Are You Prepared?

How to prepare for the next economic downturn

Economic cycles come and go and the next one is certain to come. So how do we prosper during and beyond the next down cycle? The answer is to prepare. Sounds simple yet few do it! How does one go about preparing for future prosperity? The time is to start preparation today!

Here are 7 specific actions that are critical to success no matter where you are today.

Financial Literacy.

How do we set ourselves up financially to withstand any financial downturn? Educate yourself financially. It is obviously implied here that we get rid of debt of all kinds as fast as we can. Here are four action we can take.

1.     Build an emergency fund. Just like the name says, it is for emergency only! This is money set aside in case of worst case scenario where items 2 and 3 below are depleted.

2.     Survival preparation. Do you have the necessary things to go through unpredictable events? Will be basic necessities of life be met?

3.     Boost savings. Will your savings allow you to go through the downturn? How long will the savings last? Think in terms of years or decades.

4.     Invest in the right assets. How will your investments perform during and after the downturn? What assets perform well during downturns?

Entrepreneurship.

Entrepreneurs are survivor by nature. Entrepreneurs love challenges and thrive during new economic times.

5.     Invest in yourself. The best investment we can make is in ourselves. Invest in your continuous education. Plug into the right education system and keep building up knowledge. Apply the knowledge gained to build skills like leadership skills to start or expand the right business.

6.     Start the right business. Business ownership is critical to creating and preserving wealth. The right business are those that focus on leveraging a business system and developing others.

7.     Serve others. Expand network of people you help and serve. Build strong and lasting relationship with the right people.

Be blessed and be a blessing to others

Carlos Fontana

Author of the book PRICELESS, Co-author of the book Follow to Lead

"Those that take swift action will always leave those that don't breathing the dust"

"The future belongs to those who can see and pursue opportunities before they are obvious"

“Managers influence numbers, leaders influence people by inspiring them to pursue excellence”