How we think, feel and act has a detriment snowball effect which in turn creates poor financial judgment, bad business decisions, low confidence and thus economic instability.
As the title suggests we often forget to look after ourselves during times of hardship or financial instability. Don’t be confused (or lead by financial advice) in thinking this means focusing on “your money, your company, home or investments”. NO, it means focusing on your wellbeing – physical and mental health. Stress and illness are the top causes in bad financial decision making. How we think, feel and act has a detriment snowball effect which in turn creates poor financial judgment, bad business decisions, low confidence and thus economic instability.
Sven Hansen, founder of The Resilience Institute, shares 7 focus points on how the get the biological self in order.
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- “Define and lock down your rituals
At a behavioural level the single most important action you can take is to maintain your daily practices. Time with loved ones, exercise, sleep, regular meals and time in nature will help you hold stability and clarity of thought. If you know how to meditate add in 10 minutes twice a day.
- Work like mad to stay calm and present
Fear is incredibly infectious. As anxiety and doubt increase our discomfort increases. More importantly this elevation of the emotion of fear cripples you capacity to stay focused and connected to what matters. Think of lemmings running off a cliff. Do not join them. Force calm, not denial, into your moments. Use long slow exhalations to slow the physical reactions of fear and focus the mind. Keep your body relaxed.
- Define what is most important to you and execute the decisions to protect this
By being calm and clear, take time with those you love to define priorities. Develop a plan to protect those things most important to you and cut your unnecessary expenses and investments. Once you are clear on priorities, move fast and execute.
- Connect and communicate with those who matter to you
When markets crash dreams are shattered. It is tough feedback and it hurts. Absorbing this pain alone in the office or the pub will not help. Take time to connect with loved ones. Tell the truth, share your feelings and offer your support to others. The evidence shows clearly that when we reach out with altruism, we help others and ourselves.
- Protect your sleep
Sleep is often the first foundation of your resilience to crumble. This is due to the physiological effects of fear and the worried thoughts that tumble through our minds. Alcohol, electronic distraction, late nights and drama at home will make it worse. Make sure you create calm down time and create a “no worry” zone for your hours of sleep.
- Stay fit and eat smart
Turbulent times demand personal discipline and consistent self-care. Make sure you maintain your fitness and eat quality regular meals. Stretching, yoga, tai chi and aerobic exercise will all reduce anxiety. Avoid the inevitable desire for sugars and processed/ fast foods.
- Sustain your passions
Most of our real passions don’t require a lot of money. Take time to remind yourself of where your joy and flow come from. Take time to get out in nature, do things with friends, maintain your hobbies, and take time with friends.
Remember that humans are naturally resilient. We have always bounced back. Make sure you are ready to be the early adopters of recovery. All change is opportunity”.
Source: Sven Hansen, The Resilience Institute, “How To Stare Down A Bare”
