*Surviving Recession*
Recession means economy is on recess as growth is in negative consecutively... While we seem to wail loudly in NG, global recess has been confirmed from many fronts.
Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every Naira you own buys a smaller percentage of a good or service.
The value of Dollar/Naira does not stay constant when there is inflation. The value of Naira is observed in terms of purchasing power, which is the real, tangible goods that money can buy.
When inflation goes up, there is a decline in the purchasing power of money. After inflation, your 💵 can't buy the same goods it could beforehand.
So what can you do to survive the present economy?
1. Be more creative and upgrade your talent and/or skill. Hard earned money is spent on better quality of skilled and unskilled professionals or products. Those with weak skills lose out as many go for premium quality at less or cheaper rate.
2. Make tough decisions but with human heart. For example: If you pull your child out of private school be sure to explain and ensure you plug in with extra lesson delivered by you or yours.
3. Consider multiple streams of income. Instead of just selling oranges, consider orange juice, fruit salad, roughages for feeding of animals or to be sold to those who make cosmetics or additives. Those who bake need orange or lemon rind for instance; partner with them.
4. Cooperate more than competing. You spouse belongs to the same commonwealth as you. If you are a professor and have other friends who are professors, you can team up to write one book through www.writeyos.webs.com and all work together to market. This is better than each of you starting books that may never be published because of price tag. I am a firm believer that a small portion of a big pie is always better than a big portion of a small pie!
5. Look in your wardrobe, give out what you don't need so you can create peace in your heart and space in your home for newer items
6. Understand that real wealth goes beyond money in the bank or properties owned. Do more of investing in things that yield huge interest including people and self development.
7. Abandon business-as-usual and begin to think outside the box. Except you stand out, becoming outstanding may be impossible during this period. That something as been done same way for 10 years does not mean a newer way won't work better. Find that new way and profit thereby.
8. Individulise change - How can you and yours change positively to meet the challenges and tap into the cheers of recession.
9. Be less wasteful and wary of borrowing.
10. Speak positively. We become what we say. When you keep saying all is well, things will work for your good. Remember the world was created with words and destruction of people have been ordered via words. Condemnation achieves less than commendation. When you guard your thoughts you will issue out blessings to you and yours through your words.
Dr. Omolola Omoteso
www.Omolola.webs.com
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