The effects on personal finances from unprecedented economic events like the recession of 2008 and now here in 2020 can actually be managed with planning, purpose and persistence.
As we all stay home now during this pandemic of Covid-19, I believe this is the best time ever to look at how we can all take action on our income and create a contingency plan for the future.
While we can’t control the macro economy, we can create our own micro economy so we will be better prepared for an economic challenge.
First, control your savings.
Spend less, save more, and keep an emergency fund. No brainer there! Think brown bags, not sandwich shops and daily take out coffee.
Second, control your income.
If you have a job, keep yourself valuable by updating your skill set, going above and beyond your job, and working hard for a raise and then asking for it. A little of the HR Manager in me:)
If you’ve lost your job, work hard to find one asap. Take a job that might not be your dream job, because your skills are transferable and can apply to something new and different.
The side gig economy is now the new normal. Take a part-time job; those extra dollars add up if you don’t blow them on a designer clothes.
Another great way is to start your own side business inside the network marketing profession. You’ll earn more money, create a residual income, and still remain in control of your time.
Third, invest your money with a good night’s sleep in mind.
And don’t buy a house you can’t afford, no matter how much you love the open floor plan and movie theatre room.
Fourth, have your own economic plan, and don’t leave it solely to a financial planner.
While you don’t have to be a slave to the business news, you do have to review your assets monthly. Then question, research, and act. Waiting for that slow-moving fund to recover may not be the best course of action.
To create your own economy and control your economic destiny, think like an entrepreneur with purpose, vision and intention.
Empower yourself to make it happen.
If you need help doing it, message me here for a coaching call… I would love to hear from you.