FINANCIAL BREAKTHROUGH IN SPITE OF ECONOMIC MELTDOWN
Economic meltdown is a current economic and financial issue and reality in the world today. It is not a new concept. The only thing new about it is the name ‘meltdown’ used to describe this old economic reality. Economic meltdown is used to describe economic or financial crisis, economic downturn, and economic depression/recession. It affects the whole world; and this is why it is referred to as the global economic meltdown.
Its implications and impacts on individuals, corporate bodies, and governments are serious and far reaching. For example, the current economic meltdown has caused a lot of problems such as:
Reduction in revenue inflow to the coffers of governments around the world. Massive reduction in consumer purchasing power due to inflation. Drastic fall in public (government) spending. Decrease in demand for companies’ manufactured goods and services. Reduced turnover and profitability of businesses. Job shrinking, that is downsizing, right-sizing of the work force, particularly in the private sector. Hundreds of thousands of jobs have been lost in many countries all over the world Reduction in salaries/wages of workers. Forcing early retirement on workers, when they least expect it. Poverty Rising cost of imported manufacturing inputs. Current dwindling fortune of the currencies.
Now, what do we mean by ‘financial breakthrough’? Financial breakthrough, simply defined is financial independence or financial freedom. In its simplest sense, financial breakthrough is a state of earning sufficient income to self-support. Self in this case also includes family – spouse, children, parents, etc. it is an economic situation of life in which an individual is able to meet his needs (family inclusive) and still has surplus to meet future financial and economic needs. According to Brian Tracy, 2006, it is “the point where you have enough money so that you never have to worry about money again.” Financial breakthrough is a situation devoid of financial stress or pressure, even after retirement from active service.
The relevant question now is this: Is financial breakthrough attainable during economic meltdown? This paper examines the possibility of this. The good news is that financial independence is easier to achieve during economic recession than any other time. Investment experts are of the opinion that the period of economic recession could be a source of blessing in disguise for those who are ready to tackle it.
Let us consider some of a few things we can do to get financial breakthrough in times of economic downturn or recession – that is to turn financial crises to prosperity, adversity to advantage, or economic depression to economic boom.
1. STRATEGIC PLANNING APPROACH
This involves a critical look at or observation of the economic situation, understanding your own economic position and what you want to get or economic station you want to reach. This involves the appraisal of hindsight, insight and foresight. The combination of these three results into vision. Hindsight is the perception of the past events. It has to do with looking at yesterday to understand tomorrow. Great lessons are inherent in the past which can be used as stepping stone to launch to greater heights. Insight is the vision of the moment. It operates in the moment and is instantaneous. It is a transfer point between hindsight and foresight.
Foresight has to do with looking forward, foreseeing future potentials and pitfalls. Helen Keller was asked “what could be worse than being born blind?” She said, “To have sight without vision.”
To have financial breakthrough in times of recession, you must sit down, think, visualize, see and observe a lot of money-making opportunities all around you.
The great depression that started in 1929, which affected most parts of the world, it was observed, was the basis for the economic might that the United States developed in subsequent years; many US entrepreneurs took up the challenge and developed several businesses in the US, a situation that impacted the whole world. Japan could not rise to economic limelight until after the great devastation of the Second World War.
The present economic situation is a challenge to make every serious minded one to start planning for the future even at this time. It will be unfortunate for us like many others, to bemoan or complain the current economic problems. This is the time for people to get into proper planning for economic abundance or prosperity.
2. DEVELOP AND CULTIVATE MULTIPLE SOURCES OF INCOME
If you are a wage/salary earner, you must see to it that you create other sources of income. This is because as seen in the introductory part, responsibilities are increasing while the means of meeting them are shrinking due to inflation and other attendant problems with economic meltdown.
It is not wise to depend solely on monthly salary no matter how much. Build at least three or more alternative sources of income. How do you that? Use your spare time or hours profitably for thinking and idea-generation. Then take relevant and necessary actions.
3. SELF-EMPLOYMENT APPROACH
This involves a number of steps:
Setting up a business: Motivation, yes, personal motivation is an important step to setting up a business. Your motivation has to last before, during and after you start your business. Sources of business ideas: One way to identify a business opportunity is by observation. You must be able to observe the environment in which you live. Think through what you see, hear, smell, touch or feel and you will see before your eyes, business opportunities that could not be seen by an untrained eye. A good business idea could be an invention, a new product or service, or an original idea or solution. Write your business plan before launching… Then go out and launch.
Reference
Tracy B. (2006). The way to wealth (pg 33). Entrepreneur Press, 2006
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