Do not panic.
That’s the first word of advice, Scott Simons, co-founder of The Savage Initiative advised in his Breakfast with Champions Show on Clubhouse.
Scott’s an investor and successful car dealership executive, he knows a thing or two about the ups and downs of marketplaces and people’s rush to panic.
Scott said it’s so important that leaders step up and lead (or they need to get out of the way).
As of this writing, it looks like the US and the global economy overall are in or heading to a recession.
Prices are going up and the money you’re earning today is not as valuable as it was “yesterday”.
What are you doing to do about it?
Related content: Are you struggling to find inner peace?
Communicate Clearly, Don’t Panic
If you’re in business, get with your team and make a plan of action, and communicate.
Do the same with your family.
Scott also said, to resist the temptation to sell things at a lower rate.
Communicate the reality of the situation, but don’t communicate in panic mode.
Adam Smith, US Army Special Forces Green Beret and co-founder of The Savage Initiative said it’s so important to not let your emotions get the better of you. Don’t emotionally react to a situation.
God gave us a part of our brain, the limbic system, which helps us know whether to fight or flight. To seize up with fear, hold still, do nothing. We have to fight that in panicky moments. Instead of moving with fear, do your best to identify where the problem is and how to address it.
Adam is all about not making perfect choices, as often there is no PERFECT solution, but the best solution you can make at that time, with the information you have.
Scott encouraged people to conserve cash. Look at all your expenses, especially the recurring expenses.
If you don’t need it to survive, do not buy it, says Scott Simons.
And remember your community.
If you’re not in a community, get in one.
A community of like-hearted people who can encourage you, advise you and support you and YOU can do the same with them.
Related: When is pivoting a good idea?