TGIM Work-Life in a Tough Economy

Is the news of the economy getting you down? Worried about your job security? Your finances? Is getting out of bed on Monday (or any day of the week) a bit tougher these days?

Well, welcome to the “new-new economy”. Whether or not you have been directly impacted as yet by the unfolding — or shall we say ‘uncoiling’ — economic crisis it’s hard to get away from the doom and gloom of it all.

And while it may seem trite talking about TGIM (thank goodness it’s Monday…or any day of the week) these days — it’s never been more important. Commiting to strategies to develop your optimism, resilience and resourcefulness is fundamental to having a meaningful and successful work-life. With the stakes now much higher, those strategies are now even more salient.

Here are few thought-starters to help you navigate the current economy from a TGIM point of view:

Distinguish what you CAN control and what you can NOT control: This is a significant over-riding principle. Let’s face it: you can’t (on your own) change the economy — nor necessarily, all the consequences that come with it. But you can control how you navigate the consequences and prepare for the risks. Read on…

Adopt an Abundant Mindset. Ask: Are You Doing Everything You Can Do? Kim George, author of “Coaching into Greatness” and founder of the Abundance Institute writes/talks/teaches/promotes a very powerful definition of abundance. I studied with one of her groups for about a year. In essence, an abundant mindset is not about wishful thinking nor the illusion of hope in over-drive. It’s more closely connected to  ‘being who you can be (authentically) and doing what you can do“.

What that implies is truly digging down and tapping into your resourcefulness, energy, creativity, optimism and wisdom to do whatever it takes to cope with the current landscape — possibly even thrive — and manage the risks.  We often fall in scarcity traps of doubting ourselves; feeling helpless and that we don’t have enough or aren’t enough; and getting overly committed to how we think things should be vs. dealing with what is.

Things are as they are – don’t take them so personally. But do remember that you always have some choice.  You can take a stand on the sidelines (not my recommendation). Or you can take a stand for being the best you can be during these tough times and for doing all that you can do. 

NOTE: In a subsequent post, I’ll list some suggestions/ideas wrt to‘concrete’ things you can do — and would love to hear from others. Send your ideas! 

A FEW MORE TIPS:

1) Deliver Optimum Value at Work in Whatever You Do. Whether you are self employed or traditionally employed, this is the time to shine. While this won’t necessarily guarantee business or secure your job, it will at least give you a leg up on competition should cuts prevail. Companies still need talent and if they do need to cut back, make sure your contribution and value make it harder for you to be put on that ‘cut’ list.  Likewise, for the self employed – find ways to make yourself invaluable. Maybe that means offering a new level of service or even some different services that make sense in this economy. Dig down, strategize and be relevant!

2) Remember: Bear Markets Are Not Forever. Keep Your Eyes on the Present — while also on the Horizon. The economy is giving a lot of us a lot of pain. But it’s worth remembering that economies move in cycles. There is always an upside ahead of us. This will pass. Keep your eye on the present and do what needs to be done now. But also keep your eye on the horizon and remember that better times will return.

3) Get Your Financial House in Order: Everyone’s got money on their minds these days. Never before has financial planning been more important – and working with a qualified, ethical and competent professional. I’m biased. Part of my work-life has included an engagement with Financial Planners Standards Council  (FPSC) for more than six years as a consultant. As a result, I’ve had the opportunity to talk to CFP professionals (Certified Financial Planner) across the country and hear their sage advice:

– This is not a time to panic but it is a time to get good professional advice and do some planning. If you already have a plan in place (good for you!) then perhaps take the time with your advisor to review it to make sure you are prepared for those ‘what-if’ scenarios and/or to deal with the impact the economy has had (or may have) on your financial security. 

-Consider building a larger emergency fund in case of job loss. Many CFP professionals are saying that instead of a 3-6 month cushion, one may want to build that up for a longer time-frame. How? Review your spending and maybe tighten up or re-organize your budget a bit. Distinguish more carefully between your needs and wants. A CFP professional can also help you determne if you need to restructure your debt – and more.

More Resources:

Read what FPSC is saying to Canadians in a recent media advisory.  And advice offered by a few CFP professionals in a recent article published in bankrate.ca

Learn how to find a planner (what questions to ask; how to source a CFP professional, etc) here.

Need coaching? Check out my coaching website: www.Bigcheese-coaching.com or give me a call (blatant self-promotion yes…but, hey….I’m ‘doing what I can do’ 🙂

 

Learn more about Abundance Intelligence 

FINAL TIP:  We may be in tougher times but the sky is still here….remember to live your life and have a bit of fun along the way.

Would love to hear your tips/strategies/questions/stories…..

To a TGIM Work-Life in ANY economy!!

Eileen

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