In stressful financial times like these the media likes to breathlessly report as if “the sky is falling” and that there “will be no tomorrow”… and also to remind us of other stressful times in our history.
That being said, I vividly remember the first one that I “was adult enough” to experience in 1987.
Why?
Because it happened just one year after I had begun my now 22 year career in the financial services industry.
When I look back upon that one (and the others that have followed since) – I realize that while not fun, or a great place to be at the time – it (they) in fact didn’t scar me for life…and it all came out all right.
And now while challenging, economic downturns act as a constant reminder that life is full of change – and change generally scares folks…
So, as a “counter balance” to all the negativity…I have put together my top 9 ideas to help you better cope with the financial stress you may be feeling at the moment in the hopes that this recession will be a soon forgotten memory for you.
1. Turn Off And Tune Out
Author Barry Neil Kaufman says “We stare bug-eyed at the eleven o’clock news, striving to be well informed, as if knowledge of the latest disasters will enhance our sense of well-being.”
Why do you need to watch or listen to the news? Very few people NEED to get their information this way. Short of a tornado headed to your house, you can live your life quite nicely without 24/7 news.
Try it for a week and see what happens.
2. It Will Not Last Forever
Og Mandino is his book “The Greatest Salesman in the World” gave four words that “have been passed down from the ancients that will carry me through every adversity and maintain my life in balance.
These four words are: “This too shall pass.”
He’s right. It WILL pass and 5 or 10 years from today we’ll be reading about this in the paper and we’ll think…”oh yeah, I remember that” and it will make a great story to tell your kids or grand kids.
Who said it?…”the only difference between “tragedy” and comedy is time”…
3. Zip It!
Quit “spouting off” about the economy to everyone you meet. “Pity parties” help no one on any subject – so keep the complaining to a minimum. And don’t hang around people who insist on wallowing in all the negativity.
Ed Diener, author of “Happiness, Unlocking the Mysteries of Psychological Wealth”, says “It’s not that you shouldn’t think about (the economic crisis) but think about it to the extent that you can control it.
If you put your money into places that you were comfortable with a year or so ago, deal with it, review where “the chips are”, make adjustments if necessary – feel good – don’t look back – and move forward.”
4. Laugh
Since 1922, Reader’s Digest has been telling us that laughter is the best medicine. Take daily laugh breaks.
I have always subscribed to that notion and so in fact, on my financial planning site, I have a section entitled “On A Lighter Note” to help us all to maintain a sense of perspective and to encourage laughter!
You can check it out hare at: http://www.howtobesetforlife.com/on-a-lighter-note/
Again, it’s so easy with the internet.
Go to http://Youtube.com and search for “game show bloopers” and you’ll be laughing AND feeling smarter in seconds. “Family Feud” and “The Newlywed Game” bloopers are my favorites.
Additionally, you can find many cartoons, full length movies and sitcoms at: http://Hulu.com
5. Face Your Finances
They won’t get better by ignoring them. They won’t go away. Your credit score might be hurt if you can’t pay your bills or your get behind – but you won’t go to debtor’s prison!
It’s no fun jumping every time the phone rings for fear it’s a creditor. So, if you think that you may need help in Canada go to http://www.nomoredebts.org/ or http://www.creditcounsellingcanada.ca/
6. Keep Track
Be ruthless in tracking your spending and income. By ruthless I mean keep track of every penny. We all have a problem with “mental accounting.” We don’t look at 50 cents as real money and thus would likely not even consider tracking expenses that small. Fifty cents a day over a year is $182.50. It really does add up.
Don’t believe me? I have a “brown bag” calculator on my financial planning Website.
http://www.howtobesetforlife.com/calculators/
This calculator will show you how much you could save if you brought your own lunch to work instead of eating out. It will also calculate the savings if you begin your day with coffee at Tim Horton’s rather than Starbucks…
Keeping track of all your spending can be an eye-opening experience. You’ll often discover unnecessary waste that is easy to fix.
I have created a couple of tools to help you here at: http://www.howtobesetforlife.com/resources/
Just go the bottom of the page and “download”:
“Where Does It Go” And “Set For Life” – Starter Kit
7. Go For A One Minute Walk
It’s been proven that those who regularly exercise have lower stress levels than those who don’t.
In his book, “one Small Step Can Change Your Life – The Kaizen Way”, Robert Maurer, Ph.D. states that the part of our brain called the “amygdala”… “sets off alarm bells whenever we want to make a departure from our usual, safe routines. The brain is designed that way so that any new challenge or opportunity or desire triggers some degree of fear”.
He suggests we take VERY small steps so as not to “wake up” our amygdala.
My favorite example in the book was a client he wanted to march in place, in front of the TV for one minute a day. That would be her exercise routine. Just one minute.
Eventually she marched for 3 minute commercial breaks and then for whole shows.
“Soon her ridiculously small actions had grown into the firm habit of running one mile each day. Note that this gradual build up to a steady program is the exact opposite of the usual pattern, in which a person starts off with a burst of activity for a few weeks, but then returns to a comfortable spot on the couch”.
8. Start Another Income Stream
People who work 9-5 and do nothing else to earn money have always perplexed me.
They get up every day, shower, drive to work, work, drive home, do whatever they do at home, go to bed and start it over again every day for 40 years.
At home they worry about job security, promotions, raises, benefits and the like but they do little if anything to ensure their own future, content to rely on an employer who may or may not be around in 5 years.
Spend some of your worry time researching ways to make extra money. Yes, any bookstore or library will have many books on the subject, but the Internet “is where it’s at” these days…
Get your children involved. Make it a partnership. What an incredible gift to give your children. The gift of independence.
Yes, there may be laws and rules and regulations you need to follow but don’t let those stop you. They are many resources available to help.
Start at the “Small Business BC” resource Website here in Vancouver http://www.smallbusinessbc.ca/
9. Play The Lottery!
No, not the BC Lottery, also known as “a tax on people bad at math”.
I’m talking about the Unclaimed Balances Service run by our very own “Bank of Canada”.
Deep in the heart of the Bank of Canada building in Ottawa, half a dozen civil servants toil at what may be the most satisfying job in the country. Their task, day-in and day-out, is to hand out money to people.
They work in the Unclaimed Balances Service of our central bank. This is where dormant bank accounts go after 10 years of inactivity.
How much money is sitting there, just waiting to be claimed? A large fortune actually. At last count, the Bank of Canada was looking after 938,000 unclaimed accounts worth about $320 million.
You can search the databases online. Most won’t tell you how much is owed but some will give you a range. Search for your name and the names of all your friends and relatives in whatever states they live.
When you find some money that is owed, point your friend or relative to the appropriate website and collect the gratitude (and hopefully a finders fee!) Soon you’ll feel like Santa at Christmas handing out wads of cash.
The site to begin your search is:
http://ucbswww.bank-banque-canada.ca/scripts/search_english.cfm
While you are at it you can get creative and search for the various resources that are available online or through 1-800 numbers to search for:
Unclaimed credit union accounts
Unclaimed life insurance benefits
Unclaimed income tax refunds
Unclaimed Canada Savings Bonds
Unclaimed bankruptcy proceeds
Old stock certificates
So there are nine ideas for you to try.
None of them are hard and most you’ll find rather fun.
Now, repeat after me, “If there is a recession – I refuse to participate”.
Turn off the TV and the radio…ignore the nattering nabobs of negativity and begin to live a less stressful and more peaceful life.
In fact, I have created a FREE Ecourse that will help you – now and in the future!
Join me and others as together we make this the best year ever with:
“21 Days To Your Success”…
http://HowToBeSetForlife.com/motivation
