Between the global pandemic, the resulting economic collapse, and recent civil unrest, Americans are under more financial and emotional stress than ever before. There is widespread suffering, with millions of Americans staring down the barrel of bankruptcy.
While the coronavirus is responsible for the deaths of many thousands, the virus-related shutdown sucked trillions of dollars from the economy, causing 50 million people to file new unemployment claims since February.
30% of Americans missed rent or housing payments in May and June, according to a recent survey. 6.7 million households may face eviction in July.
Less than half of Americans say they have enough emergency funds to cover three months’ worth of expenses, according to Pew Research. Nearly 30% of adults don’t even have $400 in cash reserves available for emergencies.
Many Americans are facing epic financial pain and stressful uncertainty. The question is, what can we do to cope? What should we consider when you want to find a new job, start a new business, create or pursue a new side hustle?
Your ability to succeed in life will depend on three things: WHAT YOU LEARN, WHAT YOU DO, AND SWIFT ACTION.
More specifically, your success depends on the quality of the information you receive and the speed and ability with which you act on the information.
We are all awash in data, information, marketing messages from radio, TV, the internet, social media, print media, etc. We do not need more information; we need better or higher quality information to achieve our desired outcomes, what they may be.
If we want to build wealth, lose weight, or find a mate, we will only get to where we want to go if we first get quality information, have the ability to act, and act swiftly. If we fail to have or execute any of the three elements, we will not succeed, we will not win.
So, then the first question for an investor, whether passive or an entrepreneur seeking to improve their financial performance, should be, how do I get better information?
There is a process for obtaining optimal intelligence or information.
1. Research – get reliable information from a variety of respected sources.
2. Verify the data.
3. Use critical thinking in your research and try to examine the case studies carefully.
4. Seek references and success stories.
While facts are essential, subjective elements are also valuable, and herein the artful application of judgment can play a role in the information gathering process. Once you are comfortable with the quality of your information, you must now formulate the optimal strategy to execute your plan.
1. Seek expert guidance to shorten the learning curve.
2. Get training if necessary. Learn new skills.
3. Follow people who have achieved what you seek to achieve.
Once you have efficiently gathered solid intel and a good plan of action, the final and key ingredient for your success is swift action. All the best information in the world is completely useless without action.
Finally, the act of pulling the trigger, doing the work, learning the skills, and doing whatever it takes is paramount. All the best information in the world is completely useless without action. Swift action will be the determining factor of your success. Many people find a coach, mentor, or accountability partner to be very helpful.
I recommend that you find an expert guide to push you along the right path. You must get over any fear, hesitancy, or procrastination. Be positive, persist, and focus on completing your tasks and goals.
We need a simple framework to help guide us as we work our way forward to thrive and not only to survive. Our success will depend on knowing what to do, how to do it, and swift action. Now in the famous words of Capt. Jean Luc Picard: “Make it so!”
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Photo Credit: @benwhitephotography on Unsplash