“Promise me you’ll always remember: You’re braver than you believe, and stronger than you seem, and smarter than you think.”
– From A.A. Milne’s Winnie the Pooh
Last week, I touched a nerve (again). I gave you some hard numbers related to our current economic situation…and pointed out that if you compare where we are NOW, to where we were in the 1930’s (or even the early 80’s), things aren’t quite as bleak as we’ve been led to believe.
Now look…as I mentioned last week, I’m not at all denying that we’re in a deeply troubled and sick economy. In many ways, because of the global nature of this downturn, there is a fair argument to make that we’re facing a worse *worldwide* situation than we’ve ever faced.
But, as you and I both know…what matters most is the “local”.
And one of hallmarks of THIS climate is how closely-linked our situation can be tied to consumer behavior. This behavior has almost everything to do with the mindset of the general population, and right now…it ain’t great.
So, do you want to be a part of the solution? This week, in my Strategy Note, I’ve got some thoughts for you about how you can manage your mindset in this current economy.
Read on…and post your feedback!
“Real World” Personal Strategy
Your Mindset Is Everything In This Economy!
How can you maintain your sense of personal peace in this environment…while NOT simply “ignoring” everything? I’ve got four suggestions for you.
1) Firstly, DO be very selective about (even, yes, choosing to ignore) certain media elements that have an agenda of spreading fear. 24-7 news would make no money if it stopped preying on people’s fear. (You realize the news networks are not a public service, right? They are in the business of getting ratings to sell advertising. Period.)
Have you ever noticed your feelings after watching just 20 minutes of CNN Headline News? Everything is going to pot. You’ll find negative stories on the environment, war, disease, crime, and of course… the economy. It’s laughable what they’ll come up with just to broadcast some bad news. A few weeks ago I spotted this “headline” story on the tube along with some sad-faced puppies: “PETS: Feeling the Foreclosure Boom!”
Everyone is selling crisis! This is true, from the media to the politicians. So stop watching CNN all day, refuse to participate in this circus, and instead start planning your first (or next) million. Seriously.
2) Look for the good news. Now, I’m very careful here, because I’m aware that some of my clients and friends really are feeling the pinch, but let’s ALSO look at the bigger picture, especially in comparison to the early 80’s or 30’s.
This was the topic of last week’s post. Short version: We’re NOT in the Great Depression (by the numbers).
You can always find doom and gloom if you want to. So turn off your TV and focus on other activity. It will significantly help your inner peace!
3) Get out and do something profitable. That may mean actually starting that exercise regime you’ve been putting off. Take up a new hobby. ANYTHING to get your mind in a more “profitable” mode! Go do it.
These steps will NOT solve the problems in your wallet, and in the economy. However, how you choose to respond will affect your peace, and, actually…this WILL impact how you spend your money. Please, for your sake, tune OUT the fear, and tune IN to smart preparation.
4) Stave off fear by knowing actual numbers. A bit self-serving? Sure, but also grounded in reality. The great problems many businesses and families face when money’s “tight” is SIGNIFICANTLY compounded by not knowing. Any number of pessimistic scenarios play out in your head.
So here’s how to fix that. Sit down with an advisor, get the real facts-and if they’re bad, you can still come up with a plan. You’ll find that laying out action steps with somebody competent changes everything. Call our office or send us an email to schedule an appointment to lay out these steps with us.
To more of YOUR money in YOUR wallet!