HOW TO BE COMFORTABLE IN RECESSION

Certain circumstances shame faith (apologies) because drastic situation needs drastic measures.

I have had countable number of #BriefandDeep Nigerian readers asking to know what to do with the country current economic mess. As a result, I will itemise 5 simple but defining ways to adopt to stay afloat in the current loop of economic inadequacies:

1. Understand that no matter economic downturn, People still has pressing needs, as such, never abandon nor tone down your business this time. It has been proven that during recession alot of businesses down tool not because of the economy itself but because of overwhelming fear and lack of creative ways to take advantage of the situation. However, it is the dream of any business person to have less competition (that seldom exists) but during recession competition goes to a minimum: those that freaked out loose, you need to stay but stay wisely.

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2. Don’t over-risk: While risk is the forebear of success, too much of it in recession leads to a hedge. During economic downturn, prices of goods and services increases by atleast 20% and after, prices gradually drag to normal. The pitfall to note here is that when you venture too much in the tick of recession, you will likely be unable to recover your investment after the recession – this is due to sharp difference in value during and after recession. However, take calculated risk during this time and be assured of quick yet good margin profit.

3. Plan you expenses: I have learnt that people have financial problem in most cases because they spend but they don’t spend on values. In days of economic surplus, you can afford to spend on whims (you are covered) but during scarcity, avoid spending when there is no need. Spend on those things that are indispensable and a very little on ornamentals. The trick is to ensure you make atleast a margin of 10% income above expenditure. That way, you will be less bothered and feel comfort even if the whole country is complaining.

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4. Keep relationships and endeavour to simulate internal happiness: Across ages, there has always been emphasis on money as a tool to happiness. Meanwhile money in itself does not guarantee happiness, it only have the power to unconsciously make us do those things that brings happiness. No one have comfort keeping anger. No one have happiness wishing fellow man to fall. No one have happiness in isolation- you need friend/s. No happiness comes from without therefore even without money, you can create an aura of happiness and comfort from within yourself. You will love to read this: THE DECEIT OF WEALTH

5. Keep in mind that depression doesn’t last for a whole life: Though the times might seem hard, don’t freak out, it will soon end. Fundamentally, economy is a two way thing: surplus and recession. One leads to the other. This is the time to get your shoes shined, your party bump-short ironed because next to this is surplus and abundance.

#BriefandDeep conversation......