Economic challenges: Be calm, take charge
AS they say when faced with a challenge stop digging to avoid aggravating the situation. And this isn’t the time to burn down the whole house because a rat entered one of the bedrooms. The market is a blood bath, parallel markets very high, run-away inflation with goods/ services prices now threatening to be unaffordable, fuel is coming in drips and drabs, working hours lost and confidence going southwards. It is time not to lose focus so that things do not degenerate and plunge the economic recovery into a tail spin. It’s easy to get into an economic jungle than an economic build up as it is easy to destroy than to build. Your responsibility, acknowledge
challenge The buck starts and ends with you in terms of doing what it takes to avert a catastrophe. You might not be the source of the challenges but it’s your call to remedy it accordingly. First and foremost let’s acknowledge we have a challenge on our hands. It is never the time for blame games but honest, logical, constructive level headedness coupled with emotional intelligence.
Hoard not, cash isn’t an asset Stop hoarding products, it worsens the situation and creates artificial shortages on the market. Hoarding could be strategic but not sustainable in the end. Holding cash might not be ideal but conversion into assets is recommended unless cash is generating revenues for you. (Not advocating for parallel market shenanigans). Hold stable currency if you are saving and get interest while at it.
Avoid exchange losses Use currency of which you are transacting in. If you buy in USD more or less sell in USD in that order to minimise exchange losses. Have a great support system to lean on when hard times befall. Be supportive too during economic down turn.
Settle your debts, earn forex No one wants to be owed so let’s settle our debts especially those with a foreign currency component ie hard currency not in “RTGS” balances due to loss of parity in the two. They say in these times rather owe than be owed but do unto others as you would want them to do unto you. Karma is real. Search for opportunities to earn forex. Increase your forex earnings it helps you and others that need it. We share resources remember. Aggressively export more.
No panic buying/selling Don’t just buy for the sake of it especially unnecessary items. Be calm and think about the grand scheme of things. Do not sell especially assets, hold onto them. Sell only when you need to. Where possible down grade your vehicle, children’s school, house (but do it effectively and efficiently) or survive on a bare minimum. Do not upgrade due to your temporary new found economic fame. Stay grounded and stick to basics. Your decision making should be a daily occurrence taking into account the information at hand. Tune in to your gut and intelligence all the time.
Leadership, extra income This is time to showcase leadership across all echelons of power and influence. Summon