Crisis and adversities are an integral part of life and so is recession. The toughest situations and problems also give learning, to look back and correct ourselves and also giving strength mentally and emotionally.
A few precautions and suggestions for difficult times during recession and lay off for everybody,
a) Don’t panic; have confidence that you can face any situation. The trend of people getting mentally disturbed is peaking up because of the worst fears of recession.
Let’s see some examples,
Think of our soldiers based at the border… who knows when somebody would attack. Imagine the plight of the people in POK, or any other war stricken area…
What would happen if there was a severe earthquake with highest impact levels? You would have to face the outcome of it right? And earth quake ; It just strikes…it does not happen over a prior intimation like a planned power cut
Then why panic to a situation which you are aware of. Why die a slow death by panicking
Apply "What worse can happen?” theory and build up your confidence, get prepared MENTALLY. "What worse can happen?”, theory is one serious thought which can mentally make you very strong and give all the courage to face any situation that comes. Think what could be the worst possible options, will I loose my job? will the financiers acquire my property? THINK; what is the worst possible event that can happen, and START FINDING ALTERNATES for the same.
Media repeatedly highlights the bad part of the scenario, and so our peer group discussions…Don’t heed much attention to that. Think for yourself around you. Has life stopped? No, rite? Move on.
b) Your family and friends would be of a great support to face any scenario, discuss with them. Involve them in your scenario. Lot of Ideas pop up, And remember “An idea can change the world”.
c) Don’t be ashamed to ask for help. Open your mouth, who knows somewhere, something better might be waiting for you.
d) Networking; Not just in recession, networking is a greatest tool available for mankind. Man is a social animal , so start socialising. Dig up your old friends list whom you would have forgotten over a period of time... and never shy to say "I need help ". ( I strongly believe in this , Natti works on Network , its not just adding up ur friends list on the orkut or facebook , try to be in touch)
e) Slowdown the life style habits... i mean 'daru, hookah, Suttah, and the eat outs. This can save you significant amounts.
f) Financials: discuss this with your family, instead of making it out alone. Build up your cash reserves (liquidity) enough to take care of your fixed commitments and the family requirements for at least 6 months. Build on this. Let the cash reserves be in an arms reach in the banks – better to have it spread between 2~3 bank accounts.
g) A rupee saved is a rupee earned. Think of all the possibilities where you can save.
h) Investments in lifestyle luxuries can wait.
i) You can and have to bring down certain fixed commitments, viz, If staying in a rented house, check out if you can move on to your NEEDS ( from a 3bhk to 2 bhk ). Move to a little far off area. Never shy away from re-negotiating. Dont get easlity convinced that you are paying the right price, negotiate negotiate hard . The little u save , that little u spare
j) Move out of mortgage. This can give a good amount of liquidity in hand for sometime.
k) If things are not working out well… what for is that fancy car of yours, is it really required.
A few precautions and suggestions for difficult times during recession and lay off for everybody,
a) Don’t panic; have confidence that you can face any situation. The trend of people getting mentally disturbed is peaking up because of the worst fears of recession.
Let’s see some examples,
Think of our soldiers based at the border… who knows when somebody would attack. Imagine the plight of the people in POK, or any other war stricken area…
What would happen if there was a severe earthquake with highest impact levels? You would have to face the outcome of it right? And earth quake ; It just strikes…it does not happen over a prior intimation like a planned power cut
Then why panic to a situation which you are aware of. Why die a slow death by panicking
Apply "What worse can happen?” theory and build up your confidence, get prepared MENTALLY. "What worse can happen?”, theory is one serious thought which can mentally make you very strong and give all the courage to face any situation that comes. Think what could be the worst possible options, will I loose my job? will the financiers acquire my property? THINK; what is the worst possible event that can happen, and START FINDING ALTERNATES for the same.
Media repeatedly highlights the bad part of the scenario, and so our peer group discussions…Don’t heed much attention to that. Think for yourself around you. Has life stopped? No, rite? Move on.
b) Your family and friends would be of a great support to face any scenario, discuss with them. Involve them in your scenario. Lot of Ideas pop up, And remember “An idea can change the world”.
c) Don’t be ashamed to ask for help. Open your mouth, who knows somewhere, something better might be waiting for you.
d) Networking; Not just in recession, networking is a greatest tool available for mankind. Man is a social animal , so start socialising. Dig up your old friends list whom you would have forgotten over a period of time... and never shy to say "I need help ". ( I strongly believe in this , Natti works on Network , its not just adding up ur friends list on the orkut or facebook , try to be in touch)
e) Slowdown the life style habits... i mean 'daru, hookah, Suttah, and the eat outs. This can save you significant amounts.
f) Financials: discuss this with your family, instead of making it out alone. Build up your cash reserves (liquidity) enough to take care of your fixed commitments and the family requirements for at least 6 months. Build on this. Let the cash reserves be in an arms reach in the banks – better to have it spread between 2~3 bank accounts.
g) A rupee saved is a rupee earned. Think of all the possibilities where you can save.
h) Investments in lifestyle luxuries can wait.
i) You can and have to bring down certain fixed commitments, viz, If staying in a rented house, check out if you can move on to your NEEDS ( from a 3bhk to 2 bhk ). Move to a little far off area. Never shy away from re-negotiating. Dont get easlity convinced that you are paying the right price, negotiate negotiate hard . The little u save , that little u spare
j) Move out of mortgage. This can give a good amount of liquidity in hand for sometime.
k) If things are not working out well… what for is that fancy car of yours, is it really required.
Some thumb rules, even if it’s not recession;
1) Save for the rainy day (you should have at least a saving of 6 months salary in Cash, be it Convertible Fixed Deposit or cash in your account)
2) Always ensure that your fixed financial commitments are always under your capacity . As a thumb rule never have loan / borrowing repayment commitments more than 40% of your take home.
3) HAVE A PLAN B ready. An alternate plan must be ready all the times. Now that’s the difference you find in the small eyed people who have made a great difference in the world, the Japanese & Koreans. Their philosophies review the PLAN B even before the normal plan is seen.
1) Save for the rainy day (you should have at least a saving of 6 months salary in Cash, be it Convertible Fixed Deposit or cash in your account)
2) Always ensure that your fixed financial commitments are always under your capacity . As a thumb rule never have loan / borrowing repayment commitments more than 40% of your take home.
3) HAVE A PLAN B ready. An alternate plan must be ready all the times. Now that’s the difference you find in the small eyed people who have made a great difference in the world, the Japanese & Koreans. Their philosophies review the PLAN B even before the normal plan is seen.
( I remember my old boss who alwasy used to block tickets on the same sector ,same day on 2 different flights)
4) Some innate talents in you can also provide for alternate options, think…
4) Some innate talents in you can also provide for alternate options, think…
( These are reflections of thought @ my workplace ,with friends , with pickups from real life practices . Write up courtesy : Avinash )
