How to Thrive in Tough Financial times.

 

financeAre you Surviving or Thriving? Tips for financial success in tough times.

They say that if you took all of the wealth in the world and spread it evenly amongst all the people, within 50 years 82% of the people would be in the same economic position as they are today. This is because wealth is behavior-based and less dependent on outside factors than you may realize.
Times are tough financially for most people. That’s no news. What’s important is learning how to thrive instead of just learning to survive. Use this tough market as a wake-up call and condition yourself to take steps to adapt the behaviors necessary to truly build wealth for you and your family.

Recognize that thriving assumes surviving. Survival in these tough times is critical, but it’s not enough to just stop there. By focusing on thriving, survival is assured. You’ve got nothing to lose by living with an optimistic, great outlook. Here are a few good tips:

Invest in yourself.

Take the time needed to acquire knowledge for your own financial success. Most people always assume that a stockbroker or investment banker knows what is right for you. This thinking is wrong. No one will ever watch your family’s money more carefully than you will. Do your homework: it might not be what you would expect but you will be better off with the information and knowledge you gain.

Cut Back:

I know this is obvious but many people still don’t adhere to this all important financial rule. You will never get out of trouble if you spend more than you make and refuse to do something about it. This include staying away from friends or relationships that make you spend more money! A simple No does not need explanation, it’s your journey and you have to live up to your own expectation.

Bring in more bacon

While you’re trying to be frugal, you should put more energy into having more streams of income. Look around your home, what can you turn into money? If you have a spare room, you can turn list your space on www.airbnb.com with rental fee from $20/night. You can also turn your spare room into a weekend day care or nursery for kids. I remember when I was nursing my twins, I needed to make more money as a SAHM (stay at home mum), I opted to babysit other kids on weekends with my twins in tow. I set a flat fee of #1,500/child between the hours of 9 a.m to 5pm.

Save

It takes 30 days to form a habit. No matter how little you might be making now, cultivate the habit of saving daily or monthly. It’s just a habit you develop and build overtime. Start little so you don’t stall your progress, give margin for relapse but be sure to get back up. In due time it becomes a part of you. Just a few months back, I and a group of friends decided to save daily, no matter the amount.

While surfing the net, I came across www.piggybank.ng and was thrilled to find a savings platform that is really flexible. I quickly signed up, chose the monthly plan and recommended to my friends as well.

Stay Motivated

Motivation is like bathing, you need it everyday. No matter what you do, don’t give in to fear, worry or distress. Focus on things that give you fulfillment. Develop your passion, connect with your true self and enjoy your journey. Life is too short, you’re not getting out alive, thrive and don’t just survive.

Do you have tips to thrive in an economic downturn? Leave a comment below.

To your wealth & success!

 

Tolu Opanuga Certified Life Coach, Student of human potential/personal development helping you develop tools to create lasting success in Life.

Website: www.raisingworldchampions.org

Twitter: @ToluOpanuga

Instagram:@Tolupopnuga