STAYING FINANCIALLY RESILIENT
Weather the
Financial
Downturns
Last month we talked about building
financial resilience focusing on building
inner strength and calm to manage the
volatility in the financial world. This month
we’ll be looking at external resilience.
brutal, it offers its own kind of
upside—it’s a perfect excuse to
light some candles, snuggle up
with a blanket and binge watch
a TV series on Netflix, or wear
that super-cute heavy sweater
that makes you sweat if it’s too
warm outside.
This is the case with economic
cycles as well. Things will
get better—they always do.
You can’t control when the
economy will turn around, but
you can control how you react
to the circumstances and make
adjustments.
KNOW WHAT MONEY
FLOWS IN AND WHAT
FLOWS OUT
In tight economic times, creativity
and resourcefulness are beautiful
traits to possess. Use these
opportunities to take a fresh look
at your spending. When finances
are flush, most people are freer
with how they spend money.
They tend to be less careful and
discriminating. This can be fun,
but can also lead to waste and
unconscious expenditures.
streets bundled up, hunched
over, and looking down to
avoid the wind blowing in
their faces. What keeps us
going—and not moving to a
warmer location like sensible
people—is knowing that spring
always comes! Some years it
takes longer than others, but
it always comes and boy, do
we feel good on that first day
when we can put on some flipflops and see a tulip sprouting!
And even though winter can be
In the last big downturn, my
friend Laurie looked at all of
the expenses in her law firm.
She realized the firm was
spending thousands of dollars
on publications that no one
ever read. She found cabinets
full of supplies that the firm
continually ordered but no
one seemed to use, and she
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