5 Best Ways to Stay Sane while the World Goes Mad

It’s tough to be an optimist right now but I’ve decided to stick at it.

Economics 101 tells us that markets are cyclical. 20 years ago we witnessed the 1987 Stock Market Crash, now in 2008 we’re witnessing what many are calling the demise of Capitalism. Whatever it is that’s going on right now – and no one really seems to have a definitive answer – the most important thing we can all do is (in the words of the great Douglas Adams) Don’t Panic!

What would be the 5 Best Things to do right now?

1. Talk to your friends and family about how you feel about the current financial crisis.
2. If you need help – tell someone, ask someone for help but don’t just keep it to yourself.
3. Take the money you’re now saving on your home loan with the 1% rate drop and pay it off your credit card.
4. If you feel the need to treat yourself to deal with the stress – buy yourself a box of gourmet chocolates or a Frappe topped with cream and chocolate sprinkles. It’ll make you feel just as good as the sexy $200 Stilettos on sale for $120 (which is really $145 with credit card interest added on top.)
5. Remember that our thoughts create our world – so focus on exactly where you want to be when the short term pain of the current crisis is over. Maybe we’ve all gotten a bit too reliant on the credit card while the economy was booming. Maybe we’ve all been caught in the cycle of having everything right now and not having to save for larger purchases. It’s not too late to change the habits of a lifetime. My 2 favourite books on the subject are Think & Grown Rich and Rich Dad, Poor Dad.

What would be the 3 Worst Things to do right now?

1. Panic!
2. Stop talking to your friends and family while you sit in the dark and try to decide how you’re going to make it through the looming recession.
3. Buy something expensive on your Credit Card to make yourself feel better in all this craziness.

None of this is meant as financial advice (I’m not an Economist or a Financial Planner,) but it’s a common sense guide to dealing with a crisis of any kind.

Communication is the most powerful tool we have, keep talking (especially to people you admire and respect) and you’ll find the answers you need.