How to Deal with the Recession Glooms

How to Deal with the Recession Glooms

SMH published one of Leunigs wonderful cartoons recently and I have it stuck up in the kitchen to remind me to snap out of it if I have “a gloom”.

I think a new gloom could be added to the list of glooms opposite. “The Recession Gloom.” The Recession gloom could creep up on you when you’re watching the news or talking to a friend, or it might hit you suddenly if you or a family member gets retrenched.

So it got me thinking how does one deal with such an insidious and pervasive community gloom?

1. Learn more about the economic cycle
When you study and can understand some of the causes of the recession then it removes the bogeyman type of fear that surrounds it when you are uninformed. A simple visualised explanation of one of the big factors in this current recession can be found here

The thing is, for us Gen Yers who have maybe only experienced our parents go through the ‘recession we had to have’ in the 90’s; times have been relatively good. We have been in an economic boom for as long as we can remember, certainly all of our working lives. This recession feels a bit like the rug has been pulled out from underneath us and there’s not much we can do. There is a lot of fear mongering in the media and general gloominess.

However, recessions are actually cyclical. Economies go through recessions on a pretty regular basis when you look back through history. Now, I’m no economic expert, but by learning a little about this it helped me to see the cyclical nature of economics and helped me to realise that this will end, eventually. The more you learn, the less irrational fear you have.

2. Take stock of how much it has really affected you
I don’t deny that some people have been heavily affected by the current times. But for many of us, it just means that we have to be a little more careful with our spending (or should I say saving) We now have to think carefully about our money and learn new ways to be more thrifty and wise. Isn’t that a good thing? Go talk to your Nana or Grandpa and ask what things were like during the Depression if you want to know about doing it tough…

 

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3. Be grateful for what you have
You’ve heard the old statistic that if you are reading this then you are among some of the richest people in the world. Well, you are! Be greateful for all the opportunities and luxuries you have. Simply being able to read and have a roof over your head are wonderful things. When you focus your mind in gratitude, there is no room for gloominess. Right now, write down al the things you are grateful for. Keep writing until you feel your heart filled with gratitude.
Now where’s the gloom?

 

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4. Look for opportunities
If you have been retrenched or are now unemployed, utilise this as a positive opportunity for growth, rather than a terrible thing that happened to you. You are entitled to feel miserable and grieve for a little while, but does that help you in the long run? I don’t think so. Begin to think about what you would like to do now. How you can use this as an opportunity and become more of who you would like to be. You might like to start with these questions:

  • What is the problem or challenge, or what do I want to change?
  • What do I specifically do I want?
  • What will happen if I don’t solve this now?
  • What won’t happen if I don’t solve this now?
  • Why is it imperitive to take action to solve this now?
  • How will it feel when this problem is solved?
  • Out there in the future, when this problem is solved. Look back to now and notice how much you have changed now. What have you become and what actions did you take to get to this point?
  • Take action and get help or advice when necessary.

Remember, if you want more specific help on this, I offer private, phone and email coaching.

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