Global Financial Meltdown and Time Management

Today the banks in Europe, America and the rest of the world are in crises. As each day passes another report falls across our screens telling us of yet another financial disaster. These aren't small institutions but some of the biggest names in finance in the world. It's making everyone scared.

So how should you react? What are the real threats and dangers? What can you do?

Although it's hard the starting point has to be not to panic! You need instead to think through your situation and start to plan. Now more than ever making sure you use your time wisely to prepare for the worst is essential. It's hard to do but you need to think of the worst thing that can happen.

For most of us I'd guess that there are two concerns. Is our money in the bank safe and is our job, our way of earning money safe.

Is our money safe? For me the answer seems to be no one really knows. As each day passes we seem to get more politician panic. They react to each passing crises with increasing fervour and increasingly they seem to be acting alone rather than in concert with the other countries in the world.

That said there are signs of hope. Governments are starting to step in to safeguard our savings and seem to be intent on shoring up at least the main banks. For example in the UK the government has nationalised two failing banks.

In my mind though is the question is there anything I could or should do about it? Should I be rushing down to the bank and withdrawing my savings and then stuffing them under my bed for better times? For me the equation is pretty simple. In the UK the government are backing the first £35,000 of savings. So no matter what I won't lose that much. Providing I split my money up across banks then I should be okay.

You have to be certain though so you should phone up your bank and ask. If you've got any substantial amount in there, phone them up and ask them if your money is safe and guaranteed. If they can't answer well then I'd seriously consider getting independent advice from a financial adviser. You've worked hard for that money.

Personally I think it'll work out alright. I can't imagine the governments letting the banks go bust. If they did the consequences would be pretty horrible and you can be sure that many of the politicians who are in the middle of the crises now would get the blame and loose their jobs.

The other scary part for most of us is our jobs. With the banks going into meltdown and money becoming increasingly hard for companies to access there are bound to be lay offs and "strategic downsizing". You got it they are going to sack people to save money.

Loosing your job when the economy is going into worldwide recession is bad news. Although it may not happen you have to plan for it.

You can plan for redundancies in two ways. Firstly plan to make yourself invaluable to your company so other people will go before you. Secondly plan to get a new job.

The first of these is pretty hard emotionally. Redundancy or layoffs are just the worst thing for a company. People are going because business is bad not because of a lack of ability. If Joe gets fired for stealing then people don't have sympathy. If he goes because the company is doing badly then it's terrible for those left behind.

It's terrible because on one hand you're really sad he's gone and on the other you're really happy it wasn't you. You feel guilty for being happy that Joe went before you but happy.

My advice is to be sad for Joe but get on with the job. Don't spend time on the past push on and do a great job. You can go out with Joe to commiserate but get on with your job. Perhaps I sound harsh but the reality is that redundancies come in waves. Companies announce a few layoffs and then a month later a few more and so on. You need to be on top of your game all the time.

It's not nice. Letting people go is never nice. But if you have a family and kids you have responsibilities and you need to try your hardest to protect them.

The second way to protect your-self is to plan on getting a new job. By this I mean get ready. Get your CV or resume up to date and prepare. Prepare for interview questions. Prepare for aptitude tests. Figure out the websites and places you need to go to find jobs.

Don't leave things to chance. This really is the essence of good time management. Plan, plan and plan again. One of my favourite sayings is "Fail to plan, plan to fail". This is true in all circumstances.

Just imagine the two scenarios. They start off the same. Your boss comes in and tells you you're going. He's sorry but business has slowed with the financial meltdown and you're out. Now the two scenarios differ.

In the first scenario you failed to prepare. Your CV or resume isn't up to date. You don't know where to look for a job. You don't have a covering letter prepared. You've got about a month of work to do to start to become properly prepared.

In the second scenario you did prepare. You're sad you've got to go. You might have really liked the job. But you're prepared. You're good to go. There is no stopping you. By the end of the afternoon your CV is on 20 potential employer's desks and tomorrow it'll be 20 more. You have a plan. Sure you're sad but it's not a knockout blow.

Imagine as well in the two scenarios how you'll feel emotionally. In the first you'll be drained. In the second you'll be sad but ready and determined. You're fear factor will have gone. You'll have dealt with it when you were in your job and safe.

So in financial meltdown, I'd check that your bank is safe and if necessary ask an independent financial advisor for help. After that, I'd make sure that if the worst happens, you're ready to tackle it head on without fear. Plan, plan, plan.

time-management-huddle.com
Time management help