ARE YOU MONEY RESILIENT?
Resilience is the ability to bounce back quickly after something bad has happened. Money resilience is bouncing back quickly from a negative surprise money event.
For example, take professional singers when the COVID-19 lock-down first happened. Not only could they not perform, the COVID spread from singing in indoor venues was the worst! Whoever heard of a chorus singing 26 feet from each other to an empty theatre? For singers, that translates to no income overnight. Talk about nightmare! The prospect of no income for what, a month, 6 months, a year, years?
Singers and artists in general usually don’t have high income levels to start, and usually no abundant savings. Money resilience would dictate (despite their fear of an uncertain future) that singers entertain creative ways to manifest and monetize their art – like teaching over Skype or Zoom.
For example, one performing artist developed a series of workshops over Zoom and offered them at a discounted rate to start. Once she got a core following, and as the economy started to open up, she gently raised her prices as she thought of more ways to offer her expertise.
What I call money resilience is her ability to “jump back on the horse” days into the lock-down, instead of letting her doubt and fear send her into a downward spiraling depression. She got moving and reached out to friends, family, previous students and the world wide Internet.
Within 2 weeks she was up and running! And the best part? She had students from all over the world – a dream undreamt before COVID.
Secrets to money resilience are:
- Stay in the moment, in the present, and don’t be overwhelmed by the worry of what life will be like 6 months from now. That is something NO ONE knows! If negative thoughts start to overwhelm you, do something active AND talk back to them, argue hard with them.
- Reach out to others, ask for emotional support, undaunted by embarrassment or vulnerability
- Bring humor to your situation and practice laughing at yourself and the surreal environment we are all forced into through no fault of our own!
- In order to create forward moving positive energy (without judgement or ruminations) do SOMETHING! For instance, make a video demo for your present energy stimulation and for future marketing use.
Maggie Baker, Ph. D.
Psychologist – Financial Therapist
Author of Crazy About Money: “How Emotions Confuse Our Money Choices And What To Do About It”.