Seven Secrets to Dealing with the current financial crisis (Personal Leadership)

1. Stay Calm

The current financial crisis is impacting people all over the world. The news media constantly trumpets the doom and gloom of the financial situation with constant reference to layoffs, job loss, jobless claims and daily news on housing failure. The stock market and the loss in investments seek to only confirm that we are moving towards harder financial crisis in the near future. Each week another investor seems to be in trouble for stealing billions from the poor and rich alike. In all of this the first reaction should be opposite to what we are feeling. Rather than panic, we should remain calm and focus on how to live daily fruitful lives. This is especially true for those who seem to feel the overwhelming pressure of being forgotten. The government is handing out billions to help stabilize the country but this seems to be ineffective. We are faced with ineffective leadership, ineffective management processes, and failed personal goals, even to the point where we are becoming sick. Depression is one of the leading illnesses in today’s society. The advice to stay calm seems so opposite to our normal tendency, which is to panic or to fret.

2. Upgrade your job skills. Take additional classes.

Take small daily steps to upgrade your job skills, education and personal goals. Identify your strengths and weaknesses. Identify the available opportunities and determine what threats exist. In essence, complete a personal SWOT analysis. I am sure you have heard this before but just completing a SWOT analysis will not be enough. From this analysis you should establish goals and a schedule of tasks that will help you to strengthen your marketability. Even if you are not seeking to change or to find a new job, this will help you to develop your personal strategy for dealing with your future. Your personal assessment should include financial, personal, social, academic, spiritual, mental and physical goals. Have a plan for making sound decisions. Do not rush into any decision without careful thought and without seeking trusted advice.

3. Reduce debt and excessive spending.

Curtail your spending and increase your savings. This sounds opposite to what the government and the advertisers are saying. But your goal should be to have a cash flow. Even the most successful company or individuals know that having a cash flow is important especially when facing economical crises. Reduce credit cards debt by paying more than the minimum amount. Next pay off any car loans that you have and reduce excessive spending. You should consider taking lunch to work if possible.

4. Pay off your debts.

In many cases it is impossible to get out of debt quickly. This could take over 10 years for many people. Develop a plan for addressing major debts and consistently work on the plan. Set aside time every week to review your progress and to ensure that you are giving attention to the task of reducing debt. Do not assume that lack of action will mean that you will be successful after 10 years. Take consistent small steps to reduce debt.

5. Seek to start a small or home business (blogging or on-line business)

Increase your income by doing something you love. If you have a special skill, interest, passion, these could be sources of ideas for starting a business. You can start as small as writing a blog about your passion or interest. Set aside time at least one day per week to add to your blog. Your blog could be your ideas on how to deal with your situation or it could be as simple as writing poetry. Read other blogs and comment on them. This is your own way of advertising. You can also reference your blog in your comments so as to generate traffic to your own blog. Sell your ideas through your blog. Check with companies to see if they are interested in advertising on your blog.

6. Seek coaching advice on career.

Seek advice and get help from a mentor or a coach. This will help you to focus your attention away from the financial crisis. Begin to identify ways in which you can re-invent your career, your abilities and your person-hood. The primary goal should be about developing a self improvement strategy. This should be for the short term, medium term and for the long term. Develop a plan with your mentor or coach. Meet or correspond at least once per week and ensure that you have practical areas that you are working on to improve yourself. Seek out volunteer organizations that are willing to allow you to practice your skills. For example, if one of the areas is in public speaking. Volunteer at a nursing home to just talk to people or volunteer at any youth club to talk to teens. This will give you practice in public speaking. Also, you can join a club, which will provide training and opportunities for public speaking. Small organizations also offer opportunities for developing your public speaking skills in small groups.

7. Exercise, stay close to family and network

Exercise daily, if not at least 3 times per week. Spend time with family and friends. Avoid isolating yourself and get involved in the local community. As you keep yourself involved you will be able to develop a network of support which will help you to overcome stress and depression. Also expand this to business associates as this will enable you to find new opportunities through professional and career networks. Then offer your support to others to help them deal with their own crises.