The Coming Divide

It doesn’t matter what people tell you about a V, W or any other shaped recovery, things have changed.

What you could take for granted in the past has now become uncertain and that uncertainty will impact us all. For some, change brings opportunity while for others it will prove ruinous.

Right now, if you are only treading water financially you are winning. That’s because so many people are going backwards. The wealth game has always been a relative one.

Then there are people who are actually prospering by building their business while others are weak.

In this instance, the rich will likely keep getting richer because they have the resources to deploy during a recession. Sure, there will be aberrations to this forecast but generally it will be true.

Think about it in terms of your local store. If a business has traded well for many years, has made good margins and saved some profits, it’s only reasonable to assume they will do better during a tough time than their cash starved competitor.

They can likely take full advantage of their rivals distress by expanding into premium sites or competing on price. Hence, even if they break even during this time, relatively they are winning the financial game.

It’s the same for all of us. Money is tight. Those back at work should be grateful and value their jobs. However, many are not back working and they are busy contemplating the future. If that is your circumstance,  you can sit around feeling miserable (or celebrating the freedom 🥂 ) or can put your spare time to good use.

For the financially independent they could choose to work on their health by setting a fitness goal. Those needing more financial security might choose to develop a skill that could bring in some additional income.

Even for those currently working, spending some free time developing another stream of income could make all the difference.

This is the classic ‘side-hustle’. A side-hustle is a micro-business you start to produce another source of income.

If you have a specific talent already it’s easy to monetise it through freelance work. Think writing, graphic design, proof-reading and so forth.

Others can gain proficiency in a new area that will enable them to do something completely different.

In recent months I have been trying to learn about computer coding in order to start this website. I still have a long way to go but I certainly know much more now than I did when I started!

If that’s not your thing then learning how to sell excess items on eBay or Gumtree could be a way of generating some additional funds.

Whatever you choose, the changes the have been forced upon us all are an opportunity to develop ourselves.

That’s how you can prosper during the coming divide.

Sitting back and hoping the money from the government keeps flowing like the Amazon river isn’t a strategy to bet your future on - and yet that’s what millions of Australians appear to be doing.

Far better to make a few changes while you have the time because even if it keeps you from going backwards financially, you’ll be streets ahead of your competitors when we get to the other side of this economic malaise.