Forbes Coaches Council
The Economic Weather Forecast: How To Dress For Financial Storms
In my nearly four decades of navigating business, I have seen several macroeconomic weather events come and go. One thing is always true: It’s less about the forecast and more about how you dress for it. If you get too accustomed to swimming in the labor market or stock market pools with nothing but a swimsuit, you will be shocked when advised to put on your snow boots and prepare for a winter weather advisory. Good news—there is an answer.
How Weather Shapes Our World
Let’s take our weather analogy even further. Real weather has played a role in the economy since the beginning of time. The success of agrarian societies depended on the amount of rainfall received during the growing season. Weather also mapped out world migration and settlement patterns.
In recent years, the impact of global warming is increasing the incidence of severe weather, which is taking a toll on emergency funds. Hurricane Ian hit Florida in 2022 as a category 4 storm and was expected to cost as much as $70 billion in economic losses. And the war in Ukraine is having a ripple effect across the globe. It’s credited with sparking Europe’s energy crisis as people grapple with high heating costs and soaring gas prices.
Weathering the ebbs and flows of the economy can be challenging for many American workers, too. In January, more than 81,000 Americans lost their jobs when companies like Amazon, Google and Microsoft announced sweeping layoffs. It’s difficult to maintain a positive attitude amid a barrage of negative news about skyrocketing inflation, an unstable stock market and tenuous economic forecasts.
Luckily, the economic news is not all grim. In 2023 profits are forecasted to jump more than 70% at Allstate, T-Mobile, United Airlines and others in the S&P 500. Also, despite layoffs in the technology and financial sectors, the U.S. added 517,000 new jobs in January, according to the U.S. Bureau of Labor Statistics. So why is it that some thrive in times of economic weather uncertainty?
Tips To Weather Economic Highs And Lows
Even as the economy shows signs of improving and inflation starts to drop, many people still feel battered and bruised. A lack of job security and working longer hours with less pay are having a negative impact, but do not lose hope! Over the years, I’ve spent time helping people explore their options, possibilities and dreams, and I’ve learned some ways to find shelter from grim economic weather. You can take these steps to avoid becoming a casualty of uncertain weather:
Be Enthusiastic
Your state of mind often determines your economic weather forecast. Nearly 79% of Americans experience work-related stress, and 48% are burned out. If you focus on the negative news hype cycle, navigating the storm will be insurmountable.
We live in a world where billionaires build a brighter future, and innovation improves our lives. Space travel, autonomous vehicles and instant access to information are the new normal. Anything is possible. Adopting a “what’s possible” state of mind is the first step.
Conduct your due diligence and maintain an enthusiastic attitude to find the light. Keeping a positive attitude on the job may be as simple as treating coworkers with empathy, being open to criticism, and addressing problems as they arise.
Understand Your Value
Limiting yourself to a one-dimensional career can hold you back from achieving your dreams. Your worth is more than just the bullet points on a résumé. Track your progress, stay open to possibilities and listen to feedback to define your value and improve your chances of success.
Sharpen Your Skills
People who continue to learn, endure hardships in stride. Explore professional development by taking classes, attending conferences and finding a mentor. Honing your skills will keep you at the top of your game and enable you to pivot during tough economic conditions. Career ownership coaching can help you understand your income, lifestyle, wealth and equity goals to ensure you are on the right path to achieving your dreams and exploring possibilities.
Create A Rainy-Day Plan
Bad economic weather strikes fear in the hearts of hard-working Americans. Job insecurity can take a toll on emotional well-being. Taking steps to diversify your income before the storm hits will provide solace. At least 44% of Americans have a side hustle, according to LendingTree, an online financial platform. While many people add a side hustle to bolster their income, doing so also allows people to pursue their passions. Finding ways to achieve self-sufficiency and financial freedom alleviates fear and helps you brace for bad weather.
Advocating for your future and exploring possibilities prepares you to excel in an uncertain economic weather forecast. A positive attitude and focus help conquer rough seas on the journey to achieve your financial and lifestyle goals.
You need to educate yourself and explore self-sufficiency, so you can dress accordingly for any economic weather event. As Winston Churchill said, “Never, never, never give up.”
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