Do you have a crisis management plan to increase your net worth as inflation keeps making everything more expensive? Let’s be honest! A salary raise is not cutting it in these challenging times! Dear Readers, here is what you need to know about net worth and growing wealth despite these depressing economic times!
Welcome to the JMS blog, your hub for success tips to rebuild any brand.
We are back and ready to answer all your branding questions, Dear Readers! If it is your first visit, this blog is the brainchild of JMStrategy LLC (JMS), a boutique crisis management consulting firm that offers strategic solutions to strengthen any brand in crisis. The JMS team is in the business of designing tailor-made recovery plans to avoid behavioral or productivity inertia and give new life to brands in free fall. It’s about making money, not losing it! Now, without further ado, let’s dive into everything you need to know about how you can increase your net worth in times of crisis.
What is net worth?
In a time when inflation pressures remain stubbornly high, many consumers have no other choice but to pull back and try to cut costs wherever possible. So, Dear Readers, do you know how your net worth has changed after three years of battling the devastating global pandemic?
At the core, Dear Readers, adding the assets you owe and subtracting all liabilities will give you your net worth. But, because of the coronavirus, you might have lost a job and needed to put more bills than usual on credit cards to survive. Therefore, your net worth might be in the negative as your debt ballooned like the U.S. deficit did in the last few years. Thus, like the U.S. has a debt ceiling deadline, Dear Readers, consider today’s post your deadline to get your finances back on track and strategically manage your net worth.
How to increase your net worth when you are swimming in debt?
Update your budget.
Dear Readers, in times of crisis, this is the perfect time to commit to budgeting. You cannot afford to waste a single dollar. So why not get in the habit of streamlining your money habits? Yes, that’s the role of a budget: to track cash flow so you can pay your bills without being constantly anxious or worried that you don’t have enough money in your bank account.
Of course, to remain effective, you must update your budget quite often. For example, as the prices of gas, food, and clothes keep going up, your budget must reflect these changes even though your income is not increasing as fast! Once you have an accurate budget, Dear Readers, you are ready to address debt.
You might also like to check out this Crisis Management Budget Game Plan if you need actionable tips to update your budget.
To increase your net worth, you must pay off your debt.
Yes, Dear Readers, you hate to hear it. But the truth is that if you are serious about growing your wealth, you must pay off debt. Why? Because the cost of borrowing keeps getting high as the Federal Reserve keeps hiking up interest rates. Concretely, Dear Readers, it costs you more and more to use your credit cards and buy a car or a house every time there is an increase in interest rates. Everything costs more, including getting deeper into debt. Thus, the more your debt decreases, the more your assets increase, and so does the reach of your income. Now that is how you improve your net worth, Dear Readers!
Investing in your career is the fastest way to increase your net worth.
Whether through a side hustle or a promotion, Dear Readers, undoubtedly, ramping up your income will increase your net worth. However, not entrepreneurship is not bearable for everyone. So, Dear Readers, why not do everything you can to earn a promotion at your current company or via a career pivot into another industry altogether?
Understand the law of the land and the politics of getting ahead at work.
Dear Readers, The JMS team believes that to be as successful as possible, employees must be in the habit of looking at the big picture rather than be bug down with minutia. Luckily, this is a skill anyone can learn with a bit of practice. Consequently, regardless of your industry, Dear Readers, spend time understanding how your position and duties fit within the infrastructure of your department and organization.
Most of the time, hard-working employees are so focused on their daily workload that they do not have the energy to investigate how all the pieces (e.g., fixed assets, quarterly forecasts, budget constraints, economic outlook, debt servicing, to name a few) can impact:
1) the productivity of their team,
2) the productivity of their department, and
3) the performance of the company as you measure it against your direct competition as well as industry standards and trends.
Therefore, Dear Readers, understanding the framework of your company will help you pinpoint the exact skills to cultivate that will transform you into an indispensable asset. The more valuable you are, the higher your likelihood to interact with middle and upper management executives. Having key stakeholders know your name is helpful in times of crisis, as in a case of layoffs or M&A (merger and acquisition), as they are likely to fight to keep you around since you have already proven just how valuable you are to the company.
Dear Readers, how do you plan to create wealth in times of crisis?
There you have it, Dear Readers! Thank you for taking the time to read today’s publication. The JMS blog wants to inspire and encourage you, Dear Readers, as you fight to make your dreams come true in 2023. So please share with us how you are doing so far this year. What are you doing to get out of debt this year? Or are you so stressed about paying your bills that you cannot imagine thinking about increasing your net worth? Was today’s publication helpful, or did we miss something? What else can this blog cover that will motivate you and help you be as successful as possible in 2023, Dear Readers? Get in touch and let us know below in a comment or by email at jms@branding24seven.com or by mail at:
JMStrategy LLC
21 S. 11th Street, 2nd Floor, Philadelphia, PA, 19107
This blog hopes today’s publication has lit a fire within you, Dear Readers! Do not fear your dreams. Do not feel discouraged! There are so many more opportunities to make things happen! Have the courage to chase your goals and visit this blog weekly for practical, actionable tips inspiring you along the way!
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