This article is adapted from 'Critical Strategies On What To Do With Your Money In A Time of Recession – For Leaders and Managers.'
With global financial uncertainty, it's only natural to have concerns or worries about money and the future. This is where you might want to consider the services of a wealth coach...
Are you experiencing financial confusion?
If you are one of the few leaders or managers who have experienced a drastic shift in the last few weeks where you and your team and have transitioned from working in an office to virtually from home, you may have some of these questions about your finances:1. You may have come across many people you know who have been affected by this Corona Virus epidemic, and may be asking how will this affect me?
2. Is my job safe?
3. Should I start saving money, paying off debt or investing?
4. What should I do with the money I have?
5. Is there something that I can do that will set me up in a stronger financial position?
You may have many more.
The truth is things will never be the same again and it never has. If you are still working and leading team, you are likely to be in a better position than most to take advantage of what’s happening right now.
I want to share with you how by having your finances in order, you not only help yourself (and your family) but you are also helping to boost our economy again so that we all can come out of this time quicker and reduce any unnecessary suffering in our society.
For years, I’ve been observing the changes in the economy, learning from the past and how it all coincides with the stages of human development as humanity continues to grow through levels of consciousness.
If you're reading this article...
Chances are, you still have a job that pays you an income
Chances are, you don’t have millions of dollars in your bank account right now
Chances are, you have some money, however you’re unclear of what you should do or should you do anything at all with the current changes.
Chances are, there’s a voice that you’re hearing telling you to be cautious with your money decisions now as there’s a lot of uncertainty at the moment.
It’s not about buying into fear and caution, but rather, buying into the opportunity for you to re-evaluate areas of your finances and life that you may have postponed addressing for some time as you were always too busy.
Corona Virus and a recession is only a catalyst pointing towards changes required to your finances and/or life that you now may have greater awareness of, to make a decision to either change or keep the same.
What will happen?
Here are a few key changes that may happen in the coming months.
1. Billions of dollars will pumped into the economy by the initiatives of the government’s stimulus packages. So these are things like taxes being delayed, government funding job seekers and SME and easier borrowing etc. I’m sure you would have seen these on some news or articles already.
2. The speed of change in businesses will increase drastically. As many businesses will experience the ripple effects of industries that lost a significant amount of share value due to the mandated lockdowns.
3. Usually in recessions, there are certain industries that thrive such as food/staples, affordable entertainment and pharmaceuticals/health care. Due to no-touch nature of Corona Virus, the delivery service has benefited too. People tend to invest more on essentials and less on luxury items i.e. eating out in a time of recession.This means that this is usually a great time to invest your time and money in things that allow you opportunities for learning and review key aspects of your life that will set you up for the coming months and years.
4. Having a short-term contingency plan for financial protection is great but doesn’t mean you have to miss out on long-term financial growth opportunities. It’s not a black and white thing. Whilst meeting your current expenses in the short-term is priority, having a clear plan for your finances that aligns with your intentions for the next few month or years will set you up more.
5. Your individual decision on making healthy improvements to your finances and future plans will also affect the collective. Your money is a form of energy and expression of your being. It’s only a tool and does not replace you. When you make loving choices with your money that comes from a place of clarity, joy and freedom, it carries that energy to the next person or business it goes to.
In short, the economy isn’t going to bounce back immediately in months. This is a long-term transition (recession) in our economy and it requires a new way of approaching your finances and future plans. And guess what? You are in a perfect position to make those necessary changes now.
There’s a saying: When the tide goes out, we will know who is swimming naked.
When everything is going well in the economy, it’s just so much easier to continue doing the same things or accept the just “ok” parts of our lives that may no longer align with our evolving self. But when the economy isn’t going too well, it will shine a light on those areas very quickly. This usually provides a great opportunity for rapid change and learning new ways to use your resources effectively.
Work with Vivian Goh
I’ve been a student of The Coaching Room and also have experience in the following field since 2010:
- Accounting Fundamentals
- Finance and Economics
- Wealth Management
- NLP & Developmental Coaching
- The Expression of Stages of Human Development in the context of Finance
I was a Financial Adviser for years before I fully transitioned into the space of Financial/Wealth Coaching, helping professionals and coaches who are doing great work in the health, fitness and wellbeing space to have their finances and life plans in order.
I’m offering a 1:1 - 6 week coaching program for leaders and managers who wants to set up a stronger financial position than ever and aligning their money with their life plans.
We are currently having in-take sessions till 14th April 2020.
You can book a time for a quick chat with me by clicking in this link here. I look forward to speaking to you soon and explore how I can help.