Turnaround
Yourself:
How to Get Out
Of
Depression
During the
Second Great
Depression!
TABLE OF CONTENTS
|
Chapter |
Contents |
Page |
|
1 |
Introduction |
|
|
2 |
What happened during the first Great Depression? |
|
|
3 |
What are the setbacks you can face this time? |
|
|
4 |
What can you do to overcome or face the setbacks? |
|
|
5 |
Setbacks can strengthen you |
|
|
6 |
Manage stress before it controls you |
|
|
7 |
Additional strategies to turnaround yourself |
|
|
8 |
Exercise, sleep and faith – A vital combination for remaining healthy |
|
|
9 |
Roadmap to survive and succeed at the work place |
|
|
10 |
Conclusion |
|
CHAPTER
1: INTRODUCTION
October 29th, 1929, is a day that most people of the older generation would prefer to wipe out of their memories forever! For it was the “Black Tuesday” when the US stock market crashed, heralding the onset of the “Great Depression”! Of course, the effects were seen in several parts of the world, but nowhere as prominently exhibited as in the USA. International trade, prices and profits, incomes, tax revenues, primary sector and heavy industries—you name it, the impact was everywhere. And it took quite some time (several years, in fact) for things to get back to normal.
Now, history seems to be repeating itself, as the recent economic scenario indicates. Renowned financial institutions in the USA and other developed countries have brought themselves to a state of near collapse or total bankruptcy, due to their reckless lending in the name of home mortgage loans. Some of them can survive, but at the cost of writing off their losses; while others do not even have enough capital to cover their losses, and will have to wind up!
Some companies that have already found their names making the headlines in the daily newspapers, are—Bear Stearns, Lehman Brothers Inc., Freddie Mac, Fannie Mae, Washington Mutual, AIG, Citigroup, General Motors, Chrysler… Then there are the tainted milk problems in China, the Madoff financial scandal, the bird flu, the collapse of the confidence in the credit market, the plunge of the stock and property market. One crisis after another! Are we approaching the Second Great Depression?
Thus, the imminent consequences of what is happening in the world today are there for all to see - rising unemployment rate, downsizing, increased stress, and possibly even suicidal deaths.
Of course, you may not be an employee of any of these companies; you may be an executive working in a different company altogether, and in a different country - but the question that will be uppermost in your mind in these changing circumstances is, “How long am I safe?” Because let us not forget - what affects the Americans, affects the rest of the world too! We are all globally interlinked. So, your inner mentality cannot stay immune to whatever is happening in your external environment, for very long. It therefore becomes even more imperative now that you create such a strong shield of positivism and courage round you that nothing can faze you!
Although the situation seems rather alarming and dire, you need not really lose heart or panic. This guide should be able to help you out. The presentations are the results of extensive research, and are aimed at people like you who may not know how to deal with the type of setbacks you are being faced with - now. So, let me guide you through some steps and levers that I hope will help you transform yourself and enable you to face the challenging times ahead! Keep reading, and you will learn how you can face an economic downturn with courage and preparedness and emerge a winner!
I have tried to cover all that could be relevant to you in these trying times, directly and indirectly. The beginning few chapters deal directly with what you need to do immediately if you perceive your situation as being precarious. In the next few pages you will get a chance to read through the setbacks from first great economic depression. Then read further on the expected setbacks this time. The last chapter deals extensively with tips and techniques that can help you retain, improve and cope with your work environment under pressure brought on by a looming recession. Ultimately, this book hopes to help you to emerge stronger from an economic setback. It should help you to be an example to others that everyone coming in contact with you, will be forced to say - “This person is a walking example of positive thinking and courage! How I wish I was like him/her!” This book hopes to help you “turnaround yourself” in preparation for the difficult times ahead – perhaps the onslaught of the Second Great Depression.
In the next chapter we will review the circumstances of the first great depression of 1929.
Chapter 2: WHAT HAPPENED DURING THE FIRST GREAT DEPRESSION?
Let us take a look at what happened during the first great depression before we see what we can do this time round to prepare for the second great depression if it hits us. The past always holds the lessons for the future, if we only look for them. Taking time to see what happened the first time is important because, today’s world is vastly different from the world prior to 1929; our lifestyles and the type of salaries earned today are so different from what was when the first great depression set in.
The world wide economic downturn started in most places in 1929; most historians use October29th 1929, the day when the US stock market crashed, as the starting point of the downturn. The subsequent economic depression that ensued, ended at different times in different countries, in some in the early 1930’s itself, while as late as the 1940’s in some others.
During this period, international trade, prices, profits, tax revenues and personal incomes were deeply affected. Crop prices fell by as much as 40-60%. Heavy industry and construction came to a virtual halt; factories locked their gates rendering millions jobless. Following the stock market crash, banks and financial institutions failed and millions of people suddenly had no savings at all. Foreclosures were plenty leaving people to survive any which way they could.
By the early 1930’s there were 4,300,000 unemployed Americans and within a year there were more than 8 million on the streets. Needless to say, this was a situation in which only the toughest could survive; for along with economic depression, mental depression too set in with many families who could not cope with it all.
Yet, despite the hardship suffered, families did survive and emerged from the depression era, stronger and wiser. Their accounts of how they survived tell tales of unimaginable resilience, sacrifice and backbreaking hard work. What’s more, most of these families were large..
There were stories of one dish meals and of home-made clothes and hand me downs from siblings that lasted years. There were stories of men and women walking for miles looking for work In most close knit communities, there were no repairmen summoned for odd-jobs, neighbors and friends pitched in and did one another “favors”. Families fed those who came to their door-step looking for food, in spite of the little they had at their table. In farming communities, fruit and vegetables were plenty and cheap because prices had fallen sharply.
Most families took to growing their own vegetable gardens at home. Entertainment needs were limited; the radio was heard for hours on end and sometimes there was the cinema whenever it could be afforded. Children who grew up in this environment were strong and tough. They knew they would have to start working soon after they turned 14.
Finding a job itself would be a test of survival and when they did, the wages would be meager. The tough environment forced them to be innovative and made them stretch themselves. In the end, these values stood them in good stead. Many years later when they remembered the tough days of the depression, they remembered a close knit community in which people were always willing to help one another, a time of games and sport that made them hard and strong, a time when luxury was unheard of and when you could be satisfied with a one dish meal full of vegetables, bread and some fruit. Meat was often rabbit and sometime squirrel.
This time round, facing an economic depression of this proportion will not be as easy because lifestyles have changed and people have become used to so much more which they will have to give up, so much more, unlike the depression era survivors. So, the earlier people are prepared for it, both mentally and financially, the better it will be when it does hit them.
In the chapters that follow, we will list what setbacks could actually be in store for us and how we could face them practically, keeping in mind at all times how people coped during the first great depression. From an individual point of view, there could be a great many unfortunate happenings that will not only come in the way of your success, but will change the entire course of your professional and personal life for the years to come. While I don’t want to sound overly pessimistic, it would be foolish on my part not to recall the darker days of the 1930’s. While many families survived the great depression of the 1930’s, there were also many suicides and cases of starvation. The situation suddenly changed from roaring businesses and investments in the 1920’s to breadlines in the just a few years.
Optimistically we can hope that this will not happen this time round. However, if we are wise, we need to remember the lessons of the past and be prepared this time round. An economic depression does not advertise itself beforehand; it just hits you before you know it.
The economic activities of the recent past, many of which have been outlined earlier have indicated clearly that we will in all probability have another great depression soon. While this is no reason to panic, it is definitely reason to be prepared .This being the actual purpose of this guide, to lay out certain options that will help you face the second great depression, should it come. This guide has two parts to it; the first few chapters examine your options of how to face an economic downturn. The second part deals extensively with how you can manage stress at your workplace and at home, particularly, if you are one of the lucky few who has been able to retain his/her job, but has to deal with a lot of compromises and additional work-related stress.
This above discussion is all about the setbacks which executives faced a few decades back. The reason of having this discussion here is to prepare you for the next great depression if it comes. In the next chapter we will take a look at all those possible setbacks which the executives may have to face this time. It’s another great depression which is approaching us at a very fast pace. Let’s prepare each other for the upcoming depression. By being prepared, it will help all of us overcome our problems during the difficult days ahead.
The next chapter brings to the fore the problems that would crop up with people all over the world, once the Depression begins.
Chapter 3: WHAT ARE THE SETBACKS THAT YOU CAN FACE THIS TIME?
The bursting of the housing bubble in the United States has set in motion a series of financial disasters that have started a chain reaction in the global financial markets. Economists predict another recession, unless governments are able to prop up their financial institutions. It does seem though that however much they try to inject funds and resort to various financial remedies, that a recession of sorts cannot be totally warded off.
When we visualize the disaster of the first great depression and the suffering it brought, it is imperative that we buck up at the earliest opportunity to face a situation that has all the potential to suck us completely into its vortex, if we remain unprepared. To understand what is in store for us, let us first realistically look at what could happen if the predicted recession becomes a reality.
The dictionary defines a setback as “an unfortunate happening that hinders or impedes; something that is thwarting or frustrating”.
The financial crisis originating from Wall Street in the USA is the “setback” here that has permeated every corner of the world, because of the investments made by US financial institutions in markets around the world. The sub-prime crisis in the US has exposed a financial structure that resembles a crumbling house of cards spanning countries. Institutions that were supposed to be stalwarts of financial stability have fallen today. Turn on the TV and listen to the news, read the newspapers—this is the focus of discussions everywhere and everyday! In fact, these happenings have been termed as “a financial tsunami” (tsunami = earthquake or volcanic eruption underneath the sea, bringing a destructive sea wave in its wake). To throw more light on what is actually happening, let us go through some of the events:
Many Americans have achieved home ownership through loans of sub prime nature. Although many of these people finally got home ownership, not all of them have been successful. Many ran into financial difficulty because they took loans at an interest rate which they cannot pay any longer and others are not able to pay back at all in the first place. This has resulted in a huge number of people who are in danger of losing their homes. This is one of the symptoms, showing that the recession is underway and is going to leave its marks just like the first great economic depression.
This recession may have started off from America but now the shock waves can be felt coming from Europe as well. Stock market in Europe is also seeing its low days. Asia which was thought to be immune from the financial meltdown in the West is also reeling from the shock waves with unemployment rising, dampened by the decline in export business.
The economic recession has not only affected companies outside the IT sector, but the companies like Dell and Microsoft have also suffered. Bill Gates, the chairman of Microsoft, warned of a “fairly significant recession” that might drive the unemployment rate to 9 percent, from its current 6.1 percent.
In Japan, the central bank added $8.4 billion to money markets. This is only because the central bank is trying to avoid the fall of the economy.
Another point of view is that the turmoil in the U.S. credit markets turned global, prompting central banks in Europe and the United States to pump hundreds of billion of dollars into the financial system to keep it operating smoothly.
The problem is compounded because credit markets, in recent years, have evolved in complex ways. Hedge funds and other financial firms have developed tools called derivatives and credit-default swaps that slice and dice loans into pieces sold around the world. Many of these instruments are so obscure and traded so infrequently that it is difficult to know what some of them are worth.
The list of consequences could go on and on, especially the impact on energy, prices of commodities and the whole supply chain.
Let us first see what can be the possible outcome of such a situation that we are heading for. An understanding of the worst scenario will help us analyze and list out options of what we can do when it does happen or even before it does happen.
(1) LOSS OF JOBS BECAUSE OF DOWNSIZING -
“Downsizing” or “trimming the fat” has become a harsh reality today, considering the rapidity with which the global economy is regressing. Newspapers are full of news items of workers being laid off - it could be Diamler-Chryslar and other companies in Germany, HSBC in the UK, Watt Industries in the USA deciding to sack 350 employees of DBS Bank in Singapore sacking 900 employees. In emerging markets too this has translated into wholesale lay-offs where companies have drastically cut operations of their Business Processing units. This scene relates especially to India, which is a centre for such units.
Whatever may be the reason, loss of one’s job is the greatest fear, setting in motion a chain reaction which if not contained will lead to the collapse of the individual and his family eventually.
(2)LOSS OF JOBS OR BUSINESSES DUE TO BANKRUPTCIES -
Business Bankruptcy can be defined as “the declaration of a business organization’s inabilities to repay its creditors”.
Imagine you being a business executive, whose company is running into financial losses. Your company is now in the role of a debtor. You can either declare bankruptcy voluntarily or accept the legal charges levied against you by your creditors. Since your company cannot pay up its dues, a bankruptcy trustee can take over the company’s property and liquidate it. The proceeds are distributed to your unsecured creditors.
There are several factors responsible for business bankruptcies. These can be fraudulent claims, false statements and declarations, or embezzlement of business funds. One instance of this was Enron Corporation and its accounting firm, Arthur Andersen. The company created special purpose entities or body corporations to generate profits and revenues. Further, it did not report these “shady” deals in its financial statements. The company went bankrupt in 2001.
Some other factors can be—lack of transparency and accountability where important documents and assets are concerned, improper location of a business organization, weak business management, client loss, business loans, inability to face competition from similar businesses, or lack of funds for sustaining business operations, such as Oasis Hong Kong Airlines, Commodore International, Lehman Brothers, etc.
Whatever may be the reason, if your company goes bust, so does your job and your income. If you own a business that is dependent on another business that has gone bankrupt, again you are in danger; you might even incur high business debt and go bankrupt yourself.
(3) INABILITY TO MEET FINANCIAL COMMITMENTS -
The loss of a job and a secure regular income will eventually lead to the inability to make payments. Loan repayment and debts will be one of the first to suffer. Individuals often, out of a mistaken sense of priorities, continue paying for housing loans until they have nothing more left. Credit card debts too fall under this category and can be a severe drain on fast depleting resources.
(4) WORK FAILURE -
Every person has experienced work failure at some time or the other; after all, it is not possible to give one’s 100% all the time! The reason could be stress arising out of excessive pressure of work at the office. Possibly, your organization is understaffed, work politics probably affect promotions, business losses due to stiff competition or near-bankruptcy can force the management to hand out inadequate salaries to workers. These are reasons that contribute to low morale within the office environment.
In a recession, all these factors get compounded with the already existing fear of being made redundant, of steep salary cuts, of looming financial insecurity. It all leads to an inability to work and contribute at a time when it is necessary to do so. The feeling is one of intense stress, panic and even depression. In many ways this will be a vicious circle of sorts. There is the need to perform, but there is also the fear of what will happen. This poem tells of your condition once the gloom of fear sets in.
FEAR
Overwhelming fear,
Of dark shadows
looming ahead.
Fear,
Of an empty future,
where all hope is dead.
Fear,
That brings a lump
to my throat,
Its icy hand
makes me a wreck.
By Mike Teng
I agree that the list of possible problems seems to be inexhaustive. But all you need to do is to be strong. The setbacks may be many in number, but we can always find your way out to success. There are ways to overcome these setbacks. Let’s now get to the positive side of the situation. Let’s find the ways to avoid the outcomes of these setbacks. I will present my ideas on facing this tough economic situation in the next chapter.
We
will now discuss the ways and means to overcome such a situation, if
it arises.
Chapter 4: WHAT CAN YOU DO TO OVERCOME OR FACE THESE SETBACKS?
This is the time of CRISIS. In fact, there are a few lessons drawn from the acronym CRISIS which stands for:
C- Character. This is the time to test the character of people at all levels to be able to handle the crisis – the test of mettle of leadership, ability to handle stress and failures, discipline to stay clear headed etc. As discussed earlier, people definitely came out stronger and wiser from the first great depression.
R – Resilience. People who survive the crisis needs to be resilient to manage the rigors and the challenges. Just as iron will sharpen iron, resilience will sharpen one’s character.
I- Interdependence. This crisis has taught us the importance of interdependence. What happens as a small sub-prime mortgage problem thousand of miles from Asia can quickly change the tides of fortunes of fast growth in Asia. Asia is not de-coupled from the rest of the world. We are living in a globalized and interdependent world and cannot ignore the threats from countries faraway.
S- Safety. People tend to throw caution, risk management and safety to the winds, in good times. They have over leveraged, borrowed and lived beyond their means. Now, they are paying the price - as all these borrowings have got to be returned.
I- Ignorance. This is no excuse. Many people had invested in financial instruments such as Lehman Brothers’ mini-bonds and Madoff’s Security because of greed. They understood very little of these financial instruments and have now lost everything.
S- Suddenness. This crisis has taught us that fortunes can come and go very suddenly. In 2007, the world economy was enjoying the best growth ever seen in decades and within a short span of less than one year, events have taken a turn for the worst; unexpectedly and suddenly.
This is a tough time. And even when we are out of this great recession, there are reasons for executives to consider themselves in the time of CRISIS. The next few pages will present you with the solution.
The setbacks that we have discussed in the previous chapter that you could soon face might have shaken you. Good! But don’t let them depress you.
L
earn
from it as the acronym CRISIS. Now is the time when you need to
become alert and sharp and take
some proactive measures to armor yourself for the days ahead. If you
take this up as a challenge, you will see that there are things that
you can do to stay afloat in such a situation. But they need to be
done before the situation comes upon you and there is no better time
than now, to make a start! Remember the saying “a stitch in time
saves nine”. If you wait until the economy recedes further, it
might be too late, for each day lost is a further drain on your
dwindling resources.
Remember the above concentric circle as it is the most important criteria and the precondition to making physical and economic changes. No amount of physical or economic preparedness can prepare you for a financial loss of a magnitude that happened when Wall Street came crashing down in 1929. You will already have understood this to some extent with the loss incurred when the global stock and property markets collapsed. So, no matter what ever else you do, your own mental preparation is of primary importance.
Next you must prepare your spouse and your family, mentally, so that they are ready to make the sacrifices necessary. This mental preparation is a kind of psychological preparation, for the changes you will need to make if you want to survive the coming recession. This means making a big adjustment in your attitude towards money and to the comforts that you have grown used to, for some length of time. You will need to let go of a lot things that you and your family would have taken for granted for all these years. If either you or your family is unwilling to make these hard adjustments, and you choose to bury your heads in the sand and adopt the ostrich attitude, then you will surely be doomed, for you can’t look for options once the hard times are upon you; there may not be any left.
In
the above diagram you can see my point of view, of handling and
managing stress and depression, which can be a killer for you as an
executive. To turnaround yourself you need to first understand your
purpose in life from the spiritual and secular point of views. We are
all pilgrims passing this world for a season. It is important to
understand why we are here and to leave behind a legacy when we
depart. Thus, clarity in our purpose is the first step to
turning around ourselves which will enable us to face the harsh
economic conditions. When we hit a bad patch, we are able to
persevere because we know that we exist in this world for a purpose.
This is the inner core as represented by the concentric circles.
Next in the concentric circle, you need to use your physical abilities, your emotional supports and all the mental strength and skill sets that you possess. These are factors that you can control as opposed to the outer concentric circle. Use them wisely and judiciously to strengthen your core purpose.
The factors outside the concentric circle are not controllable by you. These include the external environment and these are also factors which are responsible for creating this stress and depression if not handled well. You should try to look into the inner core and make these factors favorable to you. Similar to the crisis caused by the external factor of global depression, you need to learn from the CRISIS and navigate through it using your physical, mental and emotional abilities. Thereby, you continue to set your path straight to achieve your inner core and purpose. This is how you stay level headed, calm, wise and above all benefit from the crisis.
To illustrate how this diagram can be used for current crisis, you need to re-examine your past objectives in life. For example, you cannot continue living as before. Accepting the inevitable with calmness and accepting that your lifestyle is going to change drastically is the first major step during this crisis. It opens up your mind to change and sacrifice. It gives your family a common goal specifying that all of you need to make adjustments and sacrifices and chip in to pull through the difficult times ahead. If there is no shared purpose, it is gong to be an uphill task to go through this storm together, in unity.
Next, you have to sit down and give some thoughts to what you will actually do. Preparing yourself mentally is very important. You have to put some practical measures into effect now, before it is too late. If you do so now, you will be allowing your resources to stretch for a longer period and this will in turn help you emotionally and mentally when the difficult times are upon you. While you need to do a lot of preparation and analysis individually, you have to also make decisions collectively as a family, because all of you need to make the changes.
As a family, you basically need to look for ways to economize and save as much money as you can. You need to simplify your lives now. Those who survived the Great Depression of the 1930’s did so out of sheer mental strength and frugality. If you see the habits of the older generation in your family who came through it, you will see that they continued being frugal all through their lives, because the lessons learnt during the hard years were not easy to forget. They hated throwing anything away, long after the depression was over for fear that it might be needed sometime. The past certainly holds a lesson for the future, if thrift worked for them, why not for us now when we are threatened with the same economic situation again?
Here are suggestions for some practical measures that you could adopt. You could also think of many more, based on your physical, mental and emotional capabilities.
Create a Budget:
You need to do this because you must cut extra expenses now. For a start, you can learn to live on a tight budget. Some ways of doing this include using a car pool, eating and preparing meals at home, for the next day’s lunch as well, learning to cut waste on use of utilities, socialize less, learn to conserve energy and reduce utility bills, buy fewer clothes and get your children to recycle used ones, attend garage sales, hold garage sales, stop buying and giving gifts. All these adjustments will add up to substantial savings which should go into an emergency family fund that must be built up to help tide over difficult days.
Create an emergency fund:
Why do you need an emergency fund? This is necessary in the face of uncertainty. You have a family to provide for, so if you lose your job suddenly (and during a recession lay-offs happen suddenly) you need some money to tide you over for as long a period as possible, else you will be out on the streets.
You need to create an estimate of necessary expenses for a period of time like for a year or two which you can fall back on. Liquidate whatever assets you can and get rid of all the debts that you can, like credit card debts, even the house loan if you can. You can even consider house rentals if you think your situation is in dire straits. Remember that prices are falling and if you pay high rates now, the asset you are clinging on to may not be worth that much sometime later. Also, if you let go of expensive assets now, you will always be able to buy them back as soon as the recession is over at much lower rates.
Analyze your position in your company:
As the family head, you need to give a lot of thought to your job, your position in the company and how you think your company will treat you if things get worse for them. Don’t hesitate to ask your company how it is doing. If it does not look like it will survive, update your resume and start looking out now , before your company goes bust.
At the same time, run an honest analysis on your own performance within the company. Companies have already started “trimming the fat”. Are you part of the “fat”? Do you underperform? Is your function really necessary for the company or can they do without your services? If your answer is yes, you need to worry. While it may be late to do so, you can still pull up your socks, hone your skills and begin to work, to make yourself valuable to your company.
Analyze your own strengths:
You need to be prepared to move on if your company is going bankrupt. Make a list of what else you could do. Do you have any other qualifications with which you can find alternative employment? Is there something that you can learn - a new skill that you can acquire quickly? Can you hone existing skills? Is there anything at all that you can do to make a company want to hire you? List out your options and get started on acquiring them.
Learn to multi-task:
If you can start your own little business outside of office hours, it might provide you alternative employment when you lose your job. Maybe there is some little business that you always wanted to start. You can do it now, but start small with minimal investment and keep your profit margins low, because other people too are going through the same financial uncertainty that you are and will not be able to pay high prices. Get your spouse and children to pitch in instead of employing labor. However, when you are working and starting a part-time business, make sure that the latter is not in conflict with your employer. You want to stay absolutely above board so as not to give your employer any excuse to fire you when times are bad.
Be innovative and efficient:
The importance of being innovative and efficient cannot be stressed upon enough. At any given point of time, in a competitive world, if you wish to forge ahead, these qualities are imperative, but in a recession they are the tools for survival. Be innovative and efficient, whether it is at the office where you are making yourself invaluable, or when you are looking for alternative employment, or even a business opportunity, or for a way of increasing your emergency fund. Keep posing questions to yourself, “Am I being efficient enough? Can I do anything else to gain better results? What other method can I employ for increased efficiency?”
To illustrate how important these two qualities of being innovative and efficient can be at a time like this, let’s go back to the Great Depression of the 1930’s and look at the automobile industry. In 1924, there were approximately 110 automobile manufacturing companies in the United States, by 1927 the number had dwindled to 44 and by 1936 the three big manufacturers, Ford, Chrysler and General Motors controlled 90% of the automobile market.
Why did they succeed during the depression while others did not?
They did so because they did some research and employed innovative methods of increasing their efficiency. While the rest of the manufacturers continued to focus on craftsmanship which eventually bankrupted them because not only was it expensive, but also was not what a recession laden economy needed. The three big survivors employed innovative assembly line production systems and standardization of components. These methods allowed them to give consumers what they needed at that time and also saved substantially on cost of production which enabled them to carry on their business right through the recession. This may be an industrial example, but the basic principles can be applied to individuals and families and small business too with equally promising results. However as we fast-forward to 2008, these same erstwhile innovative and efficient automotive giants are on the brink on bankruptcy. They have lost their competitiveness through the years because of neglecting innovativeness and efficiency. They have lost market shares to the Asian car manufacturers.
Remember the example of the automobile industry and keep in mind that an economic depression will be a test for efficiency, innovation and survival. In addition, live well within your means and take control of your economic future; don’t let your company or somebody else on Wall Street control your economic future. These methods have been tried and tested by many a generation before us, it should work now as well. When you take control and are able to prevent you and your families’ future from falling into desperate circumstances, the emotional and mental relief that it can bring you when the tough times are upon you could mean all the difference between desperation and peace. Above all, remember that the bad times will not last forever. What goes down will rise again, just be there to appreciate how fortunate you are to make it through.
Offer A Helping Hand -
As people did in 1930, offer a helping hand to those less fortunate than you. You may not be in a position to offer monetary aid, but help in whatever other ways you can. It will give you a sense of purpose and help you feel worthwhile and good about yourself.
This
is what I want you to know that there is always a way out. You
can turnaround and turn what is negative into positive. Read through
the next chapter to see how you can further do this.
Chapter 5: SETBACKS CAN STRENGTHEN YOU -
In this chapter, we will discuss how you can use your stress positively to give you strength. The second great recession is creating lots of problems for executives. If you have been a victim of retrenchment or even bankruptcy, do not let theses setbacks stop you from taking further steps on your road to success. Take these setbacks as challenges which can help you in going further on the road of success. Don’t let them stop you.
It isn’t for nothing that it is so often said that “Setbacks are good for the soul”! Your setbacks, the economic hardships that you will go through will only serve to strengthen you from within, provided you handle them in the right way! And that is how the experience will also strengthen your body, mind and soul!
It is important that you don’t let an economic slow down affect you negatively and make you cynical. Read the stories of those who came through the depression of the 1930’s; all of them had something positive to say about what they went through despite the hardship they suffered. If you go back to the second chapter on what actually happened during the first great depression, you will see that many survivors emerged stronger and cherished memories of helping one another, of being helped and of a hard and simple life, the values of hard work and thrift.
Take a cue from these people and remember that the most important thing when you come across any obstacle in your life or career is that it is only a temporary happening. It can be taken as a blessing in disguise, for if taken in the right perspective it can make you even more determined to achieve your goal.
Now, if a setback gets ingrained in your life as a permanent “enemy”, then the fault is entirely yours! By allowing a negative situation to get control of your mind, you will have failed to understand the stuff that you are really made of! You will have squandered your chances of bringing your real abilities to the fore. Take inspiration from people like Thomas Alva Edison. He thought of his physical handicap as a “blessing in disguise”—he was totally deaf in one ear, and hard of hearing in the other. But he did not moan and grumble; instead, he considered it a wonderful thing that he could keep conversations with other people to the minimum and devote more time to his work!
It would be advisable to bear in mind that even the “greats” in any field reached the pinnacle only after surmounting numerous challenges and setbacks. The difference between them and the non-achievers is that they made up their minds not to quit! There is a lesson to be learnt from the story of Terry Fox, who died at the young age of 22.
This young boy was born in Winnipeg and raised in Port Coquitlam, British Columbia. Even as a teenager, he exhibited a great liking for all sorts of outdoor sports. Sadly, he was diagnosed with bone cancer at the age of 18. The doctors amputated his right leg from above the knee. But, did that dampen Terry’s spirit? No Sir! Even while in hospital, he was more concerned about the suffering of other cancer patients (especially young children) than with himself.
Upon his discharge from hospital, he launched “The Marathon of Hope”. Terry ran across Canada and raised money for cancer research. The run began with very little fanfare on April 12, 1980. One hundred and forty three days later, and 3,339 miles into the journey, Terry had to stop as the cancer had spread to his lungs. The brave runner passed away on June 28, 1981. But his story did not end there. His courage had left behind a legacy.
The annual Terry Fox Run is held across Canada and across the globe even today, in his honor. And cancer research has already benefited with funds amounting to $400 million!
Thus, it is important that you consider the current economic setback as a challenge and as a learning experience and keep moving forward. Constantly looking back over your shoulder and brooding over past mistakes is going to get you nowhere. Just focus on your desired goals, and make yourself so strong from within that you are able to pick yourself up immediately after every fall! Here’s how.
DEVELOP A POSITIVE ATTITUDE -
The very first thing that you need to do is “strike the right attitude”! Cultivate a physical bearing that simply oozes confidence; and you will see how this has an impact on your mental attitude as well. After all, it is “attitude” that determines your personality and how you handle situations in day-to-day life. And if it is a strongly positive attitude, so much the better! Not an easy job by any means – it takes a lot of patience and perseverance. But, IT CAN BE DONE!
I am sure you are realistic enough to realize that everyday situations cannot promise to be good and exciting all the time. As a matter of fact, they are routine and mundane generally! At the same time, there are bound to be events like the current economic situation that you never expected to happen. And if you keep losing your cool at everything untoward that takes place, you will soon find yourself falling prey to hypertension, heart problems, or diseases related to the digestive system.
A positive attitude is imperative at the work place. Since you spend most of your waking hours there and now with job security uppermost in your mind, the workplace will be your top priority. It is important that you have a positive attitude towards your work and your workplace. You are working alongside people from varied backgrounds with different personalities—some are your colleagues; some, your seniors; and some, your subordinates. So, conflicting emotions, interactions, fears of redundancy and bankruptcy are bound to be there!
Tell me, who has not heard of Walt Disney, the creator of the renowned Disney Empire and the creator of the most lovable mouse of all time, Mickey Mouse? Well, almost everyone has! But how many people are aware of the travails and trauma he went through before he finally achieved what he wanted? Very few, I should think!
In 1920, an animation studio known as Iwerks-Disney Commercial Artists was launched by Walt Disney and an equally enthusiastic fellow animator, Ub Iwerks. Just one month later, his partner left Disney in favor of a more lucrative job at another firm. With his exit, the business also collapsed. Yet, today, the same Disney is famous for animation movies, and the famed Disneyland! Walt Disney managed it only with the help of a strong positive attitude and an ability to tackle all situations without losing his cool! In fact, during the course of his journey to fame, he even had to declare bankruptcy four times!
“Failure” is indeed a word we are all afraid of! Failure to handle people, failure to handle challenges, failure to make good money—it could be related to anything. But it is also true that failures are the stepping stones to success. And those with an optimistic attitude and courage (like Disney) have managed to turn those “failures” into tremendous successes.
So setbacks CAN be your strength. It is all about managing your stress properly. If you will learn to manage your stress properly, you will find the ways to control your stress effectively. This is what the next chapter is all about.
Failure
Failure is
a fearful emotion
Of losing all -
friends, relationships,
stability, money.
An utter hopelessness
as you watch your
Hopes and dreams all
suddenly vanish.
But , You must
never , ever forget
Failure is but a
promise of future success.
Let your setbacks
teach you the lessons
untaught before.
Let the experience
be your guide.
For a future
full of strength,
Helping you to ultimately,
reach for the stars.
By Mike Teng
Stress can be a killer….in chapter six we will discuss ways to manage stress.
Chapter 6: MANAGE YOUR STRESS BEFORE IT CONTROLS YOU-
Converting your stress into your strength may not prove itself to be a very easy task. It can only be easy if you learn to manage your stress. No one can deny that modern lifestyles and excessive focus on career-building lead to mounting stress levels. It is a competitive world out there, and every job holder feels like there is a Damocles sword hanging over his/her head. The new economic recession is acting as a hurdle for most of the executives nowadays to prosper in their careers. The signs are that this recession will prevail. Now how much worse will this be when all that you have worked for and built up is threatened by an economic recession? And for those of you who are lucky enough to hold onto your jobs despite a recession there will be plenty of compromises to adjust to at work. Salaries may be lowered, facilities withdrawn, an increased workload to cope with because of fewer staff, all this will have to be managed because the economics of the situation demands it. Such situations can be very stressful indeed. I agree that all these factors can cause stress, but is it the time when you can afford to be under stress and lose your own ground? This is the time where you need to learn to manage your stress and not give way to depression.
To give in now is to fail; the house of cards will come down on you. Of all times in your life, this is the most important and defining situation you will be in, for there is no alternative for you if at all you give in to stress now. So take yourself in hand and manage stress before it manages you.
Stress may have a lot of negative effects on your personality and your physical and emotional reactions will vary according to various pressures. What is experienced in the external environment has an impact on the internal self. Stress cannot be wished away; it has to be dealt with. Stress may vary from individual to individual, just as individual reactions to situations vary. All stress, mild or extreme can be dealt with and overcome, albeit with a lot of patience and some difficulty. It is left to your to “fight, or flee” syndrome!
If you decide to flee, then the easiest way out would be to change your job. But then, how many times will you keep running away from problems? And how many jobs are there anyway with recession looming?
If you decide to fight, then the first thing that you need to do is to do a self-check on how stressed out you really are. Additionally, close friends and co-workers can also advise you about your behavior. It would then be advisable to create a written chart about common stressful situations and your reactions to them. Once you are aware where the fault lies, half the battle has will have already been won! It is only natural that fear of economic failure will cause stress. To avoid this it is good that you just go back to all the successes you had in the past; this should give you courage! Also, your family and friends will always be there to support you. Above all, the best solution to stress-related situations lies within you, not anywhere else—YOU need to “turnaround” yourself, it’s only you who can do it!
Stress can really be very cunning! It creeps up on you without you even being aware of it! Many executives ignore all symptoms of stress only because they are extremely busy in their lives to notice this. However, when it takes its toll, your body will be the first to send out warning signals that everything is not all right. Whenever you perceive such signs, you can be sure that you need to slow down a bit. Get to know all about stress and how it can harm you physically, mentally, and emotionally. Take a reality check - are you trying to be superman/superwoman and trying to do everything by yourself?
The following indicators of stress might be of help to you to identify how stressed out you are.
SIGN #1:
Sudden spurts of anger directed at family members, close friends, colleagues at work, etc. Reflecting back on those incidents, you would discover that there really was no cause for your anger; you just felt like “letting go”.
SIGN #2:
You wish to withdraw from routine leisure activities that you enjoyed previously. You have begun to feel that they take time away from “useful work”.
SIGN #3:
Depression, anxiety, nagging worries and lack of happiness are your new companions. You have become hypersensitive.
SIGN #4:
Sleeplessness accompanied by exhaustion, has become a regular phenomenon for you at night. All those negative thoughts refuse to let you relax.
SIGN #5:
People, who found you approachable in the past, stay away, since your irritation and ever-changing moods irk them. They never know what to expect from you next.
SIGN #6:
Do you experience mood swings often? Do you hate criticism, and feel that the whole world is against you? Then, you are definitely heading for a “burnout”!
SIGN #7:
Your levels of concentration and attentiveness are at an all-time low. Your work stays incomplete because you are feeling overwhelmed by how much you have to accomplish.
SIGN #8:
You feel lonely and alienated. Your socializing comes down drastically.
The above-mentioned signs are psychological. Physiological signs also make an appearance. These include—tension headaches, high blood pressure, muscle aches and pains, chest pain, heartburn, stomach ailments, nervous behaviors, etc
It is very important for you to realize that stress is not always a negative factor. If, taken in a positive manner, it can be a very positive catalyst for you too because it brings out the best in you in critical situations. But you still need to build up on those tension-coping reserves. To do this, to ensure that stress does not get the better of you, it would be advisable to practice stress management techniques like exercise and prayers. A disciplined life with healthy food habits, plenty of fresh air and exercise, and a positive attitude should go a long way in ensuring a stress-free lifestyle.
Prayers and meditation give you happiness and freedom from stress. The benefits extend to your mind also; in fact, harmony between mind and body is achieved through prayer. You are relieved because you put your burden on the shoulders of a more supreme being than yourself. The achievements of a positive outlook and serenity, aid in bringing balance to a mind tormented by conflicts and confusion.
If you cannot devote sufficient time and discipline to prayers and meditation, then you can develop the habit of going for a short walk daily. Communing with nature and getting plenty of fresh air will clear the mind of any cobwebs that might be present. Of course, healthy nutrition is not to be forgotten because of greater concentration on exercise!
An old Chinese adage states—“The glory is not in ever failing, but in rising every time you fall”. So, only when you firmly make up your mind to go in for a complete turnaround or transformation, will you develop this ability to face all setbacks and adverse conditions with fortitude. You may go to umpteen counselors and sign up for numerous courses on personality development, but do bear in mind that you are your own best counselor. Your subconscious mind can bring about such phenomenal internal changes that tackling harsh extraneous circumstances will seem like child’s play to you!
Getting into the habit of sharing your stressful experiences with people who care to listen, like family, spouse, close friends, trusted relatives, therapists, and even understanding neighbors can help you unburden your mind. Relaxation and sleep are very important to counter stress and it is vital for every one to remember the relations and strengths in our lives which in usual times we take for granted.
Now I will try to present some additional strategies which can help you in managing your stress. I’m sure these strategies will help you in turning around and achieving your goal.
Chapter 7: ADDITIONAL STRATEGIES TO TURNAROUND YOURSELF !
There is a popular saying that “winners never quit and quitters never win”. He/she is a winner who can rise above setbacks, small or big, and come out on top. Despite it seeming as if your world is collapsing around you, if you have the spirit to win, you will be able to overcome all those obstacles that are thrown your way, very easily. After all, history is replete with examples of people who have risen from the depths to become world leaders!
Now we can move forward to some spiritual ideas which can help you to turnaround and get back on track.
(1) How Your Faith Can Help You -
“FAITH” is a five-letter word that carries a wealth of meaning. You can make this magical word a part of your life if you wish to achieve success. For it is faith in your own abilities that can take you to new heights and help you fulfill all your desired goals. It bestows a mysterious power that aids in overcoming all sorts of hurdles in life. If you, yourself don’t believe in your abilities in times of crisis, then who else will?
Of course, you can be your own faith builder or be your own faith stealer. To explain further, if you find these qualities within yourself—constantly worrying or doubting or being obsessed with negative thoughts, then you are allowing yourself to become a faith stealer. And you will prove to be a negative influence on people around you too! But if you develop the qualities of peace, prayer, and trust, you are on the way to becoming a faith builder not only in yourself, but in others too!
Heard of the “Oprah Winfrey Show”? What was Oprah before this TV program? Just a black woman who had been born poor, but who was determined not to stay poor! When she finally landed a job as a news anchor, she did not stay very long in it and was fired. There were other employers who demanded that she change her name, change her appearance, and stop being so emotional. What kept her going was her strong belief that she would make it to top some day. She was also motivated by a strong passion to be a part of the entertainment world. The rest is history. Today, she ranks as the richest woman in the world of celebrities - her earnings are said to have crossed $1.5 billion! This is what she had to impart at a recent Stanford Commencement ceremony, “We all stumble. We all have setbacks. If things go wrong, you hit a dead end—as you will—it’s just life’s way of saying, ‘ time to change course. …’ If you really get the lesson, you pass and you don’t have to repeat the class. If you don’t get the lesson, it shows up wearing another pair of pants—or skirt—to give you some remedial work.”
And here I must mention Thomas Alva Edison again—he tried over 2,000 different experiments before finally succeeding in getting the first incandescent bulb to work! And all he had to say about it was, “I never failed once. I invented the light bulb. It just happened to be a 2,000-step process.” And this was the person who had been referred to by his teachers as “someone who would not amount to much in life”! He found studies so difficult in school that his mother had to take up the major share of his education—she taught him at home.
(2) Support Of Family And Friends -
For any individual, the greatest amount of moral and emotional support is received from family and friends. Without them around, you would really feel like an empty shell. For even if the whole world is against you, they stand by you simply because they have immense faith in you! Your friends, in fact, can even prove to be more objective and optimistic than close family members at times—it therefore becomes easy to overcome the worst of hurdles. You cannot choose your family members, but you can choose your friends! Thus it’s important that you talk to the optimistic, the positive minded people around you!
The people who love you will be forthright in pointing out your strengths and weaknesses. This helps you focus better, and achieve that turnaround in your personality that you always wanted! After all, you were brought into this world to be the best “YOU” that you can be!
Therefore, always show care, concern, and gratitude, and you will receive the same in return. And when you carry this attitude over to your work place, it will create a healthier work environment.
If Oprah Winfrey could overcome all odds to achieve phenomenal success, Rowling’s story is no less inspiring. She is the authoress of the immensely successful “Harry Potter” series of books, and is worth around $1 billion today! It was in 1990 that she began writing her first book, which she finally completed in 1996. It was titled “Harry Potter and the Philosopher’s Stone”. Midway, she lost her mother whom she was very close to; her 45-year-old mother had multiple sclerosis. Rowling’s marriage to a Portuguese journalist broke up. She had no job, and she had to support a child all on her own. Despite these personal tragedies and despite the length of time taken to complete that first book, Rowling never gave up. She just plodded on. Further failure was to follow. The book was rejected by 12 publishers, before the 13th one agreed to publish it in 1997! Then of course, there was no looking back! Today, people wait in long queues for stores to open up in the morning so that they can be the first ones to get hold of the latest Harry Potter book! And that is not all—the authoress donates a large portion of her earnings to charity. "I think you have a moral responsibility when you've been given far more than you need, to do wise things with it and give intelligently," she says.