HOW TO MAKE MONEY IN DIFFICULT TIMES

Many years ago, I went through one of the worst moments in my finances. It was in the thick of the 2007\2008 global recession. All the economic indices were negative, and the stock market which had experienced a long bull run suddenly became bearish. The effect of all of these was devastating on personal, family and corporate finances. I do not pray for such an experience again. In that season, I had just started my company and was seriously trying to drum up business from paying clients. But try as I could; nothing seemed to work. Everywhere I went, most folks were lamenting about the same things. They too seemed to be having issues with cashflow/income generation. It’s been many years since that black swan global occurrence; yet we seem to have come full circle. The past few months have been very harsh for many people. Their purchasing power has been badly eroded by the galloping inflation. As I reflect on the current economic situation, the one thing that keeps coming to mind is; “It has happened before.”

Dire financial straits due to the ongoing economic volatility tend to make us feel like there’s no money anywhere. But historically, those who are open-minded and proactive tend to make a fortune in times of crises. I have had the privilege of studying the lives of the richest people over the past two hundred years; one thing is common: they made most money in adverse economic situations. A vivid example is John D. Rockefeller, who commenced the building of his humongous wealth against the backdrop of the American Civil War of the early 1860s. I also once read the biography of J. Willard Marriott, the founder of Marriott Hotels and its other brands (largest hotel chain in the world); and I discovered that he also built his wealth against the backdrop of crises- The Great Depression of the 1930s. What I am trying to say is that this is your best time to make good money. Here are a few suggestions:

First, cultivate a Wealth Consciousness if you haven’t done so. This is the starting point of making money. Difficult times tend to want to make you feel poor, helpless, dejected, worthless, hopeless and depressed. You who are accustomed to having a lot of money at your disposal, now suddenly is struggling to make ends meet. That could make anyone become devastated. That silent voice within keeps telling you, ‘You’re poor,’ ‘You’re broke,’ ‘You’ll die in poverty,’ ‘You’ll never be able to pay back these huge debts that’s weighing you down.’ ?You mustn’t believe any of those nonsense thoughts or talks. Instead, believe against all odds that you are RICH whether or not money is in your bank account. Hold on to that thought of prosperity in spite of your current challenges. And like I said in my last article, don’t join others to lament about how bad things are, and feel sorry for yourselves. Pity-party and whining won’t solve your money issues. You must intentionally cultivate and sustain the mental posture that would enable you to attract and easily maximize money-making opportunities.

Second, increase the quality of your products and services. In a volatile economic situation, business people and corporate entities tend to lower the quality of their products and services. You and I must not follow that route. It may be popular, but it isn’t the best option. Rather than reduce our quality in difficult times, we must either sustain it or increase it. I have discovered that as most entities reduce their quality while still increasing their prices; discerning end users usually move to other competitors who maintain their quality. That is more money for them. I don’t know about you, but I do not like to feel ripped off by unscrupulous entities who sell low quality at high prices. They may get me once, but never twice. I head to where I would get real value for money. This reminds me of an incident that happened a few weeks ago. I went to my regular grocery store to make my weekly order. Having bought items worth tens of thousands of naira, I left with satisfaction. Unbeknownst to me, the owner had inflated the prices of the products I bought. When I found out through someone familiar with the actual prices, I decided to never patronize the store again. I have switched to her competitor who is offering good quality at the right prices.

Third, focus on solving bigger problems for others. I have observed that most people complain about problems rather offer solutions. In difficult times, it is inevitable for big hairy audacious problems to arise. And if you and I can proffer appropriate solutions to them, we’ll make a lot of money. The bigger the problems we solve for others, the more money we make. Hence, you need to focus on generating surplus value that solves real problems for others. ????

In conclusion, it is not difficult to make money in difficult times. Among other things, as we cultivate a wealth consciousness, increase the quality of our products and services; and solve bigger problems for others; we would make money no matter how dire the economy becomes. ??????????

?

Benjamin Aduroja

Global Financial Consultant?