tunnel, but it should give us encouragement that there has always been a light at the end of the tunnel in the past. Life is certainly not a bed of roses, things are sent to test us, and we are certainly being tested. It is important to recognize the urgency and realism of the current situation, but also look enthusiastically toward the future, and make decisions that will sustain you today, but also recognize the importance of building for tomorrow.
Hang in there and good luck! Recognize that now is the time to leverage relationships The quote in the section below I feel sums it all up.
INSPIRATIONAL QUOTE
“Tough times don’t last but tough people do”
Robert Schuller
RECOMMENDED READING
The Wealthy Spirit by Chellie Campbell
I previewed this book a few years ago, but with focusing on my theme above I thought it was appropriate to read the book again and review it for a second time. This book focuses on 365 affirmations and inspiring stories that focus on inner strength and our innate power to change. This book sends you on a path toward personal enlightenment and wealth in body, mind and spirit. Well written and powerful.
