Recession, global financial meltdown, financial crisis, economic depreciation, etc. These words breed fear and uncertainty. I make people cut down spending and increase savings. Everyone seems to run into hiding waiting for the crisis to blow over, for the storm to exhaust its fury so that the sunshine to return.
The fact is that the boom and bust cycle is normal. It has happened before and it will happen again. People tend to invest in a rising market and run for cover when the boom turns to bust. There is usually a transfer of wealth when the market goes bust. There are always winners and losers. The total quantum of money does not change during times of economic downturn.
Money simply changes hands. Most folks end up with less money. That is the story we are familiar with. There is also an untold story, the few that end up with more. You can choose which side of the fence you find yourself when the dust settles. It is a question of mindset. You can choose not to accept the invitation to the Recession party.
Your plan to achieve financial freedom should be a plan for all seasons. If you are riding a get-rich-quick wagon, you will take a direct hit in times of economic recession. It is a fact that people tend to spend less during the economic recession, but if you have a product and service that people really need, backed with good selling skills which can be acquired, the right mindset to succeed, and a goal that inspires you, you can succeed even in an economic recession.
Spending is largely emotion-driven. If you put your client in the right frame of mind to buy, he will reach for his wallet, global financial meltdown notwithstanding. You may have noticed that a lot of companies had record-breaking years in the last couple of years. More billionaires are joining the Forbes Rich List in record numbers. It depends on which party you are attending.
If you have the mindset that things are hard, money is scarce, this is not the time to launch or grow your business, you are right. If you also think that this is the best time to invest, prices are down, there are few players in the market, and assets are on sale, this is the time to go for it, you are also right. The difference in results arises from the difference in mindsets and expectations.
I have come to realize that everyone is right. We create self-fulfilling prophecies based on our beliefs and expectations. It would be futile for the person making it to argue with one who is not making it. Both are right. Both are arguing from their realities which are different. Both are not on the same page. They are dancing to the beat of different drums.
Your mindset controls your thoughts, which determines your actions. Your actions determine your outcomes. You need to take the right actions in order to get the desired results.
Let love drive your actions rather than fear. Fear makes you pull back while love makes you step forward. This is the time to give more than ever before, rather than hold back. This is the time to invest more. Invest more in your personal growth and development. Invest more in your financial education. Invest more in assets (which generate cash flow).
If you stop and look around, new buildings are springing up, new businesses are coming to town, companies are launching new products. The fact that your economy is not booming does not mean it is not booming somewhere else. If you choose to focus on lack, that is what you will see. That is what you will experience. If you choose to focus on abundance, you will start to see evidence of abundance around you, and soon that will become your experience. You have to choose.
Rather than join Chicken Little and shout the sky is falling down, you can make your own sky in the canvass of your mind using your imagination. It is not time to run inside a cave. It is time to position yourself accurately so that as money starts changing hands, some will come your way.
