Financial Breakthrough in Spite of Economic Meltdown
by The world is in a bit of a mess today. Everybody is complaining about the present economic recession. But, do you have to go down with the meltdown, as most other people are going? How do you get financial breakthrough in spite of this economic meltdown?
Economic meltdown is a current economic and financial issue and reality in the world today. It is not a new concept. The only thing new about it is the name ‘meltdown’ used to describe this old economic reality. Economic meltdown is used to describe economic or financial crisis, economic downturn, and economic depression/recession. It affects the whole world; and this is why it is referred to as the global economic meltdown.
Its implications and impacts on individuals, corporate bodies, and governments are serious and far reaching. For example, the current economic meltdown has caused a lot of problems such as:
- Reduction in revenue inflow to the coffers of governments around the world.
- Massive reduction in consumer purchasing power due to inflation.
- Drastic fall in public (government) spending.
- Decrease in demand for companies’ manufactured goods and services.
- Reduced turnover and profitability of businesses.
- Job shrinking, that is downsizing, right-sizing of the work force, particularly in the private sector. Hundreds of thousands of jobs have been lost in many countries all over the world
- Reduction in salaries/wages of workers.
- Forcing early retirement on workers, when they least expect it.
- Poverty
- Rising cost of imported manufacturing inputs.
- Current dwindling fortune of the currencies.
Now, what do we mean by ‘financial breakthrough’? Financial breakthrough, simply defined is financial independence or financial freedom. In its simplest sense, financial breakthrough is a state of earning sufficient income to self-support. Self in this case also includes family – spouse, children, parents, etc. it is an economic situation of life in which an individual is able to meet his needs (family inclusive) and still has surplus to meet future financial and economic needs. According to Brian Tracy, 2006, it is “the point where you have enough money so that you never have to worry about money again.” Financial breakthrough is a situation devoid of financial stress or pressure, even after retirement from active service.
The relevant question now is this: Is financial breakthrough attainable during economic meltdown? This paper examines the possibility of this. The good news is that financial independence is easier to achieve during economic recession than any other time. Investment experts are of the opinion that the period of economic recession could be a source of blessing in disguise for those who are ready to tackle it.
Let us consider some of a few things we can do to get financial breakthrough in times of economic downturn or recession – that is to turn financial crises to prosperity, adversity to advantage, or economic depression to economic boom.
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