Six months ago, the economy was booming. Stock prices are up, interest rates are low, unemployment is down. A few months later, these indicators were in the opposite direction. Now, it's hard to tell from day to day where we are.
I am optimistic that the current situation is short-term and the long-term outlook is conducive to growth and prosperity. But that doesn't mean there won't be dents, sometimes deep ones, along the way. The question is: are you positioned to enjoy the good times and navigate the bad?
'Shifts' to Help You in Times Good or Bad
Both are expected. Fortunately, there are "changes" you can make that will serve both of you well.
1. Pay. As fast as possible
You cannot take advantage when you are in debt. And there are opportunities in good times and bad. Either way, debt keeps you from taking advantage of the opportunities that arise. In the worst case, it will amplify the negative, as monetary costs increase and debt service becomes an increasingly larger part of your costs.
2. Think Globally
We can no longer afford to think and act locally. We need to take a broader view
. We need to think about how our call, our business and our industry will perform in the global economy - because it already does.
3. Be enterprising
This is the age of the freelancer. Even if we are and plan to continue working in a large company or organization, we must at least think like an entrepreneur. We must be "in the business". Seniority and experience are not as valuable as they already are. Delivering results - and profits - is what matters.
4. Become a capitalist
The rich own the assets, the rest being their own debts - things that cost money to own and maintain. Capitalism is not a dirty word. A capitalist, by definition, is a person who owns assets - assets that generate income. Stocks, equipment, and businesses are assets that generate income. In the US, 80% of all millionaires are self-made. Be one of them.
5. Be flexible
Everything is moving at a rapid pace. It requires adaptability. Things will not be the same and return to the way they were. We must be prepared to change course quickly. It's time to dodge and intertwine. It's time to embrace change. Change is coming!