We are mere humans. There is so much we cannot control and there is no point wasting your time and energy on something you cannot change or control. Instead focus your time on energy on what you control and what can change.
Watch the news on any day and there is talk of economic uncertainty for different reasons. Trade war, interest rate changes, climate change, another conflict in middle east, or something else. Bad news is always on the horizon regardless of how the economy is doing. Can you or I do anything to change these events. Not really. So there is no point in focusing on them. Accept them as facts and focus on doing a strategy that minimizes the downside of such events and capitalizes on opportunities created by them.
Suppose you are a salaried person and your job could be threatened if the trade war escalates. Then you need to work on acquiring skills that will help you transition to another job if that happens.
Suppose you own a business that relies on exporting commodities to one country, you are in a vulnerable position. You cannot do much if that country bans your products but you can diversify your export market and also diversify your business to deal with the potential threat.
As an investor, I am constantly looking at threats to my portfolio as well as opportunities to grow my portfolio. I cannot control the global economy, stock market, bond market, or major global events. However, I can diversify my portfolio to spread the risk. I can also make strategic decisions that will help me take advantage of events I cannot control. For example, during the 2015/2016 Alberta recession, I invested money in auctioneers. I correctly predicted that companies will have to sell companies will have to sell their equipment at deep discounts during the recession to pay their bills. This would increase volume and profits for the auctioneers. This was one of my many strategies to continue growing my portfolio.
The point I want to communicate in this post is that you are only human and you don’t have the power to control the world. So don’t waste your time on things and events you cannot control. Focus on what you can control. You can control your decisions and your actions. You can decide to acquire new skills to make yourself more employable. You can decide to take steps to make your business more competitive. You can decide to rebalance your portfolio.
No matter what happens in the world, maintain focus on what you can control. This will help you navigate through every adversity and it will also allow you to take advantage of opportunities.
