It's happening again: Wall Street is slumping, people are panicked, and the economic health of the world is in jeopardy. Sound familiar? This pattern of turbulence is very similar to what occurred only a few years ago. At that time, I wrote an article on how to survive such a drastic and life-changing financial challenge. Those words of wisdom helped me, and many others, through that crisis back in 2008; I feel the tips below are still apropos today. And one more thing:
PRACTICE PATIENCE!
How To Survive an Election-Year Financial Meltdown
I know what some of you are saying, "Why should I listen to what you have to say about the economy? You're a self-help guy, who specializes in healthy lifestyle and personal development, as well as makes funny (goofy) videos and goofy (funny) parody songs."
Why? Because in dire times like these (seen the Business headlines recently?), during the most important presidential election of our lifetime, it takes a commonsense and practical approach to combat all the craziness going on out there.
Q: But, Mike, you write and make videos about diet and nutrition, motivation and how-to, what do you know about finances?
A: As much as the next guy, and more than enough to help you.
TEN THINGS YOU CAN DO TO SURVIVE THE ELECTION YEAR FINANCIAL MELTDOWN
1. DON'T PANIC
Wall Street seems to feed on panic--panic buying and panic selling. While others overreact and sell off their stocks and put their cash in safer investments, you don't need to follow suit. Unless you need the money from those investments right now, standing pat is still the best option. Why? Because stocks eventually ALWAYS come back up--this is a historical fact. And if they don't, then we're all in trouble. This too shall pass.
2. SIT ON IT
Rarely, as a self-help, fitness guru, do I suggest sitting back and doing nothing. But, in this case, go right ahead! Pass the popcorn and park it on the couch. Okay, you still need your daily exercise, but with regards to your money--LEAVE IT ALONE. Sit on it. In fact, the best advice that I hear the most from those that get paid to know this sort of thing is: DO NOT stop contributing to your 401k or IRA. Why? Right now stocks are cheap. When the market goes down, prices go down. The more stock you purchase NOW, at lower prices, the more you will have LATER, when the market stabilizes and goes back up. Think about it.
3. KISS (KEEP IT SIMPLE, SHERLOCK!)
Simplify your life. Cut back, spend less. Analyze what you NEED versus what you WANT. If you dine out 3-4 times a week, cut that in half. Do you really need satellite TV and radio? The recent trend now is stay-at-home vacations--you spend less on gas and airfare, while discovering local attractions you may have been missing, or avoiding, for years.
Bottom line: Simplify your life and save money.
4. TAKE A WALK
How much do you spend a year on that health club membership? Figure out a way to stay in shape at home, and cancel that costly membership. Walking is one of the least expensive, but most effective, ways to stay in shape. Plus, it gets you outside, and is good for the mind and spirit. In times like these, that's a good thing.
If you desire a more strenuous workout, look into purchasing dumbbells, a stationary bike or other equipment; whatever fits your specific needs. The initial investment may smart a little at first, but will more than pay for itself for years and years.
5. INVEST IN YOURSELF
While exercise and keeping fit are vital aspects of personal growth, don't stop there. Continue working on self-improvement and personal development all the time. livelife365.com offers hundreds of self-help videos that can change your life for the better, all free of charge and just a mouse-click away.
6. LISTEN TO YOUR BOSS
There is no place continued growth is more important right now than in the job market. Now is not the time to take your job for granted. Nor is it the time to mess up the job you have. Yes, keep that resume handy and continue networking and sharpening your skills so that you are more marketable. But you also need to keep your boss happy with your work. Work harder. Do the best job you can to make yourself indispensable. Most companies will have cutbacks and layoffs--YOU cannot control this. But you CAN control your effort, productivity, and attitude.
ALWAYS be in the TOP ranked twenty percent of good performers, not the bottom twenty.
Why? GOOD companies seldom layoff GOOD employees.
Be good, listen to your boss!
7. STOP AND SMELL THE FLOWERS
Enjoy yourself. Enjoy each day. Live life 365. This simply means to live your life every day in every way. Yes, times are tough, the economy is a mess, the world is a bigger mess, but you can still find a way to enjoy the little things in life that have nothing to do with the bigger things that are out of your control.
Every Day Every Way
8. GET YOUR HANDS DIRTY
Now is the time to roll up those sleeves and get to work. But you're already working on self and your job; what next? Go outside, dig up the garden. If you don't have a garden, start one. Landscape. Mow the lawn. Do house repairs, spring or fall cleaning. Learn a new (inexpensive) hobby. Do it yourself. Besides saving you a ton of money, DIY is good for the mind, body, and spirit. A sense of self-accomplishment goes a long way. And if you're picking ripe tomatoes off the vine, you're not worrying about Wall Street. Besides, growing your own will save you more money in the long run (and they taste so much better, too!). Can, bottle, preserve, or freeze whatever you can't consume now, and have a winter of homegrown, inexpensive veggies.
9. BALANCE YOURSELF
And your portfolio. The only movement you should be doing with your portfolio is rebalancing it. This simply means you need to take a look at your asset allocations. When there are sharp fluctuations in the stock market, your assets will also shift. But do me a favor, check with your financial consultant before you do anything.
As for you and YOUR balance: you should always be working on managing your Triad of Balance, the harmonic balance between Mind, Body, and Spirit.
10. VOTE FOR CHANGE
Now, more than ever, we need some major changes in Washington. If YOU do not like what is happening in YOUR life due to decisions made by our political leaders, YOU have the power to CHANGE it.
The current financial meltdown we are witnessing needs to be fixed. Fixed fast! We have the choice to keep on making the same mistakes that have led us here.
Or opt for CHANGE.
For the better.
I hope these tips help make dealing with these turbulent times a bit easier. And always remember that YOU have more power than you think to CHANGE your LIFE.
peace,
Mike
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