We are all looking at the word “change” a little differently these days. We used to think of it as something that was mostly optional and usually came in small doses. Most of us resisted but always figured out how to muddle through it when we had to. And, sometimes, we may have even agreed that it was worthwhile, but only long after the fact. Now we are in a world where we are drinking change from a fire hose and the word option isn’t anywhere in the equation.
At some point the change will start to look like it is going forward instead of backward. It’s up to us how we choose to think about and absorb the changes. Whether we want to admit it or not, the magnitude of some of the economic results that surround us are in part tied to how we chose to react to the situation and how much fear we allowed to influence our decisions. The more fear we let in the door, the more negative our reactions, and the more we actually help make what we fear come true. If you are afraid that the economy is going into a nosedive you might not make some of your usual purchases, even though your personal financial situation has not changed. Your delayed purchases combined with everyone else’s delayed purchases cause the companies selling those goods poor financial results, lower stock prices, and the necessity to lay off personnel. Once you “shampoo, rinse, and repeat” this scenario a few times the results are devastating and unfortunately where we find ourselves today.
The sooner we are able to embrace the changes that are happening and seek out the opportunities, the sooner we can change the trajectory of this crisis and start feeling a modicum of normality. First we have to get out of panic mode. Being in the finance industry, I am constantly surrounded by the day-to-day happenings of this crisis. Some people are slowly convincing themselves that every single company is going to go bankrupt in the next couple of years. The most likely scenario is that it will feel bad for another 3 to 6 months and then things will start to pick up and move forward again. If you are willing to see them, you find evidence today of things beginning to head in a new direction.
The biggest opportunity that I see is to help our friends, families, and neighbors who have fallen victim to hard times. The unemployment rate is still less than 10%, so the other 90% of us should be able to help. We may have gotten ourselves into this mess by relying on credit way beyond our means, but one thing I know for sure is that Americans are the most creative, resilient, and compassionate people in the world. Look at what we did in the face of 9/11 and Katrina. We know how to band together, help each other, and create hope. Stop watching the news reports and start organizing in ways that help our fellow Americans get through the tough times. That alone will spark enough positive energy to actually change the outcome. You can sit at home and bask in your own misery or you can get out there and make a difference. These are the lessons that we need to learn. The sooner we get on board the sooner we can find ourselves in a better economic environment.
There will be plenty of opportunities to come out of this financial and economic crisis we just have to believe they exist and start looking for them. Besides, no matter how bad things may seem, as long as there is love, life, family, and friends there really is nothing missing. It is a time to teach our children what is really important and how to make sure you have the proper savings and emergency funds.
Please don’t wish for things to be back the way they used to be, but rather look forward to a time, which will enhance the richness and resilience of what it means to be an American.
