Coping with uncertain financial times
Photo by Lubo Minar on Unsplash
There is no doubt we are in challenging and uncertain financial times. And humans hate uncertainty.
You'll be experiencing either money troubles or money worries.
Money troubles are financial problems you have right now. For example, not being able to afford food or pay your rent. On the other hand, money worries are financial problems that might happen at some stage in the future. For example, losing your job or your boiler blowing up.
Control
The first thing to do is understand what you can and can't control.
No one can control:
Inflation
Taxes
The economy
The stockmarket
What other people do
What other people think of us
What we can all control is:
Our attitude
Who we spend time with
What we give our attention to
How we react or respond to things
How we treat other people
How we think about failures, mistakes and setbacks
Focusing all your energy and attention on what you can control will make you feel more in control and better able to cope with life's financial curveballs.
Busy or distracted?
Watching the news, binge-watching the latest Netflix series or mindlessly spending hours on social media is not a good use of your time. By all means, dip in and out of these media, but don't waste too much time on them. As well as time, they will fill your head with negativity.
Are you spending your time on things that make you happy, fulfilled, productive, and aligned with your values and life priorities? If not, it's time to make some changes.
Start small, and build from there. Look to make the easiest changes which will have the quickest impact on your financial wellbeing.
Inflationary times
At the latest Berkshire Hathaway annual general meeting, Warren Buffett advised that the best defence against inflation is to be skilled at what you do and produce a good or service that will remain in demand and for which people will be willing to pay.
"The best protection against inflation is your own personal earning power…No one can take your talent away from you," Buffett said. "If you do something valuable and good for society, it doesn't matter what the U.S. dollar does."
This means being the best at what you do for a living.
I put a lot of effort into being the best at what I do. In addition to my experience and professional qualifications, I am continually seeking to improve my communication skills and knowledge.
I'm one of the most experienced and well qualified financial wellbeing speakers in the UK, and I'm good at what I do, as evidenced by my testimonials page. As a result, I can charge a premium for my services.
So, the question is, are you doing all that you can to be the best at whatever you do to earn a living? What could you do to raise your game, deliver even more value and become worth a premium?
Let me know how you get on and what's working for you in improving your financial wellbeing.
Warm regards
Jason
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