RECESSION? HOW TO SURVIVE

Just within one year the Economy has gone from worse to “what do you call this situation”? In Nigeria, guys are struggling, if people that are working are groaning; imagine those who lost their Jobs this period! I no fit shout!

One of my friends was planning to quit his job earlier this year, men! He finally changed his mind saying I need to plan. Lol though he has been planning for 10 years now. Every time I meet him I ask guy what is the plan? You said you are going to quit your job; his response is same, need to plan.

But come to think of it, how long do you need to plan before taking a life changing decision? never mind that is not the topic of discussion.

Below I am going to try to help with some ideas about how to survive during this recession. my focus is on Nigerians, so before you think of quitting your Job, doing something crazy with your life ensure you have read my simple advice.

Cut your budget: some guys still pretend that things are still pretty cheap, meanwhile they now buy rice in cups these days compared to a year ago they buy half bag due to price, stop deceiving yourself, just be humble you might be saved through humility. If you have a budget means you just planned how to spend your money, congrats on the planning.

Plan: simply put, calculate or add up your resources or what you earn now. They say knowledge is power. So if you know what is available, I can tell you it will help your brain function properly, if by planning your brain still does not function well, just know that you need a psychiatric evaluation and trust me it’s pretty urgent.

Planning though requires discipline and consistency, but when it becomes part of you? You can never be broke again except it’s a curse from your village which needs spiritual intervention lol. Planning touches every area of your life; family, finance, health career, business etc. so learn to plan it is critical this season.

Buy locally made items: locally made goods are cheaper compared to foreign made as you will have to pay for the sky rocketing rate of the forex market, anyone that sells imported items will tell you in local slang “na Dollar” but seriously that word annoys me, as even some people that don’t know what the dollar looks like will tell you it’s dollar. In Nigeria today we have a lot of young entrepreneurs who are into all sort of local manufacturing of item, like leather wears and accessories and some can be very lovely, so it’s time to patronize and promote our own entrepreneurs. Demand for locally made goods will increase production,job creation and other business opportunities.

Take things gradually: don’t fill your basket with so many projects at the same time, take them one at a time, as this can tell on your hard earned resources. Having in mind that it’s not the best time to go knocking on someone else door to borrow money, as even the banks just stopped borrowing, they will tell you stories and ask you to provide your grandfathers certificate that you never saw alive. So image the stories your friends will tell you this times they are not banks.

Take advantage of Opportunities: in this season, a lot of opportunities pop out, and you must be positioned to take them as quickly as possible. Some guys that want to maintain their standard of living might want to sell their car since they are broke, some are leaving the country and need cash to make up for their tickets and want to sale something valuable that you need that might be an asset, just be wise. It is said during recession there lies opportunities so recognize them as they come.

This is also the best time to start local manufacturing of those items we import, so go and learn a skill or trade.

Be wise and open your eyes, you must not be caught napping or taken by surprise. I encourage you not to be afraid, but bold.

I will love to get your feedback.

Author Profile

Lawrence Obi

Lawrence is a Cards, Payments, Project Management and Sales Expert with over 16years in the Financial Sector. He is passionate about Excellence, Leadership and Innovation, currently chasing interest in digital Payment solutions, blockchain technology, financial Inclusion & tech startups.
Author of the book, Discover, Develop, Deploy
https://www.amazon.com/dp/B083PSNRYY

Lawrence has founded several businesses including a Licensed Fintech in Nigeria. He loves writing and sharing knowledge with his audience.
You can reach him on any of his social media handles for enquiries and collaborations.