2 Things You MUST AVOID to Survive in Economic Uncertainty

 

This is the concluding part of our two-part series on Survival Strategy in Times Of Economic Uncertainty. In the first part, we considered 2 things you must do to survive the economic hardship the world is facing today, and in this concluding part, we will be looking at the 2 things you must avoid or stop doing.  If you missed the first part you need to go back and read it to be able to appreciate this one. Go here. Having done that, now let's go

Survival Strategy In Time Of Economic Uncertainty: 2 Things You Must Avoid

The FTX Story 

The dust from the FTX crypto exchange collapse is yet to settle for obvious reasons.  If FTX was one of those awkward and fairly unknown exchanges it would have been excusable, but for the second largest exchange in the world in trade volume with massive support from across the board? It is a different ball game altogether.   But then, the former CEO Sam Bankman-Fried in his update to the exchange’s investors made some very interesting revelations that got us all thinking, and should you too.  SBF said in his statement;

We got overconfident and careless

In that shocking revelation, Sam revealed that he was “wrong” in his estimates of the crypto exchange’s leverage before the collapse of the exchange, dismissing the speculated loss of $5 billion, claiming it wasn’t $5 billion that was lost but closer to $13 billion.  He went on to say

 I was on the cover of every magazine, and FTX was the darling of Silicon Valley.

That is, to say the least spot-on. This same man whose name has been on the lips of many in media, crypto and the business world generally since 2019 is currently being investigated by the authorities in the Bahamas, the United States and Turkey and the exchange and the entire FTX group in bankruptcy. What a twist of fate.

The Two Things You Must Avoid

Even if you are anti-crypto, you need to study the FXT history and the story of the collapse because there are a lot of lessons therein for business people and individuals. Two of those lessons have been revealed by the formal CEO, SBF as "Overconfidence" and "Careless".  Is That It? If you can avoid those two, your business or life will not be used as statistics and you will weather the storm of recession, inflation and harsh economic situations.

1.     1. Never Get Over Confident

And the word for overconfident is otherwise called pride! No, not the Noble Solutions kind of pride, though. As you know, Your Success Is Our PRIDE.  That is who we are, we take pride in your success and that is why we provide you with the best content to help you chart a better future for yourself.  However, talking of over-confidence (pride), the holy book has this to say about Esau, who exemplified pride and arrogance, in Obadiah 1:3

The pride and arrogance of your heart have deceived you, You who live in the clefts and lofty security of the rock (Sela), Whose dwelling place is high, Who say [boastfully] in your heart, 'Who will bring me down to earth? 

 AMP

Highly Recommended Read: Mistakes Of Esau: The 10 Harmful Habits That Ruin People’s Destiny

In as much as it is good to exhume confidence in others to have an edge in life, it becomes problematic when you allow your achievements to get into you and you become overconfident, which degenerates into a sense of pride and arrogance where you begin to think "who is like me". King Solomon says in Proverbs 29:23

Pride lands you flat on your face; humility prepares you for honors. 

MSG

Humility is essential, especially once you see yourself, fast becoming the toast of the town and a superstar of some sort.  Humility balances you out and helps you to know that no one is truly invincible but God. King Solomon advised;

When pride comes [boiling up with an arrogant attitude of self-importance], then come dishonor and shame, But with the humble [the teachable who have been chiseled by trial and who have learned to walk humbly with God] there is wisdom and soundness of mind.

Proverbs 11:2 AMP

2

  22. Never Gets Careless

Carelessness otherwise known as recklessness is one of the brainchildren of ‘overconfident’.  With the sense of invincibility come careless and reckless actions.  You will remember that Sam Bankman-Fried made the bulk of his money from across-the-border Bitcoin arbitrage when people knew little to nothing about the strategy. Ever since Alameda Research has grown to be one of the world’s biggest crypto trading companies.  Hence, the sense of overconfidence and carelessness.

Conclusively

To survive in today’s changing world, one must be circumspect and continually update your knowledge and strategy.  Paul Advising the Romans says

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.

Romans 12:2

Conformists cannot survive the rapidly changing knowledge base and business world of this generation.  Some of those who use to be wise 10 years ago are obsolete today whether they know it or not. 

Claiming to be wise, they became fools

 Romans 1:22

The Nigerian school system and graduates are the way they are because of the curriculum used in Nigerian schools.  The curriculum is still what it was in 1960 when she gained independence.  It has been a case of a teacher teaching a student, and years down the line, the once-upon-a-time student has become a teacher and he/she dusts the note his/her teacher gave years ago and starts using it even in 2022. The circle continues. Knowledge is being impacted, but no wisdom in the knowledge.  In today’s world of AI, blockchain and so many disruptive technologies, we are still teaching DOS in our computer science classes in our high institutions.

This article has become longer than I bargained for. But there you have it and Weldon for reading. Now I urge you to drop us a line in the comment. Let us know what you think and maybe one obsolete thing you were taught in school 

We also understand that people are having issues, leaving a comment in the default blogger comment section. It is due to no fault of ours, and we hope that Google will be able to fix the issues soon enough. That being said, continue to show us love by trying the comment repeatedly while we are working on providing an alternative to the Google default comment.

Cheers! and stay blessed and productive

Also Read:

Impending Recession: How To Get Out Of Financial Crisis In 2022

and

5 Actions You Must Take To Spot And Take Opportunities

Shop With Konga