How To Afford What You Want In Life Despite Recession & Inflation
With recession and inflation raging across the economy, NOW is the time to take your life into your own hands to protect it from serious impacts. If you want to be free and independent, you would need to work on your financial security! How? By making some bold tactical Lifestyle changes and smart strategic investment choices that will allow you to gain financial independence and freedom to live a life on your own terms.
Especially Gen Z and Millennials feel they will never be able to afford what they want most in life
Under our challenging economical and environmental circumstances, recent surveys found out that especially Gen Z and Millennials are very pessimistic about their economic future, purchasing power and overall their financial security. They feel that they will never be able to afford what they want most in life. So in order 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 – and/or by establishing diverse streams of (passive) incomes to gain more economical independence. And there are plenty of options available.
Too many options can be too overwhelming
So let’s have a look on some ideas that can be applied and pursued – and which is even more important – on how you can personally make the right choices for yourself from all these options you have. We all know: Having ideas is nice and talking about those ideas is even nicer – but only actions get you where you want to get! And the action part is the one where most people fail – as it requires a decision, a plan and work as well as effort. But we have your back – and a straight forward 3 step self coaching guide for you that helps you to make a decision and to take first solid actions!
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 yourself can start living your life on your own terms. Start with with affordable coaching that helps you to reflect to make 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, your well-being, your lifestyle for the future and for what the future will bring. It’s your life – it’s your business.
Making sustainable lifestyle changes and/or building passive income stream could be the way forward for you. 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 own terms, you can immediately and pro-actively take actions to reduce your living expenses resulting in increased your cash flow that you can right away invest in building your income streams. This requires that you make you changes to your current lifestyle in a sustainable and substantial way. Here are some examples what you could do:
- Move into smaller apartment or into a tiny house in order to reduce your monthly lease or to capitalize 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 by yourself and focus on healthy nutrition.
- Shop less (clothes), but rather buying 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 to follow MR. MONEY MUSTACHE for more inspirations. 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 when it comes to 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 so that you can 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, especially as inflation effects 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 in order 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 be successful with them, and about the risks associated with each idea. Here are some examples to get you 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, A bond ladders, high-yield certificate of deposit or savings account, ..
Self Coaching Hack: How to make the decision making and action taking really happen
And what could your actions be to protect your life from serious 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 of your time and think about what your passive income options are that you could pursue and write them down (and here its best to use one sheet of paper or one sticky note for each option). Please ensure to gather 5 – 7 options max. and to include 1 ‘crazy’ option or move that you secretly have and you 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 what your next steps (like researching options, risks, and determining actions) from now on are and plan how to take this passive income come true – and act on your plan!
Once you reach the end of the 30 days trial period, reflect how you feel about your progress. Does it feel now more realistic and feasible to build this passive income stream? Yes?! Excellent! We are thrilled for you! So go ahead and plan next steps to continue to pave your own way!
What is next?
Give it a go. Open yourself new ideas that will bring you forward.
Practicing daily self-reflection and mindfulness like second nature with the help of on-demand & effective Coaching and Change Enablement Support 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 the way you see and approach something, the way 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 to achieve self-determined ,independent and self-driven the outcome you want. Work with us!
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