Hopefully you can stay inside..
What a crazy time to be alive! This level of economic disruption has never been witnessed before. Interest rates fell like a rock, QE programs no longer have a limit, and countries are starting to sign executive action bills. Time is dire, news is depressing, and you might be bored!
Keeping Yourself Busy:
One cannot easily change the circumstances of our reality. Most of us have firm directions from federal governments to stay inside and hunker down for the weeks to come. To be frank, things are depressing! Social isolation is never easy, and we want to share some of the strategies we are using to navigate through it..
1. Having something to do..
Has an important impact on your internal motivation and drive. Every morning I outline what I want to accomplish within the context of my current goals. You need to spell it out for yourself, and be specific! Don't just say "create content", go with "create IG carousel about X", "write a blog post about Y". Do this with your morning coffee/tea/bagel..
2. Finding something to do..
This is a whole other beast onto itself! We're going to break it down into three basic domains that should be your main focus at the moment. First is your family and loved ones. Second is the finance and business aspect of your life. Third is self development. These three domains are the three things that really matter.
There are easy to implement strategies like WhatsApp group chats, group face times.. The key is to keep in contact. Everyone is in the same boat!
This economic recession/depression is a massive opportunity. One thing that rules all is cash flow. Capitalizing on opportunities should be on the very top of your check list. Low cost index funds are a safe investment. These instruments allow for reliable passive income via dividends paid every quarter.
If you've done your research and are confident in what you are buying, considering averaging in! Divide the amount you want to invest over a certain time frame. Think every two weeks for twelve months. Dollar cost average (DCA) removes emotion from the equation.
Capitalize on the debt forgiveness programs if you're qualified. Student debt, car payments, rent.. All this money can be (likely) be deferred interest free depending on your case. Use this money to develop an emergency fund. Risk management has taught me to hope for the best but always prepare for the worst.
You cannot under estimate just how much physical health translates over to physical health. It is even more valuable in times like this to be fit! You are your greatest investment. Skip rope. Ab wheel. Yoga. Push up variants. Pull up bar. Surely there is a way you can make it happen. It seems like we will be inside for a while.
Reading/listening to books is a great way to pass the time. I'm subscribed to audible. It is a nice way to engage with the content rather than reading it. Here are the books that I play to read in the coming days:
- Homo Deus - Yuval Noah Harari
- Unleash the Power Within - Tony Robbins
- Never Split the Difference - Chris Voss
Think back to your 2020 resolutions.. What did you want to achieve, and what can you do today? Don't wait. The time is now.
3. Examples of what you can do..
a) Paper Trade:
Click on that link to register for a webull account! Their platform for papertrading is very advanced. Their clean UI makes it fun. Come join in on the volatility, but in a risk free manner!
b) Start a Business:
You have the time, but do you have the drive? This is the test! Playing by your natural skills is typically the way to go, but there are some concepts which are relatively easy to execute. Here are some ideas that come to mind:
- Personal brand providing niche value (programmer, health care worker, gaming, ..)
- Dropship 'pandemic' items but allow customization and do NOT price gouge. Surgical masks, colored gloves, .. Contract distributor, run targeted ads, ..
- Giga Economy jobs like Skip the Dishes, Uber etc might provide the opportunity to fill in the gap for cash flow if you need the money to cover expenses
c) Stay patient and stay calm:
Patience pays! Realize that we are just starting the downtrend market cycle. It feels like it has been ages already, but we still have much further to go down. This is why DCA is so effective. Keeping a cool head during a pandemic is just as important. Don't watch the news 24/7 and don't be afraid to go dark. Participating in periods of no screen time and focusing on one task is very beneficial.
Performante Premium is the learning platform that can each you everything you need to know. How to trade effectively, safely, manage risk appropriately and we provide the direct one on one help when you need it!
We're offering a 75% discount for anyone who is affected by COVID-19 and wants to capitalize on their free time. The coupon code is Bitcoin2020 and you can sign up here.
e) Have some fun!
The Performante team is going to be hosing more movie nights in the future. You are welcome to tune in, watch the film and talk with the rest of our Discord community. We have over 1600 people here and are all available to support one another.
Video games are an option in mild amounts. Its important to do what keeps you happy. Don't play all day though, that will only distract you from your goals.
Cooking is a great way to pass the time! Take stock of everything you have available and get crafting. Search for new and challenging recipes to try out. Experiment with your taste pallet and try something new!
Don't forget to go outside! Walks with others (6ft apart lmao) is a great option to get some socialization and physical activity.
The outcome of this quarantine depends on you.
What you seek to achieve, or therefore lack to achieve, is up to you. Nobody can make you complete tasks and develop skills. Change has to be internally derived to be effective, and extrinsic motivation does not last. The desire to develop has to be organic.