Who Thrives During A Recession?
It's been a very activating time for many, activating fear of the future and the unknown — but also activating vision and possibility when not living in the fear.
We may be experiencing changes in our income, such as fewer clients or less income or entire revenue streams completely drying up.
Yet, did you know that a small percentage of people and businesses actually thrive during a recession
Based on a study done by the Harvard Business Review, 9% not only recover, but they fully flourish and financially grow!
What do they have in common?
1. Preparedness.
They had their finances together. They had structures and plans in place to work with the ebb (contraction) part of the financial cycle — which is a natural part of all cycles, and to be expected at one point or another.
As a result, they were able to be flexible and adjust.
2. Innovation.
They seized the changing economy as an opportunity to do things differently.
They acknowledged that recessions are opportunities for change and growth, and chose to innovate as a result.
And I will add a third point, which I've observed throughout my financial mastery journey and that of my clients:
3. Integrity.
Financial integrity keeps us in the abundance mindset.
For example, it may be really easy to let those tax payments slide because dates have been extended, but choosing to put off payments may reflect an unconscious belief that there isn't enough.
Or waiting on paying off a loan from a friend because we're afraid there won't be more money coming in in the future.
If we can overcome our intense fears of the unknown, we actually have an opportunity to grow. To innovate. And to reach new levels of creativity and financial success.
This time is the perfect opportunity to take a good look at our relationship with money!
To find our financial power.
To get clear on what hasn’t been working with our finances, and build a new structure that supports our financial goals and long-term vision.
How can you apply this in your own life?
1. Preparedness.
Did you prepare by building up savings for unexpected life turns?
Whether or not you did, this is the perfect time to take a good look at your finances. To assess what has and what hasn't been working. And to consider how you can create a clear system that brings you financial clarity and flow, while helping you prepare for the future.
Learn more on building savings here, and on the importance of setting an effective tracking system here.
2. Innovation.
We're in the ebb part of the cycle. The out-breath. The contraction.
While it may seem scary, it's actually a unique window of opportunity to draw new vision, new inspiration, and new levels of creativity.
This is an active discovery process. What wants to be? What have we been feeling is inspiring or motivating? What is the story that wants to be told?
The more we can harmonize with the natural cycles, the more we can harness those cycles to move things in our life.
We can find the journey more enjoyable and meaningful as we align with the grace of Nature.
Learn more on using your intuition to navigate the unknown here, and on developing a strong vision for the times ahead here.
3. Integrity.
It's a fantastic time to find more integrity in your finances. Do you have a spending plan and know what's most important to you financially? Do you feel in integrity with yourself with how you're managing your finances? Are you clear and follow through with that clarity? Do you maintain your word with yourself consistently?
These all have an impact on how abundant you feel and how much you trust yourself. If you don't trust yourself with money, how could you possibly feel wealthy?
Remember: while we're in the midst of the unknown, this is still part of a cycle.
This is an opportunity to build a new vision, and develop real, lasting financial sustainability.
Do you believe you can be part of those who not only recover but also thrive during an economic downturn?
How will you be taking action to support your financial well-being?
In Grace,
Joetta
PS: Needing some extra help to restructure your finances during the changing economy? Book your complimentary discovery session to learn more about financial mastery coaching and what it can do for you during this pivotal time.