Are you worried about a major recession? Think the markets are about to come to a standstill any day now? “Yes,” is the answer from most folks these days. Same with most small business owners. And lots of so-called economic experts and talking heads on the news seem to agree too.
Still, no one REALLY knows when the next recession will happen – or how severe it’s going to be. And worrying about it isn’t helpful or good for us. In fact, whether we are in a recession today, tomorrow, or whenever, it’s going to be more challenging to make money moves when your judgment’s clouded by recession anxiety.
So, how can you cope? What can we do to set our recession fears aside, make confident decisions, and weather the slowdowns better?
Follow these steps to braving recessions:
- Don’t buy into the headline
- Resist impulsive actions
- Run a worst-case scenario
- Do a temperature check
- Make time to relax
- Expand your outlook
Want to read more detail about the above tips? Click here to see our entire newsletter.
Mentally, recessions can put us in a bad spot. The anxiety can mean we focus on the negative and our mental health suffers. And we’re more likely to experience those effects if we’re feeling alone or out of options.
We CAN break free of that mindset, though. The truth is that when we focus on what we DO control – like our outlook and our financial choices – we start seeing past the doom and gloom of recessions.
And we can start to make a plan for how to respond and make adjustments as circumstances change. All of that can be much easier to see and do with someone you trust. Call us today at 561-447-1997 to speak with a financial advisor.