“Only when the tide goes out do you discover who’s been swimming naked.”, once said uber-investor Warren Buffett.
Now that the economic tide is retreating there are a lot of nervous people self-consciously wondering and worrying what others might think — much like the pink-parts-exposed soul who accidentally wanders from the nudist beach to the one requiring clothes. (Embarrassing!)
How do you find out if you’re “swimming naked”? Easy. You’re getting a little nervous. Maybe even getting a bit panicky.
Here’s the thing: there’s a lot of panic these days. Now is the time to reject the group mentality and get dressed up in some chin-up confidence when it comes to managing your money. Here’s how.
Beware, critics. It’s good to listen to constructive criticism. But you can save yourself a lot of anxiety if you politely decline listening to lengthy complaints about the national or local economy. Misery loves company and these complaints won’t help you.
Instead, focus on what you can control. There are aspects of our economic meltdown over which you as an individual have no control. Here are a few things you can control: your attitude, your strategy, and your willingness to adjust accordingly and accept change. All of these are critical skills that go hand-in-hand with nuts-and-bolts budgeting.
Reduce your overhead as much as possible and build your cash cushion. Now is a great time to pay off your debts and start building that emergency fund. Both are big goals here at Geezeo and you can find encouragement from others who are working to do the same thing.
Look for golden opportunities. Warren Buffett also said “a public-opinion polls is no substitute for thought.” While everyone else is worrying you can take the lead and see opportunities others may miss.
Chin up!
