Moneycontrol
Oct 27, 2017 10:00 AM IST | Source: Moneycontrol.com

5 ways in which you can fortify your personal economy

If you develop a skill or product that solves a problem, you will be rewarded. Look around you, the maximum amount of wealth is created by people who solve problems.

Yogesh Chabria

We have complete control over one thing and that is ourselves. Discover how you can make your personal economy super strong in order to rise above economic crashes!

I have always believed in the power of an individual. Each one of us has immense power and the best use of this power is to focus it on what we truly want. External economic conditions may sometimes be good and at other times be bad. Here are a few strategies all of us can implement to make sure our personal economy remains super strong:

1. Develop a skill or product that solves a problem

If you develop a skill or product that solves a problem, you will be rewarded. Look around you, the maximum amount of wealth is created by people who solve problems. Your skill can be sales or curing a major world disease. If you invest time and effort in developing your unique skill, your personal economy will be strong. In fact during a slowdown, people with skills like sales are more in demand and can benefit even more!

2. Earn more than inflation

Let us say you make 7% a year on your investments, and inflation is much higher – in the end, you end up will less money and a weaker personal economy. Make sure you invest in assets that give you much more than inflation. Many times this investment doesn’t have to be financial. It could be as little as purchasing a book or attending a course that will upgrade your skills to help you make your personal economy stronger.

3. Don’t think of reducing spending, think about increasing earning!

Don’t stop spending – in fact increase your spending on experiences that help you grow, learn and have fun. This could be taking a holiday or flying down to meet someone who can help you discover new growth opportunities. An economy whether a country or a person that cuts back on spending always stagnates. For example I love taking regular holidays that recharge my mind and also help me make new friends – which help me grow as a person and also financially.

In fact have bigger goals about what you want to experience– those goals will inspire you to work smarter and more creatively in achieving them.

4. Free up your mental clutter

For your personal economy to grow, stop worrying about what the news is saying. News is not meant to enlighten but is simply meant to keep people’s mind cluttered. Your personal economy will not change if you keep watching endless debates between politicians. Instead it will change, when you decide to take control and ask yourself questions like “What can I do to make the best of the current situation?” and “What else can I do to learn and grow?”

New opportunities and ideas that will strengthen your personal economy will come to you, when you focus on your own life in silence.

5. Imagine the future is already here

Imagine yourself in a future 10, 15 and 20 years from now. How do you think the world will be? Will your skills, services or product still be in demand and solving problems? What can you do differently today, to be sure you are ready for that future?

If for example I am a driver today, most likely I will lose my job to a self-driving car. On the other hand, I can prepare myself for that future by investing in myself and seeing what alternatives do I have. Maybe I can work towards gathering a fleet of self-driving cars? Maybe I can look at providing these self-driving cars to companies? Or maybe I can start a completely new line of work?

It is never too late to change, and at the same time it is never too early to change.

Keep investing yourself and I guarantee you the returns will be incredible!

(The writer is a best-selling author and founder of Happionaire Way)

tags #Planning

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