HOW YOU CAN AVOID FINANCIAL CRISES DURING RECESSION

There is no doubt that this might not be the best of times for our country Nigeria as the lingering economic recession is actually hitting hard at the personal economy  of most Nigerians. Recession, as we are experiencing now is a period usually associated with decline in economic activities leading to low production of goods and services, low savings and low investment.

I decided to write this post because, with the way things are going in Nigeria, if nothing is done urgently, a greater number of the citizens will slide into what economists call a Vicious Circle of Poverty. That is, a situation where people are poor because they earn very low income, which leads to low level of saving and investment. Low investment leads to low productivity which again leads to low income.

In fact, for many homes in Nigeria today, their problem with the ongoing recession is actually the high cost of goods and services because they are only used to earning and spending. Sadly, the more the recession lingers, the deeper they sink into financial crises with huge debts, inability to pay children school fees, rent, pay for food stuffs, etc.

Being docile and just be apportioning blames between the past and present government in Nigeria will never bring any solution. Even those who are weak, lazy and who failed to plan in the past are now hiding under the covering of the recession as a justification for their inability to succeed.  But, rather than hiding under the umbrella of recession as an excuse for your financial challenges, it is high time you wake from your slumber and be aware that a dramatic change has occurred that requires a dramatic solution.

2 MAJOR OPTIONS YOU MUST TAKE DURING RECESSION

For the ordinary common man on the street, recession simply means “No Money”. Thus, in order to prevent financial crises in a period of economic recession, there are 2 basic options that you have:

a.       Reduce your expenditures

b.      Increase your sources of income

a.       Reduce Your Expenditures: When your income is static, for instance as a salary earner, the only option you have at A time like this is to find ways of cutting down on your expenditures. You will need to have a monthly budget, based on your income and try as much as possible to live within your budget. This may require you to yank off many things like subscription for satellite Tv, doing your laundry by yourself, etc. This is what experts call austerity measures but people don’t like it.   

b.      Increase Your Sources of Income: If you don’t like austerity measures, then creating alternative sources of income is the best and surest way to survive recession. When your income is three or four times higher than your expenditures of course you will not experience any financial crises during recession.

I have observed that so many people would have preferred this second option but, they are usually held back by two major problems – first, lack of money and secondly not knowing the best type of business to invest at a time like this. I will show you the simple solution to these two common problems but before I do that, there is something more important that I must let you know.

Listen; what is actually holding many people down today is not lack of money or lack of viable opportunity but a negative mindset. The simple key for creating financial success is to “Think & Grow Rich” - Napoleon Hills. The bible says in Proverbs 23:7 that, as a man thinketh in his heart, so is he. Sorry to say this, but, if you are poor, it means you are actually poor in your thinking. And, the only way to correct this is to make up your mind from this moment to be willing and ready to learn and unlearn.

If you continue thinking as you’ve been doing before and be doing things as you are used to, then you will continue to experience the same thing as you‘ve been experiencing before. So, if you are not ready to learn new things and unlearn your old ways, there is no need to continue reading this piece, just hang up here and save your precious time for other things.

Now, I believe you are here because you truly want to know how to solve the twin problem of ‘no money’ and ’how to identify the best business idea’.

Take note that, lack of money is a common problem during period of economic recession so; it’s not peculiar to only you. However, if you’ve made up your mind to create an alternative source of income and you don’t have money, what you should do is to consider business opportunities that have the following attributes:

i.                     Low start-up capital

ii.                   No Overhead costs

iii.                 Very low risk

iv.                 No special skill or entry requirements

v.                   Something you can be doing on part-time while still keeping your job

vi.                 High Market demand

vii.               Shortest return on investment (ROI)

viii.             Can it be operated as home based business

ix.                 Etc

Looking at the above attributes, many business experts and financial analyst had recommended Network Marketing as the best type of investment that you can make at a time of recession. Jim Rohn of blessed memory said, “Networking marketing is the big wave of the future. It's taking the place of franchising, which now requires too much capital for the average person.”          

According to David L. Bach (American financial author, television personality, motivational speaker and entrepreneur), "In Network Business, you don't need to create a business plan or create a product, you only need to find a reputable company, one that you trust, that offers a product or service you believe in and can get passionate about."

Paul Zane Pilzer (American economist, New York Times best-selling author, and social entrepreneur) says, “Of all the entrepreneurial opportunities available today, one of the most important is direct selling, also called network marketing.”  Tony Robbins also said, “What’s beautiful about network marketing is you get all the benefits of being a business owner, without all the headaches, and without the same level of risk. And so I think network marketing is amazing!”

In fact, according to Les Brown, “Network Marketing has produced more MILLIONAIRES than ANY other industry in the history of the world.” Kevin Trudeau (American author, radio personality, salesman, entrepreneur and the undisputed “infomercial king) in his Audio CD, “25 Secrets to Wealth Creation” had recommended Network Marketing as one of the best and fastest way to be making alternative income in a recession.

As I conclude this note, you can achieve your financial dreams even during periods of economic recession using the principle of Other People’s Money (OPM) as advocated by W. Clement Stone and Network business is one sure way to achieve that. Remember, “Most people fail to advance in life because they either don’t recognize opportunity when it’s in front of them, or fail to act on it. It is never for a lack of opportunity” - Jeff Rose.

I must sound a note of warning here because; there seems to be a proliferation of network marketing companies today making it even difficult to identify which is the best to follow. Do not fall for the tricks of any network marketing company that has no product offering and same time promising to multiply your money even when you are not doing anything. “Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time - Proverbs 13:11(NLT).

If you are interested to know about some of the best network business opportunities you can consider, contact us at: THINKING MINDS INTEGRATED BUSINESS SERVICES

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