Hello folks, I trust you are doing fine. I can’t hide my passion for my nation and continent – I hate the thought of the reality that we are backward. It grieves me badly, maybe I will a little relieved the day it is proven scientifically that there is something such as a black brain.
My passion spreads into humans because I have learnt that; if you want to fix a city – fix the humans. Humans are capital enough to bring about any desired change in the society. Current Nigeria is faced with looming economic recession, my passion to not just to live above it, but also to make everybody around me live above it. I am on my quest to create wealth and i want to have friends thread this path with me, this led to a six part series I wrote on my thoughts on the economic recession in Nigeria, If you have not read that series – you should, I strongly recommend you do.
As good and engaging as those articles are, I realized it did not touch the everyday life of people – that angle should never be overlooked. So I thought I should share some tips on how to live above recession. This should help people on choices they make on a daily basis.
Here are the tips:
It is Just as simple as it sound, to live above recession you must reduce expenses to the barest minimum. Never use a credit card, stop eating outside – cook at home, monitor your spending, walk short distances than drive, spend more time at home with family and friends, buy important and needed things alone. You can’t keep your expenses level the same during a recession and desire to live above recession.
This concept really does not appeal to the ear, It sound very illogical, but it is very true. Recession definitely bring with it high and increasing inflation rate – yet one must also still save and even more for emergency needs. It becomes easy only when you have reduced cost, every of those reductions should be converted to savings. Saving should be constant in and out of recession, but there are more emphases on it to live above recession. As hard and inconsequential the income, you must save and if you have done 10% before, jack it up some more.
Identify Other Means of Income:
It is not enough to cut down on your expenses alone during a recession, you must be able to identify other streams of income, you must be ready create utility and meet a need – we must learn to turn our hobbies into profitable business ideas that can liven the sick economy. Better-still look out for investments to engage your saving. Savings are useless if it cannot reproduce itself. Inflation rates destroys static savings.
Track your Expenses:
On a daily basis you must be able to track all your expenses, it is normal to be frugal in spending during a recession. At this point you must put your daily income side-by-side your expenses. Your daily income should determine what your daily expenses should look like. Check out for mobile apps that can help you track your daily budget, this will help you live above recession.
Remove Unnecessary Expectations:
We must learn to be open and sincere about our financial life especially to our immediate family. We must let them know our income level and how things are hard. This will help you reduce demands and expectations from immediate family and friends. Stop forming as if you earn double what you earn – learn to be sincere enough.
Just Keep Breathing:
Finally you must keep breathing – as long as you keep doing that I can assure you that recession will be a thing of the past. Take good care of yourself, worry less, keep fit, eat healthy food, and remain happy. Health they say is wealth.
Thanks for sharing this piece with me, I remain your friend – Daps. If you find this an interesting, educative and engaging article, kindly turn on the notification alert on your device, it basically inform you when a post is made. You should also subscribe to my mailing list to keep you up to speed with interesting things I feel like sharing. Contact me for any questions or comments. I love, I care.
Remember that: life is designed to defeat the weak.