Dear Dr Peter,
You have lived through economic crisis in 1997/8 and 2007/8 periods. How did you overcome them? Do you think it’s a good idea to invest in silver or gold? How can we best prepare for the next worst economic recession that is coming or has already come?
Each one of us must discern and choose what is best in each situation, without sacrificing the things that truly matter in life. Guidelines on Designing a Full-life, see this article. Allow me to share with you my personal philosophy on life and economic crisis:
1. There lies within the seed of greatness and equivalent benefit in every crisis. A few become better and richer in overcoming crisis while majority becomes bitter and let losing money take hold of their emotions.
2. Economic crises come and go – no longer in predictable 10-year cycle. We can’t put our faith and hope on worldly wealth (including silver and gold), which is so volatile, and can evaporate overnight.
3. I choose to live a life of simplicity, not mastered by changes in economic conditions. Each day, I give to the maximum on things and people who matter in my life. As much as possible, each day, I ask the Lord for wisdom how to allocate the little money I have into achieving things of eternal significance. That which is given, can’t be “lost”, especially sowing into fruitful grounds.
4. In the practical sense, I ask the Holy Spirit for wisdom to reveal to me things to come just as He empowered Daniel, Joseph and sons of Issachar, who can read the signs of times. The worldly system of wealth is so corrupted and inflated, with insufficient value to back the printed currency. Look ahead, always use 20% of our time and money to develop a new and highly sought after knowledge and skills to meet needs and solve problems of our targeted “future” buyers.
5. I believe the future business will be more to do with the basic needs of mankind, i.e. food, water and air.These are the future currencies that are fast in decreasing supply. Personally, I would invest in LANDS, plentiful in these 3 elements, instead of paper currency, gold or silver.
In conclusion, whatever I do, I would focus on creating wealth that will enable me to translate them into building treasures in heaven where neither moth nor rust can destroy.
About the Author: Dr Peter Ting is the President/CEO of Family First Malaysia, committed to TRANSFORM Next Gen Fathers, supported by Mothers, to build Better families resulting in a better Workplace, a better Society, and a better Nation. For more information about Building a Thriving Business with Sustainable Growth, see 3F Business Transformation.