How To Deal With Financial Uncertainty

https://www.youtube.com/watch?v=o9GfDoKz6Ao There has been a fair bit of financial uncertainty of late in my life. Here are some of the things you can do to deal with financial uncertainty. 0:00 - Introduction0:58 - Business income has grown lately, but things are unstable1:39 - What can you do to live with financial uncertainty and get out of it?2:20 - #1: Do What Needs To Be Done In The Short Term4:32 - #2: Find Your Lead Indicators5:55 - #3: Look At The Long Term Of This To Reduce Overwhelm6:55 - #4: Map Out Your Worst Case Scenario8:03 - #5: Cut Your Expenses Massively8:32 - #6: Accept The Uncertainty9:48 - #7: Find Time To Do The Things That Will Deliver Long Term Financial Certainty12:16 - Financial Freedom Won't Just Happen, You Need To Make It Happen Recommended Videos: The Best Business Advice I Received That I Didn't Take Financially Free at 28 Transcription: Ryan 0:00There's been quite a fair bit of financial uncertainty in my life as of late everything from you know, a separation last year to moving into state to fluctuating business finances has kind of led my life into a very financial unstable point. And so that's obviously had a lot of stress attached to it. But I'm working through that I'm creating certainty in my life. And so in this episode, I want to talk about some of the things that you can do if you're living with financial uncertainty. So there's a lot of the stuff that I'm doing in my life at the moment. And hopefully, this can help you. Hi, I'm Ryan from OnProperty, helping you achieve financial freedom, and life doesn't always go to plan. I was previously financially free through my businesses at the age of 28, had a couple of good years there where I didn't really need to work. But I am back on the grind now, as well paying off debt, trying to grow my income again and get back to that place of financial certainty, things have been going awesome. In terms of business income, you know, had really grown got it back to a really good place, I was able to move out of my parents, which I was living out to save money, I was able to rent a place, which is really good for my kids to have that stability, I had them about half the time. And so that was really good. But the exact month when I did that was one of my best worst business months on record. So all the work that I've been doing, it's all still doing his job. But I was just like a really unfortunate month, so led to some significant financial instability in my life, which is kind of caused me to this point where I can share this video today. So what can you do to live with a financial instability, uncertainty in your life? So a lot of this is designed either to a like, except to your uncertainty and be okay with that, be try and work out how to, like manage that and stay solvent and say, you know, stay afloat during that period as well as Okay, how can we get out of that financial uncertainty into a place of certainty. And I'm sure we're looking back on this video in the future, recognizing that I was at this point, and hopefully won't be at this point in the future. So you get to follow along with that. And say that that is good, that is bad as you go on this journey. So the first thing is basically do what needs to be done in the short term. So for me, with the separation and with business changes, that happened last year, I ended up being in debt debt that I need to pay off. Now, I was doing well paying that off, obviously, having that bad month makes it harder. And so for me, doing what you need to in the short term, to just guaranteed that stability is something that I think is really important. So for me, that means at the moment, looking for other jobs. So everything from potentially doing, you know, some morning work at a cafe that I absolutely love to full time work in a marketing agency just to get that extra income coming in, I'm very lucky and that I have quite a passive business that if I was to leave my business and go into full time work, then my business would still earn a good amount of money, it wouldn't be growing will probably be going slightly backwards. But I could earn two incomes for some time in order to pay off my debt and to just have that certainty around my life and provide that for my kids. So doing what you need to do short term, obviously working, I'll continue to work in the business. So working a full time job and then doing this business in my spare time, you know will be will be hard, and will be I guess long term and sustainable. But then I can decide at that point, what I want to do in the future. So getting a job will help me to pay off my debt faster. There's also I see it as a really exciting opportunity because my business is mostly passive. So I'm showing you for me to earn extra income, pay off my debt, start saving potentially for a house deposit or something like that, or just build up a buffer fund. And it's an exciting opportunity to expand my skills and to grow as a marketer as well. So doing what you need to do now, I think is the first thing. But that's not necessarily going to solve your financial uncertainty like me working in a cafe, where it's sold my financial uncertainty, I got a high paying job, then yeah, I likely would. But short term, just getting that extra cash flow coming in so that you can continue to pay the bills. And basically buying yourself time in order to sort something out. Like a lot of this is about buy sell time, work something out that's going to work more sustainably long term. And so that leads me to the second point, which is to find your lead indicators. So this comes from a book that someone shared with me, which is called the four Disciplines of Execution and it's a business book, but it's really important for personal life as well. It's like okay, what actions will lead to the results that you want. So what a lot of us do is that we focus on the results and we track the results and see how we're going to the results whether that be paying off debt or you know,