Even though I advise people to limit the amount of news they consume, I do not advise that you live in a cave and ignore all the news of the world.
Over the past few weeks, the “R” word has been bandied about in the media.
As Kimberly Amadeo wrote in a recent article:
A recession is when the economy declines significantly for at least six months. There's a drop in the following five economic indicators: real gross domestic product, income, employment, manufacturing, and retail sales.
With recent trade and tariff disputes between the United States and China, the uncertainty with Brexit, and an overall angst that seems to be permeating society these days, there is potential for a recession within the next year, according to analysts.
The “R” word brings out worry and concern to many, because of the fear of loss or missing out. Loss of jobs, potential financial hardships, depleted savings, etc, will impact many.
Many of us vividly recall the last economic recession of 2008/09. That one was fun #NotReally.
Auto sector in US almost died, housing/mortgage/banking crisis all came to a head. It was a perfect (sh*t)storm of disaster for many, including yours truly.
One of the biggest problems with recessions is that we worry about things that are ultimately out of our control. Going back to 2008/09, the auto sector collapse was caused by poor management decisions at each of the automakers. The banking and mortgage crisis was caused by banks and lenders giving out mortgages to people that truly didn’t qualify to get those mortgages. Several other factors led to that “perfect storm.”
If you stress about something that has not yet happened (and may not for a while), then you are basically asking for those situations to happen. Your mindset is set to “worry mode”, which your brain will attempt to address through the signals and energy repair. work that it has to do when we abuse our minds and bodies with worry and fret.
When you worry about money, I bet more bills show up at your front door. Funny how that happens.
When you worry about getting sick, I bet you’ll end up getting sick.
See a pattern here?
You’re basically asking for (or praying for/begging for) what you DON'T WANT!
Your mindset plays a huge factor on whether or not you will burn out. Burnout is a choice. You’ve chosen to be burned out, through your thoughts, your beliefs, your expectations.
Burnout is an imbalance of what you expect things to be like/want, and reality.
Here’s a good example: You work in social services. You want make a change in the world. You want people that are suffering to no longer be in that situation. You want to help everyone from the challenges they’re facing.
Problem is, you can’t help everyone. Not possible. That’s the reality.
Your perception and desires are to want something that is not possible. When you’re constantly fighting against reality, burnout will show up.
With the “R” word, I’m guessing you don’t want a recession to happen ever again. the reality is with our economic systems, markets go up and down. Supply and demand go up and down. So do economies.
While I hope and think the next recession won’t be like the one in 2008/09, there are steps you can take to minimize the personal impact on your life, and keep recession burnout at bay. (Via CNBC)
Focus, don't panic: Worrying about something only invites that energy of what you don’t want in your life. Focus on what you do have (food/clothing/shelter covered? Good!)
Personal life inventory: Get a physical and mental check-up. Make sure you are addressing any mental or physical health challenges you have. Just because it’s not Jan 1 doesn’t mean you can’t start implementing some improvements in your life.
Financial life inventory: Get real on your current financial situation. DO NOT BEAT YOURSELF UP IF YOU ARE NOT WHERE YOU WANT/HOPED TO BE, FINANCIALLY SPEAKING! We’ve all made choices that didn’t end up well for us. No need to dwell on that. Look and move forward.
Save more: Cash is king. Look at ways to be efficient with your spending. Look for more affordable options for your food/clothing/shelter expenses. If you’re thinking of getting a new car, compare the costs of higher insurance and car payment to what you’re paying now.
Pay down credit cards: If you’re living on credit cards, go back to the previous step and start saving more. Your lifestyle isn’t in alignment with your financial reality. If you make 80,000 a year, and you live like you make 100k a year, there’s a disconnect. Financial burnout is real!
Don’t worry, this too shall pass: The last economic recession was horrible for many, including myself. When I hear talk about another recession potentially coming, going to the steps listed above has helped me tremendously to prepare for the worst, without worrying and hoping it happens.