| I heard a staggering statistic the other day about | | | | you have any nagging doubts? Do you feel "fear" |
| the number of homes that are going into | | | | about making the decision? Ask yourself, "Have I |
| foreclosure each day. In addition, people are losing | | | | gathered enough information to feel good about |
| their jobs as many businesses experience a | | | | this decision?" Every person I've ever met who |
| decline in revenues and are struggling to keep | | | | made a financial decision that resulted in the loss |
| their doors open. It's certain that most of us are | | | | of money, time and energy admitted that they |
| feeling the effects of this tougher economy. | | | | ignored their small voice or that feeling in the pit |
| What we don't yet know is how deep and how | | | | of their stomach. |
| long we will experience these economic tough | | | | Step 5: Make decisions based on where you are |
| times. | | | | now |
| Financial stress can either paralyze us into taking | | | | The fifth step to making good decisions in a tough |
| no action when we should or cause us to make | | | | market is to make all of your spending decisions |
| poor, impulsive decisions. When we're in a | | | | based on where you are now and be cautious |
| flourishing economy, it's so much easier to | | | | about the future. Making decisions based on |
| recover from any bad decisions we might make. | | | | where you are now means don't spend money |
| However, when things are tough there's not as | | | | until you've received it no matter how certain it |
| much room for error and a misstep will take a | | | | appears - whether it's an inheritance or a "for |
| longer time to recover from financially. Over my | | | | sure" commission check. Avoid using your credit |
| years of experience in working with clients, I've | | | | cards if you are unable to pay them off each |
| come up with these six steps that will help you | | | | month. Also, don't spend money unnecessarily |
| make better financial decisions in tough times. | | | | because you're hoping the economy is going to |
| Step 1: Know what's truly important | | | | get better soon. This is not the time for impulsive |
| The first step is to take the time to know what's | | | | purchases. Being cautious about the future means |
| most important to you. This is more difficult when | | | | that even though your job may seem secure or |
| you're feeling financial stress. Ask yourself the | | | | your business is doing well, stay alert to the fact |
| question, "What makes my life richer?" For | | | | that we are in a tougher, uncertain economy and |
| example, spending time with your children or your | | | | make your decisions with this in mind. |
| spouse, and staying healthy might be most | | | | Step 6: Good Self Care will keep you creative |
| important to you. Once you have clarity on what's | | | | The sixth and final step to making good decisions |
| most important, it's easier to make financial | | | | in a tough economy is good self care. Good self |
| decisions that keep you in alignment with your life | | | | care will keep you feeling good emotionally and will |
| values. | | | | enhance your creativity. You may wonder why it |
| Step 2: Be proactive about your spending choices | | | | is important to enhance your creativity. You may |
| The second step to making good decisions in a | | | | even feel that since things are "tight" you don't |
| tough economy is to be proactive about how you | | | | have time to play creatively. When we're in a |
| spend your money. Look for ways to cut | | | | creative state we are able to see things more |
| household expenses and before you buy, ask | | | | clearly. It also allows us to see other perspectives, |
| yourself "Is this purchase really necessary?" In | | | | such as finding creative ways to solve problems |
| addition, check to see if any loans or credit cards | | | | or challenges. |
| can be refinanced or consolidated to lower your | | | | It's easy to slide down the rabbit hole of doom |
| monthly payments and interest rates. | | | | and gloom when things get financially tough, and |
| If you are self employed and experiencing a | | | | it's also easy to let go of everyday self care |
| business slow-down, look for ways to reduce | | | | activities such as eating right and exercising. It's |
| your overhead. Many business owners who are | | | | more important than ever to take care of our |
| renting space have been able to re-negotiate a | | | | physical well-being and to take the time for |
| lesser rent. You'll also want to explore creative | | | | relaxing activities. Develop a daily practice of |
| ways of finding and keep new customers while | | | | some type of soul-soothing activity. It might be |
| keeping your current ones happy with your | | | | painting, playing a musical instrument, playing golf |
| products or services. | | | | or other some other type of sport. Explore what |
| Step 3: Seek input from professionals | | | | you can do on a daily basis that will keep you |
| The third step to making good decisions in a tight | | | | vibrant emotionally and in your most creative |
| economy is to research the options and the | | | | state. |
| consequences of major financial decisions. The | | | | Don't let these tough times send you into a spiral |
| more research you do the better outcome you'll | | | | of unproductive and unnecessary worry. Instead, |
| have. Seek input from people who have more | | | | these six steps that I've outlined will help you stay |
| information and experience than you. Also, check | | | | creative to all possibilities and will help you make |
| into the possible tax or legal consequences of | | | | long-term, smart, proactive financial decisions. |
| your decision. This is particularly important if | | | | Remember, this economic slowdown is a part of |
| you're considering a decision on the disposition of | | | | the ebb and flow of life. Keep in mind that this will |
| property such as a short sale, deed in lieu of | | | | eventually pass into a prosperous time once |
| foreclosure, or going into foreclosure. | | | | more. If you are one of the millions who are |
| Step 4: Check In With Yourself | | | | experiencing financial stress, this is a good time to |
| The fourth step to making good decisions in a | | | | challenge yourself to stay positive and find |
| tough market is to take the time to have a quiet | | | | creative solutions to challenges as they arise. Stay |
| moment with yourself once you've gathered all | | | | calm in the knowing that everything will eventually |
| the information. How does the decision feel? Do | | | | come around. |