photo credit: Mel B.
It’s hard to see the silver lining on a cloud when you’re in the middle of the storm. Currently, the US economy, even the world economy, seems to be dead center in the middle of a storm of worsening economic news. Some pundits predict that the next bubble to pop will be the “government bubble,” while others predict it will be our standard of living. Of course, it could be credit cards!
Here are just a few things that make up the silver lining on this dark economic cloud:
1. Credit card offers hit the skids! Credit card offers mailed to Americans totaled only 1.34 billion during the third quarter, representing a 28 percent drop from one year earlier. That’s 1.34 billion in only 3 months! It works out to one every two weeks for those old enough to legally fill one out! Less credit card debt means a stronger economy.
2. To get through this, we need to go through this. As painful as that process is, it takes us one step closer to an eventual recovery. With all the comparisons to the Great Depression, it’s helpful to remember that the stock market crash didn’t cause the Great Depression; the Great Depression caused the stock market to crash. It was the result of economic deterioration, similar to today’s sub-prime mortgage disaster.
3. We’re learning what’s really important. The past few decades have been all about keeping up the the Joneses and keeping up appearances. They’ve been about gargantuan homes, flashy rides, and billion dollar IPO’s. But all those things are now just hollow reminders of our misplaced priorities. “Doing unto others” rather than trying to get them to do something for you, will become increasingly common as people appreciate what they have rather than constantly complain about what they don’t.
4. Some of our greatest companies were born in adversity. Did you know that Disney, Hewlett Packard, Texas Instruments, Tyson Foods, and Continental Airlines were all products of the Great Depression? If history is any indicator, we’re just a few years away from an era of vast opportunity for those who are proactively prepared.
Are YOU prepared? The greatest opportunities are spawned from the most formidable obstacles and deep wisdom is born from painful circumstances. Good always triumphs and there IS something good that will come from these hard economic times. Be prepared for the coming opportunities by:
- Getting out of debt.
- Setting up an emergency fund.
- Establishing a common sense budget.
- Living
withinbelow your means. - Updating your skills and resume.
- Having a prosperous mindset at all times.
- Educating yourself on financial matters.
Set up a group of trusted advisers who will encourage you and help you see the bright side of things. Manage your risks, don’t chase returns, preserve your capital, and know that this too shall pass.
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That prosperous mindset is the biggest challenge of all these days. I live in an area that is comparatively doing extremely well, but you can’t tell it by the mentality of people here, who are accepting everybody else’s reality as their own.
Thanks Ron – I’m still working on the “are you prepared” section here so your posts are helpful, for sure.
It’s my hope “the silver lining on this dark economic cloud” is a path to and eventual fix of the out of control tax and spend policies of New York state. The “budget” for next year will have many cuts and many people are already whining and crying here. It will be a battle so I’m hoping that we can start a trend here for less government and more efficient use of our resources.
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