The Battle of the Minds: Covid-19 and Our Money

The same problems, namely how to handle the coronavirus and stop its spread, are being faced by governments and populations everywhere.

But this is only the start. Certainly, bringing the virus under control in the here and now and the near future is the top priority, and we salute the countless scientists, medical professionals, and other key workers who are doing so every single day. What follows, however, is an economic depression that results from such a crisis, and how do we handle it? How can we prevent a world recession?

The only thing we can do is to resist giving in. We cannot simply give up and concede that the worst-case scenario will occur.

This is not how we – as a species – conduct ourselves, so we won’t. The incredible resilience of humanity is still very much alive and well, if the past few months have taught us anything. The flame of effort, compassion, and optimism continues to burn brightly in the face of such adversity.

What does this actually mean in practice, though? How can we turn this fortitude into a set of doable solutions that will advance both our financial situation and us?

Let’s look at this in more detail.

Practical Solutions to Winning the Psychological Battle

We often hear the phrase “it’s all in your head,” as if a psychological problem is somehow less valid than a physical or external issue. In the twenty-first century, we are fighting back against this by acknowledging that psychological issues require serious consideration and that there are serious steps we can take to overcome them.

So how do you combat the negativity if this crisis has left you plagued by financial concerns and anxiety?

Develop a complete understanding of your situation

Uncertainty and ignorance are major causes of the anxiety and worry we experience on a daily basis. In general, we assume the worst when we do not know what we are dealing with. Moreover, these unfavorable emotions intensify until they overwhelm us.

Take knowledgeful action to counter this tendency. Consider how the virus has impacted your incomings as you sit down. Determine what changes need to be made after that in order to actively position yourself for a successful future in addition to continuing to move forward.

This practice session is ongoing. It’s important to get in the habit of regularly evaluating your situation, keeping track of the finances, determining the extent of the harm and the progress made, and arming yourself with the information you need to gain the upper hand.

Begin to diversify

As the saying goes, “don’t put all your eggs in one basket.” This is good advice, which is why it has become so cliche. You are putting your own safety in jeopardy if your income stream is too limited or restricted. You are never far from a serious financial issue, even when things are going well.

What then is the solution? Don’t abandon your current revenue sources and business interests; diversity. Try to improve them instead. Consider how a more diverse investment portfolio can protect you, and then consider how this diversity can actually propel your success.

Build a positive attitude

Being negative will not help us. Instead, it weakens our psychology, making it challenging to see things clearly and comprehend our situation. Doubt and other negative thoughts tend to cloud our minds.

We can, however, avoid this by implementing small, constructive mindset shifts. Reframe setbacks as challenges and opportunities, for example, or put some minor difficulties in a larger context to make these small, gradual changes. Once you do this consistently, you’ll notice significant psychological changes.

Be proactive

Change cannot occur on its own. Without effort and action, your goals and objectives won’t be accomplished. But this does not mean running around like a headless chicken, mistaking motion for progress. Instead, it entails laying out your long- and short-term goals, considering the steps necessary to get there, and then putting one foot in front of the other until you do.

The coronavirus has made achieving goals a little more difficult than usual, so you might need to adjust your strategy. But try not to give up.

Seek assistance

Considering that assistance is available, be sure to obtain it. Speaking with friends and coworkers, participating in webinars, watching videos, or reading insightful articles are all possible sources for this. The truth is, there is no single “correct” way to educate ourselves and to grow our emotional and psychological resilience.

Let’s support each other because we are all in this together. Accepting the assistance we need will help us overcome our psychological obstacles and emerge from this crisis stronger than ever.