- Personal Finance
Recession Proof Living
2008 Global Recession
World is in Recession! It is global! Many are worried what is going to happen to their jobs. Many are worried how they are going to pay their mortgages and loans. Many are worried on how to keep up with their lifestyle.
1997 Asian Financial Crisis
I have thought through this when I lost my Job during the 1997 Asian Financial Crisis. I applied for jobs for months and only got a few interviews but no appointment letters. Savings depleted! Finally decided that I should learn a new trait, pick up a new skill, learn to be frugal, learn to make more friends (this is important), take stock of what I am really good at doing, change my mindset, trusting the Lord and move forward! Let me share some things which I did which I think may help some who are reading this.
Continue to Trust God
Yes! God has seen me through the good times... Am I going to give Him up just because I am in a crisis? NO! There were so many passages from the Bible which I meditated and prayed over and over again.... One of them was Psalm 121...
PSALM 121: 1 I will lift up my eyes to the hills - From whence comes my help? 2 My help comes from the LORD, Who made heaven and earth. 3 He will not allow your foot to be moved; He who keeps you will not slumber. 4 Behold, He who keeps Israel Shall neither slumber nor sleep. 5 The LORD is your keeper; The LORD is your shade at your right hand. 6 The sun shall not strike you by day, Nor the moon by night. 7 The LORD shall preserve you from all evil; He shall preserve your soul. 8 The LORD shall preserve your going out and your coming in From this time forth, and even forevermore.
There are many more passages which are favorites of mine. God's Word becomes REAL when you can really apply it and cherish it for the love and assurance that only God can give. Faith grows if you hold on to Lord's Hand.
Change of Mindset
If you have been working as employee for all your years, it is difficult to tell yourself that I can venture out on my own. I was in Human Resource Management when lost my job. After waiting for more than 6 months, and still jobless, I told myself... it is not easy... but if I am employed again, I am going to face more job loss in the next few years. No one can guarantee that I will be gainfully employed all the time. I decided that I should make a change, be self-employed. I attended a Mind Changing program in Asia called Money Mastery. It revealed to me the possibility of Multiple Sources of Income. It taught the concept of RICE (Resources, Ideas, Contacts and Expertise). One of the activities blew my mind away... we learnt to generate funds, with no money or valuable on us. We had results... and that gave me the confidence to be on my own. It really changed my MINDSET of possibilities and opportunities.... this is only of many lessons learnt from that program.
Make Lots of Friends
I have made so many friends as a result of the Money Mastery program I attended. CONTACTS are important! I got some great ones and some not so good ones. Some of them included KC See who mentored me to become a Certified Professional Coach, Richard Quek who mentored me in the area of Internet Marketing, and Shi HengCheong who exposed me to SEO and today he is my business partner in FINGGLE, conducting SEO Workshops in Singapore.
Friends and Contacts are important. Take time to make new ones, take time to bond with existing ones whom you have neglected because of your busy work and family schedule. It takes time to make friends... they are valuable. Appreciate friends, make time for them, help them when they are in need (you do not know when it is your turn to be in need). Some of my good friends provided for my family when my savings were dried up... when I was jobless for months. I truly appreciate friends. Start working on this!
Pick Up New Skills
Over the last 10 years or more, I have picked up skills which I did not know I was capable of honing. I was never good at speaking in front of crowds, I never thought that I can train others in big groups. After the Certified Professional Training, and mentoring under KC See, I found courage to speak to hundreds and thousands today. Yes! you can do it too... just find the right person to mentor you. I never heard of Internet Marketing, until I met Richard Quek. SEO was very foreign to me until I met Shi. Yes.... with the right combination of skills, today I train with Shi on Search Engine Optimization in Singapore.
There are other skills which you can pick up.... recommended are... and there are many many more.
- Learn Forex Trading but you need to be a well discipline trader.
- Set up a cooking or cookies making workshop at home.
- Be a Freelance writer.... if you already contributing to hubpages... you are good!
- Convert one of your rooms to handle telemarketing jobs.
- If you have a good voice, train it further... and you can do voice-over, audio books, master of ceremony... etc...
- Learn to sell online... leveraging on eBay system is one fantastic way.
- Be a propery agent... your friends need to buy and sell houses, they may call upon you... that is why friends are important.
Your Passions and Strengths
Learn to take stock of what you have inside you. Your PASSIONS.... what do you love to do which you know you cannot fail. Things which are really good at.... like baking the best fruit muffins, or cooking for parties, handicrafts, home repairs, car maintenance.... maybe you can work on one or two things which are really good at, and make it better.... and you know you can rely on them to create a business income. You may want to know what are your strengths.... are you good at details, planning and organizing, influencing, hospitality matters, creating fun activities for kids and adults. You may want to take a DISC personality profiling, CREDO Personality Profiling System or a StrengthsFinder2.0 test. This may help reveal some of your strong inclinations. Knowing what you can do and good at is very important to help prepare yourself, should you ended up totally unemployed one day.
Prepare for Future Economic Downturns
It may not be too late to cultivate all kinds money making skills right now. This recession will come and go.... and there will bound to be another economic downturn when everyone becomes jittery about future of jobs again. Start planning now.... read some good personal development books to get more ideas. Prepare yourself now. Stay Cheerful and Move Forward!