With recession & inflation impacting the economy, it’s time to take your life into your own hands to protect it from severe impacts.
To be free and independent, you must work on your financial security! How? Making bold tactical Lifestyle changes and smart strategic investment choices will allow you to gain financial independence and freedom to live a life on your terms.
How To Afford What You Want In Life Despite Recession & Inflation
Especially Gen Z and Millennials feel they will never be able to afford what they want most in life
Under our challenging economic and environmental circumstances, recent surveys found that Gen Z and Millennials are very pessimistic about their economic future, purchasing power and overall financial security. They feel they will always need help to afford what they want most. So to protect themselves from financial disaster, financial insecurities and loss of purchasing power, people need and are getting creative to find ways to increase their cash flows: Either by changing their lifestyles to be more sustaining and substantial – or by establishing diverse streams of (passive) incomes to gain more economic independence. And there are plenty of options available.
Too many options can be too overwhelming
So let’s look at some ideas that can be applied and pursued – and which is even more important – on how you can make the right choices for yourself from all these options you have. We all know that having ideas is excellent, and talking about those ideas is even more admirable – but only actions get you where you want to be! And the action part is the one where most people fail – as it requires a decision, a plan and works as well as effort. But we have your back – and a straightforward 3-step self-coaching guide that helps you decide and take solid action!
How to make your life more recession and inflation proof
Now is the time to take your life in your hands because no one will come and recuse you if you don’t rescue yourself. You can start living your life on your terms. Start with affordable coaching that helps you to reflect on making this change happen. Recession does not need to be your thing, nor does it not need to impact you right now. But face it – you need to do something to prepare your life, well-being, and lifestyle for the future and for what the future will bring. It’s your life – it’s your business.
Making sustainable lifestyle changes and building a passive income stream could be your way forward. You have nothing to lose, do you?
Option 1: Make sustainable tweaks to your lifestyle
Regardless of your situation, if you want to support your financial independence to live your life on your terms, you can immediately and proactively reduce your living expenses resulting in increased cash flow. You can invest right away in building your income streams. This requires you to make changes to your current lifestyle sustainably and substantially. Here are some examples of what you could do:
- Move into a smaller apartment or a tiny house to reduce your monthly lease or to capitalise on your property purchase.
- Sell your car and lease or join the on-demand car-sharing community.
- … and instead of driving a car to get to various places, either (if possible) ride a bike more often or take public transport.
- Instead of going out, cook more and focus on healthy nutrition.
- Shop less (clothes), buy second-hand, repair and maintain your current wardrobe or exchange with others.
- Instead of international travel vacation, explore national travel spots
- …
In case you need more ideas, we recommend you follow MR. MONEY MUSTACHE for more inspiration. Mr Money Mustache is a thirtysomething retiree who now writes about how we can all live a frugal yet Badass life of leisure. He is an icon in simply living a lifestyle about 50% less expensive than most of our peers and investing the surplus in very boring conservative Vanguard index funds and a rental house or two.
Option 2: Build passive income streams
Passive income can be another way to help you generate extra cash flow to gain financial security and soften the impact of recession and inflation on your life and lifestyle. No matter if you’re running a side hustle or just trying to get a little extra money each month, mainly as inflation affects you and the economy, passive income can help you earn more during the good times and tide you over if you suddenly become unemployed, if you voluntarily take a sabbatical from work, if you like to leave your job to follow your passion and to build your own business – or if inflation keeps reducing your purchasing power.
If you’re thinking about creating a passive income stream, check out various strategies and learn what it takes to succeed with them and the risks associated with each idea. Here are some examples to get you to start thinking:
- Creating and selling a (online) course or an app, or an e-book. …
- Selling photography or flip retail products online
- Renting out parking space, apartment/house or (part of) your home, …..
- Affiliate marketing or sponsored posts on social media
- Peer-to-Peer lending
- Dividend-paying investments: Dividend Stocks, Real Estate Investment Trusts, bond ladders, high-yield certificates of deposit or savings accounts,
- etc…
How To Afford What You Want In Life Despite Recession & Inflation: Self-Coaching Hack
And what could your actions be to protect your life from the severe impacts of recessions and inflation and to be more independent and financially secure?
Here is a 3 Step Self Coaching Guide that helps you to find different and creative ways to increase your daily cash flow – and to make your independent and secure lifestyle happen! We recommend you go through this guided process for passive income streams and sustainable lifestyle changes separately.
- Step 1: Take 15 minutes and think about what passive income options you could pursue and write them down (and here, it’s best to use one sheet of paper or sticky note for each option). Please ensure to gather 5 – 7 votes max., and include 1 ‘crazy’ option or move that you secretly have and are scared to make (but that might be the Game Changer for you).
- Step 2: For each option, ask yourself: ‘What Do I WIN and what Do I LOSE?’ and write it down.
- Step 3: Based on this summary, decide on, and commit yourself to pursue ONE passive income option for the next 30 days. Think about your next steps (like researching options, risks, and determining actions) from now on, plan how to make this passive income come true, and act on your plan!
As soon as you reach the end of the 30 days trial period, please let me know how you feel about your progress. Is building this passive income stream now more realistic and feasible? Yes?! Excellent! We are thrilled for you! So plan the following steps to continue to pave your way!
How To Afford What You Want In Life Despite Recession & Inflation: What are you planning to do?
So go ahead and plan the next steps to pave your way to secure your financial well-being and enable you to strive for sustainable personal freedom!
Give it a go. Open yourself to new ideas that will bring you forward.
Daily self-reflection and mindfulness are like second nature with the help of on-demand & effective Coaching and Change Enablement Support that can work wonders for your Life & Well-Being! Working with us gives you new perspectives, insights and clarity to manoeuvre your life and career through the daily challenges, uncertainties and hick-ups! We are transforming how you see and approach something and how you feel about it. Eventually, you start to see NU WAYS, and you will feel confident and enabled to walk NU WAYS.
This is how we and our Online Coaching Programs are helping you achieve the desired self-determined, independent, self-driven outcome. Please work with us!
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