3 Ways to Endure Tough Times
When tough times bring stress and anxiety, use these three attitudes to improve your mindset and take on the challenge.
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Tough times, stress, anxiety, financial worries, how do you deal with it? Hear us discuss three attitudes that will help on The BIGG Success Show Here’s a summary of that discussion.
During tough times, especially tough economic times, business owners and individuals feel a LOT of anxiety over things like incoming bills and meeting payroll. To add to that you’ve got all this uncertainty…one day the stock market’s way up, the next it’s way down.
There’s a lot of things you can do in tough times – especially tough economic times – but there’s a few that we’re going to zero in on today that will help you persevere in any tough situation.
1) Take action in tough times
What do you get when you worry and worry and worry?
More worry!
Worry is the product of worry.
What’s the best way to stop worrying?
Take action! Do something!
Your mind will start focusing on what you’re doing, so you don’t have time to worry.
What can you do when tough times hit? Here’s an example for individuals (who run their household finances like a business) and business owners:
Call your vendors. Fill them in on your situation. Ask them something like this:
Is there anything you can do to help me in this situation?
You’ll find they’ll often offer to do more for you than you would have asked of them.
Resources:
An emergency plan for paying your bills from Reuters
A free small business economic crisis financial management plan from Mike Michalowicz
This Podcast Episode is Sponsored by: FinancialFreedomTool.com
Do you stress over money? Who doesn’t? Let the Financial Freedom Tool ease your mind by pinpointing opportunities to improve your financial picture. Take control, so you feel empowered to move ahead with confidence and clarity. Learn more at FinancialFreedomTool.com.
2) Think long-term in tough times
Attitude #1 stabilizes you for the short run. It helps you live to fight another day.
But you also want to preserve the long-term as well. Even more, financial turmoil in the world at large creates opportunities for us as individuals.
As long as we have the proper mindset.
The greatest investor of all time, Warren Buffett, has the proper mindset. Some time ago – during another time of tumult in the financial markets – a reporter asked the Oracle of Omaha this question:
Reporter: “What do you predict the stock market will do tomorrow?”
Buffett: “I can’t tell you what the stock market will do in the short run. However, I can say that the stock market will go up in the long run.”
Similarly, J. Paul Getty had the proper mindset. He was one of, if not, the first billionaires. He made his money in his own business, the oil business. But in his book, How to Be Rich*, he talks about how his fortune multiplied when he bought stocks during the Great Depression. His logic? Stocks go up in the long run.
Over a five-year period of time, the stock market rarely goes down. Over ten years, you’re even more likely to be in the black. A long-term mindset heals a lot of financial woes.
Please note that the information contained here is general in nature. Check with your financial professionals to help you with your specific situation.
Resources:
Mark’s Investment Blog is a great resource for gauging the market
A guide to talking with creditors
How to manage debt from the Consumer Financial Protection Bureau
3) See that changes brings opportunity in tough times
It pays to think like an entrepreneur, even if you never ever plan to own your own business. While most people resist change, entrepreneurs embrace it.
Because they know that change creates opportunities. When you are navigating your way through tectonic shifts, BIGG opportunities are brewing.
Be aware. Observe. Make note.
What changes do you think will be short-lived? Can you act fast enough to profit from them? If so, Go! If not, move on.
What changes will be long lasting? Here’s where true opportunity resides. You can build a great business and life by spotting one such opportunity and taking action on it. It leads to BIGG success!
Here’s to your BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/01012-032520.mp3
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