Choppy Sailing Ahead
An economic slowdown presents special challenges and sometimes an opportunity for personal growth. The possibility of losing a job, foreclosure threats on your home and the constant barrage of bad news in the media can combine to threaten some of life’s more important assets.
Family, friends and self confidence can all be lost unless a total plan for survival is structured. The financial aspect of the plan can be put together without too much time being spent if emotion and unreasonable expectations can be put into a closet while working the numbers. There are numerous financial strategies that have been written in books, outlined in various blogs and offered for sale in late night infomercials.
My plan is pretty simple and has been borrowed and slightly modified from works whose copy-rights have long ago expired.
Start by determining your self interests and use this as the guide for the most efficient use of resources. Which of your possessions are really important and need to be preserved for the time when the economy turns around and opportunities once again are part of the landscape. If you truthfully evaluate and list those most important possessions to preserve, among the top ten will be family, friends and your self confidence.
Activities with friends and family may need to be restructured but not abandoned. The expensive dinner gathering can become less pretentious. Getting together to share thoughts and positive strategies is important and the place and money spent is of secondary importance. Rediscover the library if this is not a regular stop on your agenda. Strategy, inspiration and clearly enjoyable hours are available on its shelves and they are free.
A walk in the woods can be a mind calming exercise. When the snow comes that walk in the wood can become a snow shoe trek. I guarantee an hour in knee deep snow takes your mind off everything! If your work schedule is cut back think about volunteering your time for an hour or two each week in a hospital or with a charitable organization that has helped you or a family member in troubled times. .
It is in your self interest to remain confident that, even though this is a troubling time, a course will be found to calmer water. Calm confident reflection and planning are the main tools in developing a course for economic survival
Make your list of economy moves and post it on the refrigerator. Review it daily. Like brushing your teeth it is needed twice a day but need not occupy every waking moment. The more important journal to keep is the one that tracks the positive ideas concerning self interest, ideas for improvement and the schedule of activities with those people that will remain part of your life when the rough patch is over. The current rough patch will be over!
In my business career, I have experienced 5 recessions of varying duration. None were easy but we as a nation worked through them all and moved into a new period of growth each time. There are now some new problems which need special consideration. The politicians are working on it with political advantage as usual, being their primary goal. Meanwhile the more important work is being done by average Americans who are taking the steps in self interest that will get us as a nation on track again
It is difficult to ignore the pronouncements of the economic experts who give us a new projection of gloom almost every day. I have benefited from using something called ‘The Method of Systematic Doubt” to try to find the truth hidden in their pronouncements.
I don’t completely dismiss words of the so called experts but I do review their predictions with doubts as to their actions and intention as a benefit to me. I have a list of my own experts whose ideas I unabashedly borrow from time to time. Here are a couple of my experts.
- Adam Smith wrote in 1776 “The Invisible Hand of self interest guides the most efficient use of resources in a nations economy with public welfare coming as a by product.” “An Inquiry into the Nature and Causes of The Wealth of Nations”
- Rene’ Descartes (1596-1650). In his description as to a “Method of Systematic Doubt” said : “If you would be a real seeker of truth, it is necessary that at least once in your life you doubt as far as possible, all things.
I believe this is the time in our life as a nation to become “seekers of truth”
Rene also said, “cogito ergo sum. I think therefore I am.” I haven’t yet completely figured this out. I’m working on it.
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