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

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

But this is only the start. Certainly, controlling the virus 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 achieving that on a daily basis. What happens after such a crisis, however, and how do we handle the ensuing economic depression? How can we prevent a world economic downturn?

We must resist giving in, and that is the one thing we must do. We cannot simply give up and concede that the worst-case scenario will occur.

As a species, we don’t operate in such a manner, 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 still burns brightly in the face of such hardship.

All well and good, but what does this actually mean in everyday life? 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 a little more closely.

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 problems require serious consideration and that there are serious steps we can take to overcome them.

So how do you combat the negativity if you’ve been plagued by financial concerns and anxiety as a result of this crisis?

Develop a complete understanding of your situation

Uncertainty and ignorance are major causes of the anxiety and worry we experience every day. In general, we assume the worst when we do not know what we are dealing with. And as a result, we become overwhelmed by these unfavorable emotions.

Fight this inclination by arming yourself with knowledge. Analyze how the virus has impacted your incomings while seated. Decide what modifications need to be made after that in order to actively position yourself for a successful future while also maintaining your forward motion.

This is not a one-time exercise. You must get in the habit of regularly assessing your situation, keeping track of the finances, determining the degree of damage and improvement, and arming yourself with the information you require to gain the upper hand.

Begin to diversify

As the saying goes, “Don’t put all your eggs in one basket.” This advice is so good that there’s a reason it’s 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 is the solution, then? Don’t abandon your current revenue sources and business interests; diversity. Instead, try to improve them. Consider how a more diverse investment portfolio can help you protect yourself before considering how this diversity can actually help you succeed.

Build a positive attitude

We won’t achieve anything by being negative. Instead, it weakens our psychology, making it challenging to see things clearly and comprehend our situation. Doubt and other similar thoughts cause our minds to become clouded.

However, we can avoid this by adopting small, constructive mindset adjustments. Make these tiny, gradual changes, such as by redefining failures as opportunities and challenges, or by placing some minor difficulties in a larger context. Considerable psychological changes will occur once you become accustomed to doing this.

Be proactive

Not by itself can change occur. 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 involves 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.

You might need to adjust your strategy because the coronavirus has made goal achievement a little trickier than usual. However, resist giving up.

Seek assistance

Considering that assistance is available, be sure to obtain it. This could come from conversing with friends and coworkers, participating in webinars, watching videos, or reading insightful articles. The truth is, there is no single “correct” way to educate ourselves and to grow our emotional and psychological resilience.

Let’s support one another 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.