May 2016 - Page 81

STAYING FINANCIALLY RESILIENT Weather the Financial Downturns Last month we talked about building financial resilience focusing on building inner strength and calm to manage the volatility in the financial world. This month we’ll be looking at external resilience. brutal, it offers its own kind of upside—it’s a perfect excuse to light some candles, snuggle up with a blanket and binge watch a TV series on Netflix, or wear that super-cute heavy sweater that makes you sweat if it’s too warm outside. This is the case with economic cycles as well. Things will get better—they always do. You can’t control when the economy will turn around, but you can control how you react to the circumstances and make adjustments. KNOW WHAT MONEY FLOWS IN AND WHAT FLOWS OUT In tight economic times, creativity and resourcefulness are beautiful traits to possess. Use these opportunities to take a fresh look at your spending. When finances are flush, most people are freer with how they spend money. They tend to be less careful and discriminating. This can be fun, but can also lead to waste and unconscious expenditures. streets bundled up, hunched over, and looking down to avoid the wind blowing in their faces. What keeps us going—and not moving to a warmer location like sensible people—is knowing that spring always comes! Some years it takes longer than others, but it always comes and boy, do we feel good on that first day when we can put on some flipflops and see a tulip sprouting! And even though winter can be In the last big downturn, my friend Laurie looked at all of the expenses in her law firm. She realized the firm was spending thousands of dollars on publications that no one ever read. She found cabinets full of supplies that the firm continually ordered but no one seemed to use, and she 81