What to do in a bad economy

By Oluwafisayo A
Hulk Estate

How do you survive a bad economy? Today, I am starting a series like I usually do around this time of the year and I want to share my thoughts with you. Now, I am not here to debate policies by the Federal Govt or the so many CBN policies we have seen in the last couple of months - I am not even here to try to push my opinions about what I think the Govt should be doing.. That is not my job really!

I am here to talk to you on a personal micro level. What can you do? How can you survive? How can you thrive?

1. Don't believe everything you hear..Do not panic.

The media boys are just so wonderful. They take a piece of news and then, it goes kaboom!! When the economy is bad, you must not panic EXCEPT when you need money in the short term - say within the next 30 days to 6 months and if you need it really bad.

I am telling you not to panic because both good times and bad times pass. And let me tell you the truth. After a low, an upward journey towards the hill starts.Finance is generally a series of crests and troughs. Mountains and valleys. We are in the valley and soon the journey to the mountain will start. When it gets very low, a correction will start.

So, how can you stay strong and not panic in bad times? Do the following exercises everyday:

* People still eat daily - right? Now if each of the  100million+ Nigerians eat N1 worth of food daily, we are still talking N700m expended on food weekly. There  is still money

* Everyday as you step out, do you notice new houses springing up and people roofing their houses and  people laying foundations? Infact, in the local  government where our farm project is located, a 9inch block goes fr N175 while a 6inch block goes for N165

Just this week, when I was on site, I marveled at a man that just fenced like an acre and has erected structures like magic!

I will show you when we go on our Agric retreat second weekend in September.

* When you hear of friends who just bought cars,  are throwing parties for their new borns.

* People still buy cooking gas and the charcoal pots have not yet resurfaced as a national symbol

When you see these things, it helps you keep your head and it helps you stay convinced that you can thrive even in bad times.

2. Never abandon your long term plans. Try not to sell what you own..

I know you have six plots of land scattered around 6 prime locations and you are like if I can just get someone to buy 3 for N2m each, then I can raise N6m.. yada yada yada. Well, unless you are making that decision as part of your long term plans, then you may just be selling yourself short.

Listen, the best time to acquire real estates ESPECIALLY is now. BECAUSE people will be willing to sell and they want to do so cheap. When no one wants to buy, prices plummet or

stagnate, bargains appear and the wise investor invests. When everybody wants to buy, prices rise and the smart investor sells.

Simple Investing 101, so stay on course with your long term plans and here is why I am telling you this. By the time a recovery occurs, some things you start or get now for N50k, will ride the wave up to N1m. I know what I am saying.

3. Do your job!

This sounds over the board but it is a very important one. People tend to forget their jobs

during bad times, and fold arms. I have to go now cause I need to be on site today

I promise to continue from this point soonest and I will love to read your thoughts and comments on this current series.

Enjoy!

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