The Changing Season: How to Weather the Economic Downturn
This is a guest post written by my good friend and colleague, Kathleen Burns Kingsbury, a Money Coach and founder of KBK Connections. She writes the blog Where Chicks Make Cents.
I love Fall in New England. The leaves turn vibrant yellow, orange and red, the air becomes brisk and the excitement of the impending ski season runs throughout the Kingsbury home. Every year like clockwork, the seasons change. This type of predictable change is what I thrive on. Anticipating new beginnings, new connections and new experiences makes my entrepreneurial spirit soar.
Unpredictable change, like the recent financial crisis, is a whole different story. If you are like me, you had an emotional reaction to the sudden shift in the markets and the news of a government bail out. My reaction was similar to many of my coaching clients and included fear, anger and disappointment. This is not supposed to happen in the United States, right?
Well, it is and each of us can take steps to help ourselves manage our emotions and grow from this shared experience. Here are three ways to get started today:
Turn off the television
The media hype is not going to help you manage your emotions about the economic downturn. Newscasters are paid to make news exciting and attention grabbing 24 hours a day, seven days a week. Any crisis equals ratings and this is no different. Get your information from print media if possible. When you read about the economy, you can control the pace of information and read it without hearing the hyped up voice of a dramatic CNN or Fox News reporter. If you prefer to turn on the television, listen to one report and then turn the tube off!
Use this crisis as an opportunity
Turns out that in a society that finds talking about money taboo, a crisis of this magnitude ignites financial conversations that ultimately are useful. What has the impact of the Wall Street crisis been on your ability and willingness to discuss money? What thoughts and feelings do you have about wealthy people these days? About poor people? About the middle class? What is the impact of this thinking on your wallet? Take the time to learn about your money scripts and use this crisis as an opportunity to grow.
Practice healthy economic stress management
Are you spending, eating, drinking or sleeping more or less in response to the country’s financial situation? If so, now is the time to learn and practice healthy economic stress management. The simplest and most cost effective strategy is to breathe and be in the moment. Ask yourself this question, “What is the impact of our countries situation on me right now in this moment?” Being in the moment curtails the “what if” thinking that fuels panic. Focus on what is in your control now such as taking a brown bag lunch to work to save money or not stopping at the mall on your way home from work. By taking these actions, you will increase your confidence, decrease your stress and not focus on things out of your control.
“Turn off the television” AMEN! So much junk and negativity…doesn’t help any of us to add to our daily challenges! Thanks for this post!
Ms last blog post..What on Earth Could be Better Than Getting in Shape?
All good tips… If I may add… think twice about what you buy
Ask yourself whether you really really want that :-0)
Shamelle -TheEnhanceLifes last blog post..Overworked & Overwhelmed? Achieving Life Balance Amidst Chaos
I completely agree with turning off the TV. I can’t stand the way reporters are handling this.
Vered - MomGrinds last blog post..Chocolate-Covered Strawberries
I echo turning off the TV. Enough is enough!
Stacey / Create a Balances last blog post..Introducing My Authentic Self
I agree that if you stop and think, at this particular moment everything is fine. The problem starts when you allow your imagination to go wild with all the things that could go wrong in the future.
Marelisas last blog post..Increase Your Productivity by Learning to Manage Anger
I am doing my best to avoid all the news about this on the television - so I echo what you and many others have said - turn off the tv! I also believe that, for me, I should do my best to “stay the course”. I am not changing my strategy, at least not yet. My wife and I have also recently discussed our giving to others. And, we feel extremely fortunate to have not been really affected by this recent downturn. As such, it should be our responsibility to help others - through both our hands, our hearts, and our wallets.
Stacey, thanks for the introduction to Kathleen. And Kathleen, a very well-written article on a subject that is near and dear to many of us.
Lances last blog post..Life Balance: A Very Personal Pyramid
TV has been off for years. So that’s not a problem. My younger kids have grown up without the TV on, unless we have put in a DVD and have made the popcorn.
Actually, I think this downturn/correction in the market is a good time to practice some healthy behaviors that we should be doing all along. It’s a good time to teach our children the value of a dollar, how to understand the difference between what you Need and want and the amazing secret of Delayed Gratification. THe 70/30 savings rule and how to help others in need. These values are just some lof the essons that are now having the *Light* shine on them more often and much brighter. That’s not so bad for our country.
Wendi Kelly-Life’s Little Inspirationss last blog post..Rainy Days and Mondays
M, Vered, Stacey - I agree with the TV - it’s too much! I turn mine off and work on my jigsaw puzzle instead.
Shamelle - good point - it’s a good time to think about what you really need.
Marelisa - absolutely - the imagination can create lots of untrue stories, beware!
Lance - It’s so important to keep your own personal situation in check - a lot of people I talk to are not affected. Just remembering anything can happen and having the awareness is important.
Wendi - It’s true - this is a real wake up call to start thinking about what matters most.
Thanks for all of your comments!
I am seaching for some idea to write in my blog… somehow come to your blog. best of luck. Eugene
our new mantra at my personal training studio is: use your stress. exercise is the greatest stress reliever (that you dont need a prescription for) and the stress itself is a great motivator. use your stress to workout, workout to relieve your stress. Its a viciously effective cycle
Kelly Turner
http://www.groundedfitness.com
So the world is being turned upside down again. Just another chance to practice the Traits of Stress-Hardy, Resilient People: http://stresstopower.com/blog/traits-of-stress-hardy-resilient-people/
Commitment and practice, that’s my mantra now.