President Obama sees ’em. In his economy update last Tuesday in Georgetown, while wary to declare “good news” too certainly or too soon, he did say he and his economic team “are starting to see glimmers of hope.” Chair of Council for Economic Advisers, Christina Romer, said that while there will be inevitably more job losses and pain, she expressed hope that we could bottom out by Q3 or Q4 this year “and then actually, finally be on the upswing.” No on really knows anything, but how do YOU feel about things financial, nationally and personally?? Sound off in Comments. — BadWitch
Readers Are Spellbound & Perplexed…
Dear GW/BW – How do I keep a healthy economic outlook when all I’m hearing is gloom and doom? — Small Business Owner, Oakland, CA
Dear Small Business Owner,
You ask a legitimate question in a loaded way. It sounds to me like you already believe a healthy economic outlook is an optimistic one, despite a storm of gloom and doom forecasting and media babbling. Here’s me supporting you: spread the seeds of confidence, the lack of it is a huge contributing factor to this crisis. Follow your actual (and useful) industry trends, but don’t watch the news in an unfocused way. Focus more on the micro pieces you can control, and just keep an informed eye on the macro ones you can’t. Keep doing what you do best. Run your business in the unique way only you can offer your clients and peers. Cut your costs, protect your assets, but also keep your eye out for opportunities this time of challenge might actually offer you. Stay focused on the right things, SBO. Keep your optimistic view alive through wise and realistic choices and business best practices I suspect you have already observed in the last down cycle.
Keep investing in the faith,
Faith means believing in something you can’t feel or see or touch. It’s knowing in your heart that despite what the outward appearances tell you, something better is destined for you. In these times of economic transition, we need to hold on to faith that the good times will return, even though the news forecasts doom and gloom at every turn. Faith, self-reliance and common sense are needed right now. Take a deep breath, click your heels three times if you need to and remember, it may not look right now and it may not look like our perfect picture, but it will be all right. How do you know? Faith.
How do I keep a healthy economic outlook when all I’m hearing is gloom and doom? —Gloominous Doom
Dear Gloominous Doom,
Not to sound like your mother, but if everybody was jumping off a bridge, would you jump? We may think, of course not, but here we are unable to picture a bright beautiful new beginning for our economy because we keep hearing gloom and doom stories on the news, in the paper and from just about anyone else we’re willing to listen to. Stop! This is no time to jump just because everyone else is. Listen, everyone was sure the Titanic was unsinkable. Did that make it so?
It is time to remember that the Great Depression was quite the opportunity for many people. Rockefeller, Odlum, Keynes all made hundreds of millions during the Great Depression. What does this mean? Crisis can actually mean opportunity if you stay grounded, hold on to the possibility of a better tomorrow and keep sharp for sows ears that can be refurbished into silk purses.
Our economy is going through a HUGE transition. Corrections must be made. The wealth must be distributed more equitably. Now is the time when someone with gumption, foresight and the drive to make it can create new wealth for themselves. Bootleggers, like the Kennedy’s, made HUGE family fortunes during the Depression. Keep your eyes open. If you believe you can create better for yourself than what you’ve seen on the news about rising unemployment and plummeting stock prices, you can.
Sound all rose colored glasses to you? It shouldn’t. Life is cyclical. Sometimes we’re up and sometimes we’re down. This is economically as well as in any other area of life. The trick is to stay optimistic during the down times that a positive outcome is possible. John D. Rockefeller said, “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.” And, let’s face it, he made out all right during the Depression.
Listen, the future won’t fix itself without some hard work on our parts, some tough decision-making and, quite frankly, a heaping helping of faith that the down part of the cycle will eventually come up again. Do the work. Start that business on the side that has been your life-long dream. Remember that designer labels don’t make you likeable or lovable. Get rich schemes usually only work for the Madoff who came up with the scam in the first place. Save where you can and plan on a better day. And, at least a couple nights a week, turn off the news. Focus on what you want to create for yourself and let yourself out of the societal box of “this is how you get rich” or “I need to do this to be accepted.” All bets are off now. It’s up to you, your creativity, your own hard work and the opportunities you can carve out for yourself to move forward to a better tomorrow.
Remember your optimism and, please, try to play nice with the other weary travelers on the road.
Believe to achieve,
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