Unprecedented opportunity to succeed
We are living during the most prosperous time in history, yet many people are struggling to make a living. We are also living during a transition economy, meaning much wealth will be transferred during the next few years. Most well informed people know that another downturn in the global economy is coming during the next few years. Those that prepare themselves for the next downturn, will not only survive, they will thrive. The prepared ones will be in a position to help those that did not prepare. So how does one prepare for the next economy, the one coming after the information or the technology economy? Here are 7 things anyone can do to prepare for what is to come:
1. Invest in yourself. The best investment you can ever make is in yourself. Beef up your skills and abilities. Invest heavily to develop your talents. Get a mentor that has thrived during economic downturns and act on your mentor’s advice. Prepare and do the work.
2. Invest in people around you. The second best investment you can make is in the people around you. Be loyal to the few if you would like to be followed by the many. Invest in building a community of trusted relationships.
3. Pay down debt. This is not the time to be freely borrowing to mortgage your future. Get rid of debt. Minimize your expenses and build up your cash reserves to take advantage of the opportunities that will come. Think survival without income from your job.
4. Create an emergency fund. The emergency fund is for emergencies only. Do it so you never have to push the panic button. How long could you survive if your job disappeared tomorrow? An emergency fund will help you to keep focus on the right priorities while chasing your dreams.
5. Rethink retirement. Security is no longer where it used to be. Security used to be in a good formal education and a job with good benefits. Security is now found in our ability to learn, grow, change, and rapidly adapt to new realities. Security comes from a community of loyal people you serve. If you had few friends before retirement you will have even fewer after you retire. We are all in the business of friendships. Expand your network of friends by helping them to live better lives.
6. Become an entrepreneur. This is the time to be a rascal, to be an outlier. Learn to be comfortable with being uncomfortable. Feed your curiosity, your ingenuity, and your tenacity. Prepare before the time comes. Dig your well before you are thirsty. Choose to build the right business.
7. Be a leader. Technology is no longer the differentiator, leadership is. Become a true leader and learn the art and science of influencing others in a positive direction. Leadership is the most rewarding profession in the world, that is why there a so few leaders. Help out with the drought of leadership by becoming a true leader. Be prepared so when the time to lead comes you are ready.
Will you join my cause to fight mediocrity in the world?
Pass these nuggets on to others.
We make a living by what we get; we make a life by what we give. Be a giver in a world of takers.
Be blessed and be a blessing to others.
Carlos Fontana, President of Phalanx
Co-author of the book Follow to Lead (The 7 Principles to Being a Great Follower)
Author of the book PRICELESS (Sixty-Six Simple Stories of Reflection, Love, and Legacy