I had some interesting conversations last night. Its seems that a lot of people are in a complete panic mode. Future plans are being re-evaluated, re-assessed, or even being squashed. If these steps were being taken to figure out how to keep moving forward, I would be OK with it. But these folk seem to be frightened, and sad, and almost giving up, without a plan to start over.
This makes me sad and confused. These are smart people who know how to generate income. Smart people with advanced degrees, and strong support systems.
Times like these affect everyone. They listen to the TV and radio, and read the papers and magazines. They hear the talking heads prediction of ensuing doom, and how they need to prepare. They listen to the reports of a newly elected President talk about needing 4 years to gain any traction. How it will get worse before it gets better.
Either way, indivdual responsibility and circumstances should be looked at harder and closer than what is going on in the world. Portfolios are being effected right now. That is a huge concern to people who need those monies within the next ten years. Whether it be to pay for college, or to retire. It can be very discerning. But lets look at reality here. There are many things that we can do to prepare ourselves to combat these issues. You hold your own financial destiny in your hands. Make a plan. Stick to it. Get it done.
There will be obstacles to overcome, and there will be some sacrifices to make. But all is far from lost. Even those in the worst positions. Start with yourselves, and don't pay attention to anything else. Seek advice from trusted players. Be smart. Don't give up.
Nothing kills me more than when I listen to people who had grand plans, worked hard to reach their goals, and are now seemingly giving up, waiting for this crisis to figure itself out. Don't wait for it. Assumptions can be made of course, but continue with your short and long term goals.
Because of the circumstances, you may have to change the nomanclature, but certainly don't quit. To these friends, colleagues, family members, and associates, I say: