In case you don’t know yet (I am sure you do…), we are in a bearish market now.
We are living amid a crypto crash that has seen major coins dip.
For example, Bitcoin has fallen 70% from its all-time high in November 2021.
P.S. However, I trade with bots so I am still earning profits during these days, but that’s another topic.
And it’s not just crypto.
The world economy is also taking a serious beating, thanks to the COVID-19 pandemic, rising gas prices, and geopolitical uncertainty, specifically, Russia’s invasion of Ukraine.
That’s right; we live in tough times, and it’s common to feel negative or even despair and believe that most, if not all, is lost.
But even if you are feeling pessimistic, are you willing to stay positive about your financial goals and keep going during these times?
In this article, we will explore the winning money mindsets you need to adopt during a market downturn, so that you can stay on track with your money game and not get derailed by FUD, meaning fear, uncertainty, and doubt.
1. Keep Your Talk About Money in Check
There is no better time to pay attention to the story you tell yourself about achieving your financial goals than during a market downturn.
See, such turbulent times make it easy to say things like, “It’s a tough economic time, so even if I’m broke, it’s totally okay,” “I’ll make money when the situation gets better,” or something as simple as “I can’t afford this or that,” at this time.
But do you see the problem here?
You are talking negatively about money, and the more you do, the more you reinforce that scarcity mindset.
Use that energy to think positive about money instead, as this creates confidence and motivates you to take actions that reap positive financial results.
You may repeat to yourself positive money affirmations like this:
- Money flows freely to me and through me.
- Money is a positive tool in my life.
- I am worthy of receiving money.
- Money is easy and plentiful for me.
- I AM ENOUGH. (my favourite)
Let these affirmations sink into your subconscious mind so that they can start to change how you perceive and manifest.
In case you don’t know it yet, your energy attracts whatever comes into your life, and your subconscious mind is responsible for this process.
What happens when you feel more confident over your finances?
You may start to notice signs that can help you attract more abundance.
2. Adopt Better Money Habits
The last thing you want to do during a market downturn is keep the same financial habits from the good days.
It is hard I know, because these are also the days when everything you desire seems to be on sale.
Yet, whether you have a generous emergency fund or not, it’s not a time when you spend money like there’s no tomorrow.
It is, however, a time to invest in yourself.
If you have not been allocating time to managing your money, this is the time.
Because in my opinion, this is a good time to cut your discretionary spending and make a plan for investing.
To be in your money game, it is important to put in the work and become comfortable with financial management.
And when I talk about financial management, I am talking about budgeting, asset allocation, investment plans etc.
I recommend working on this at least once a week, with each session taking 30 minutes to 1 hour.
And don’t just do it for the sake of it.
Associate your money planning times with good feelings to avoid just doing things because you have to.
I like to light up my money candle when I do this process.
3. Develop a New Financial Identity
Consider these two statements —
“I am trying to save money.”
“I am saving money.”
Do you see the difference?
I bet you do.
Long story short, the first person is still trying while the second one has actually assumed the identity of a saver.
This is so powerful because your financial identity guides your thoughts and actions and decides where you are on your journey.
Choosing a new identity is not easy, especially when people you surround with may find it hard to accept.
They may even encourage you to keep those money habits from the past that no longer serve you.
Remember, in the end, it’s always you who decides what kind of person you want to be, not your friends.
Consider these questions:
What does financial freedom mean to you?
What do you think those that embody this value do?
What particular financial moves would they make during a market downturn?
When you get your answers, get cracking and work towards adopting that money persona.
And hey, you could give your new identity a name too.
Personally, I’d call mine “Queen Mandy.” 🙂
4. Do It with Others
Working the days during a market downturn can be frustrating.
That’s why you need to find a strong support group from other like-minded people.
Disclaimer — I am not talking about your friends who are constantly complaining about the market.
As I mentioned earlier in this video, despite this market, I am still earning profits from my crypto investments.
So don’t forget that there are still plenty of people making good money in this market, and you must stay positive.
Better yet, hang around with those successful people, even if that means just reading their content, so that you can keep your spirit high.
Of course, an even better way is to create your support group that focuses on personal and likely, financial, growth, so you can go through the tough times together and ensure that you do not veer off your financial goals, whether personal or collective.
If you feel that you need some more help on this, reach out to me for my wealth coaching service so that together we can help you become your best financial self.
Have something to share or add to the topic?
Drop your comments down below and let’s keep learning from each other!
Btw, I am launching my own NFT collection called Rich Goddess, which you may want to check out. 😉