Let’s get real here for a minute….. the world is going CRAZY!
There is so much going on, I don’t even know where to start. But are you using this as the perfect opportunity or the perfect excuse? Maybe you are panicking?
I get told by a lot of people that I’m overly optimistic, way more optimistic than they are. I guess that might be part of my job. Don’t get me wrong, I feel and experience what every one is going through daily in our province and it’s a rough time. It hurts us all. But because of what I do, I have to insulate myself from all the negativity because there are so many positive opportunities out there! I plan for the future, I look at future trends, what has happened in the past and how things moved forward, and I apply that to everyday living and planning.
Here are the opportunities that you have right now!
1. Start Investing
If you have even an extra $5 to spare, invest it. The markets will recover, they always have and always will. There are some companies, like Disney for example, that are on a super good sale right now and they will bounce back big time once COVID-19 is contained. You will never have a more opportune time to buy some of the best quality investments than right now.
We actually know from the past that these types of situations have caused significant market pullbacks. We also know that they have resulted in massive bounce backs. Instead of hoarding toilet paper or groceries, (don’t worry, we won’t run out) hoard investments.
2. Start Planning
I understand that some companies are going to take a hit. Not all – SOME. Things have been bleak in Alberta for a while, this is nothing new to us. As bad as things sound when we are talking with our neighbors, friends, or business owners, we have to remember that a significant of majority of Alberta is still employed! The unemployment rate is not 100%, in fact, it’s not even 10%. Of course, that is going to change during this shutdown across the world, but when this passes, and it WILL, things are going to return to normal.
There should always be contingency plans in place personally and for businesses for slow times. If not, now is the time to plan it. Since people are spending less on extracurricular activities, you might now have extra funds to put away. Businesses, the government says they are going to be helping, so don’t panic but plan for the next time. There will always be a next time!
Plus, plan for when things turn around. If you are not planning for when things turn around, that could be part of your problem too. Know how you are going to allocate your money. Create a debt repayment plan that isn’t going to break the tax bank. Create the proper cash flow strategies to achieve your financial goals in the end. If you look to the future and plan around that, it helps you get through the day to day grind. Don’t get too stuck in this immediate moment. It is so temporary!
Fail to plan, plan to fail.
3. Get Creative
This is one of the best times in your planning to get creative and to see what opportunities are available right now. As I said, not everyone is going to be hurt through this, in fact, more people will make it through this tough time than not. Some businesses will actually flourish because they got creative with their planning.
There is an opportunity in every disaster! This is your time to shine if you decide to confront it. What are your plans? Are you going to focus on today’s negative? Or are you going to look at all the opportunities that you have in this situation? There are so many opportunities if you embrace them.
Take the time out and get away from the “busy”. Take the time to plan for a better tomorrow. Don’t panic. This is temporary and I see a lot of good that will come out of this in the end.
If you need a pep talk, I’m always just a phone call away. If you want to do some planning to get through this and need some ideas and strategies for your business, I have some good stuff. Sometimes it helps to have someone else in on the conversation to get the creative juices flowing. Each situation is so individual, but I want to see everyone succeed through this, and you will – if you focus on just that!