Panic and Pandemoneum
Yesterday I received an family email from my sister, who is Chief Risk Officer at a very large international bank. Apparently, family members have been contacting her, asking about economic survival strategies. They are concerned about their 401K’s, investments, retirement security, etc.
The world is in a panic, and I’m stating the obvious unless you’ve been cryogenically sealed up for the last decade or so, and just melted out 5 minutes ago.
My sister who is the financial wiz, the Queen of the Bean Counters, and an amazingly bright woman, had some good tactics for this financial market. I haven’t even asked her permission to share her suggestions, but I will call her as soon as this is published. (a little assumptive, I know) But you need this info so you can take action on these things right away. There is no time to lose. So read carefully and do everything on this list. I will give you her top three most imortant strategies and I will add what my most successful clients are doing . So what you will find below are the top ten tactics for surviving the coming economic turmoil:
1. Eat healthy and exercise - Your ability to earn a living (or for those retirees, your ability to enjoy ife and not spend it in doctor’s office and hosptals) is far more valuable than your 401K or the current market value of your home. So your biggets financial asset happpens to be your health. Mental and Physical. Which is also why you should turn off the financial news.
2. News blackout - turn off the news and go for a bike ride, bake a cake, watch a movie or snuggle your partner, kids, pet, teddy bear. There is absoulutely nothing you can do for the Dow or commercial paper or any of this. The markets are in for a wild ride and there is nothing productive about worrying about what you cannot control.
3. Hugs, letter, and family fun - these things are pretty cheap and make you feel great. Get and give more of these.
These three pieces of advice from one of the world’s most respected financial people. APPLAUSE!!
Sure beats listening to Cramer scream any day, as far as I’m concerned.
Okay now for the 7 secrets of surviving any crisis:
1. Read as much as you can. NOT newspapers. Start with these books. Get them at your local library. It costs nothing:
- The Power of Positive Thinking by Norman Vincent Peale
- As a Man Thinketh by James Allen
- Think and Grow Rich by Napoleon Hill
- A Whole New Mind: Why Right Brainers will Rule the World by Daniel Pink (ha, tricked you on this one, huh? It’s fantastic)
2. Listen to Classical music: especially Baroque, ( no, not broke)……..Handel, Vivaldi, Bach.. Again, your library has music to loan free. Cost $0
3. Pray: not for deliverance from economic turmoil, but in thanks that you weren’t born in Uganda. And that you have the best family in the world: those who will take you in, come sit by your side when you need it, and love you unconditionally. Cost: $0
4. Hug people. You need 8 hugs a day just for survival. No cost. (unless you are somewhere you’re not supposed to be) Cost $0
5. Smile at people. They need it. Make the world a better place. Smiles are free too, and your investment will often double. Cost $0
6. Laugh: I recommend Bill Cosby, Brian Regan, Greg Hahn, all family friendly and gut-splitting funny. Try the library again. Cost $0 to $5
7. Breath deeply. (in between broccoli bites, while you read Dr. Peale and write your gratitude list) Air is still free (so far).
Now, more than ever, it’s time to pump some mental iron. get ahold of your brain and let’s go.
Committed to your success,
Coach Julia
Tags: business coaching, executive coaching, financial security, money concerns, Success
October 13th, 2008 at 2:14 pm
Well said Julia. But there is one thing you left out: Don’t panic. Life is cyclical and in constant flux. The irony of the human condition is that we have all seem to have bought into this illusion of stability and permanence. The lengths some people will go to resist change is astounding to me. Especially in light of how liberating going with the flow can be.
When I was a child I spent a week with my best friend at her beach house in Laguna Beach one summer. It happened to be a week when a huge swell was coming through and every day we would go into that freezing cold water and get tossed around in these huge waves. A couple of times I got very tossed around and disoriented. For those few seconds I was completely out of control and free. I didn’t get scared until I realized that I didn’t know which way was up. However, I recovered my bearings quickly and easily and surfaced. I couldn’t wait to do it again. This time, however, when I got tossed around I didn’t lose my bearings. All fear was gone and only the freedom remained. I had mastered the turbulent waters trimphantly and except for that split second of fear, had a blast in the process. Isn’t that what life is? A series of exciting events with an occassional unpleasant moment in between?
It has been my experience that nearly all change has a beneficial impact on some level. Even death. My husband and I just said good-bye to our dear friend who’s been brought home to die after a 4 year battle with cancer. We spent a lovely day by his bedside laughing and remembering. We met his parents and sister-in-law who flew in from England. We saw his wife lovingly rub cream on his dry skin and kiss his forehead with a gentle affection we had never seen them display with each other in our presence before. We met an old friend of theirs who had been present when the two met each other. Most importantly we got to tell him how much we loved him and he us. These are all beautiful things that would have never happened if it wasn’t for this horrific illness.
Life will be different and difficult once my friend passes (if he passes- he is still holding out hope for a miracle and so am I). But the sadness too will pass and all that will be left are the pleasant memories of a great man. Again change, and it’s good.
So don’t panic. The path you were on may be blocked to you now. You can choose to wait until the path gets unblocked or go down the other path- and there’s always another path.