Investing During Critical Times
Unprecedented. We have never witnessed anything like this before and it is continuing to get worse all across the world. People are panicking, questioning, and reflecting on life in general. The outbreak is causing our society as a whole to slow down and ponder what is important, spending more time with family and mending connections with friends and acquaintances from the past.
In the midst of economic uncertainty, one has the tendency to ponder their personal investments as the stock market and cryptocurrency markets alike are harshly crashing. Will prices ever go back up? Should I sell now to maintain my initial investments? Is paper cash approaching the end of it's term as the global financial system moves to digital money and digital wallets?
The first important thing to do in a situation like this is to calm down. Making heavy financial decisions needs to be done with a calm mind and a calm spirit to avoid possible mistakes or feelings of regret later down the road. The second important thing to do is to make sure that you and your family's lives are not at risk due to low or non-existent cash flow as a result of a temporary job lay-off.
The question that I want to touch upon in this article is whether or not one should be investing during times of crisis. While I do believe that one should always do what is best for their family financially, I also believe that investing in the intangibles are equally, if not more important...
Research and collaboration
Countries around the globe, as well as a few states, are currently under mass-quarantine. Many people are laid off from work and schools are closed for students for the rest of the year. With this fact comes the reality of working from home, a convienient option that wasn't necessarily available 25 years ago.
Since a majority of time is being spent indoors, it is important to stay productive by researching different companies, stocks, bonds, real estate, and cryptocurrencies. Researching will allow you to stay ahead of the curve, preparing for if and when you feel comfortable investing your hard-earned money.
A neat resource I was recently introduced to is called *Blockchain Business Magazine. The company is offering digital issues free of charge* *on their website.*
Even though the world is on quarantine, practicing social distancing, that doesn't mean humans can't connect with one another via LinkedIn or other social media sites. Connect with other professionals in your industry by sending private messages or by leaving thoughtful comments on their posts. Projects can and do move forward despite times of uncertainty.
Training and learning new skills
An exercise to employ, either during crises or not during crises, is to keep your mind sharp via training and learning new skills. Training, such as online courses, college courses, books, and videos, will allow you to enhance your current knowledge-base. One such website is called Lynda.com which I have used many times to access quality courses related to my current industry or area of interest.
A smart way to learn new skills is to study from someone that already has the skills you are looking to attain. For example, if you want to:
...learn digital marketing and online business building, I would recommend Stefan James with Project Life Mastery.
...become a better leader, read or listen to material by John C. Maxwell.
...kick butt at sales, I would recommend books by Grant Cardone such as The 10X Rule.
Bottom line is, stay productive. While the majority is spending time binge-watching shows on Netflix, you could instead be spending time researching, forming connections, and learning new skills.
Investing money is still an option, especially if you are still working a job and haven't been laid off, as long as it doesn't put you or your family at risk of missing mortgage payments or grocery bills. Stocks, cryptocurrencies, and real estate markets are down, creating a nice entry point for those who want to pump up their current portfolios.
Above all, the best investment you can make is in yourself. When you grow, the focus areas of your life tend to grow as a result. The crisis we are facing is temporary. It will blow over. In the meantime, it's important to use time wisely to prepare for the future.
Never give up and always believe.
The digital dollar...
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