Roadblocks and recessions happen.
Anyone who has ever taken a road trip (or even a commute) knows this all too well, as does anyone who lives long enough to see the cyclical nature of the economy.
While we are used to delays when driving, recessions can seem a more scary because they do not happen as often.
We have all been there. We hop in the car expecting the trip to take XX minutes. The GPS may even tell us this.
Then someone, perhaps miles and hours away from us, hits their brakes to miss a squirrel, a piece of debris, or even another car… and our plans are completely derailed.
Do we use these setbacks as an excuse to never be on time again?
Do we use the possibility of these delays as an excuse to never use the roads?
Hopefully the answers are “no”. 😉
So, why do we do this with our finances?
We say things like:
“I am going to have to get a job”
“I am going to be a burden”
“I will not be able to get clients”
“I will have to pull money out of my savings/retirement”
“I really didn’t want ______ anyway”
Marissa Peer says “every word you say is the blueprint you must move towards”. (btw, if you do not know who Marissa Peer is, check her out!) In other words, your words are your roadmap.
When we know we absolutely have to be somewhere at a certain time, we tend to leave a little early, just to be sure we have time for those delays.
We can do the same with the economy. We have a pretty good idea that a recession is coming. It is currently estimated to happen in early 2023. That gives us six months to prepare. We can start a little early so when it happens it does not derail our plans.
Instead of justifying our disappointments, we can put ourselves in a position to glide through the recession unfazed.
Think about how good that will feel…
You will be so proud of yourself for setting yourself up for success instead of struggling to survive.
What are the three things you need to focus on during the next six months?
1. reduce debt
2. increase savings
3. position yourself to have recession-proof income
These things are all possible, even at your current income level. I am currently focusing on bringing this conversation to the forefront because women tend to be impacted more than men when recessions occur. I want to help as many female entrepreneurs maintain their current lifestyle, even if the expected recession occurs. To do so, I need your help. I am looking for six female entrepreneurs who currently have a positive cash flow to share their thoughts on the recession. In exchange for 15-20 minutes of your time, I will send you a gift card. There is no sales pitch, this is purely for research. Please email me if you would like to help.