Our recent government ‘circumstances’ once again have economists, lawmakers and analysts talking. Discussing how this will suck money out of our economy while spreading anxiety among consumers and businesses that will likely put a damper on economic activity.
Talk from politicians, media, economists, etc. surrounding events like this is not uncommon.
Remember in 2008 when their advice was to ‘lower our expectations’ and ‘shrink our lifestyles’ in response to tough economic times?
Or in 2004 surrounding the mortgage meltdown and housing crash when the Financial Times stated that “the end is near in use of exotic type mortgage money?”
How many times have you heard a television talking head say things like ‘the party’s over’ or ‘brace yourself’? These are the common arguments used… making many believe that there is no other way to save yourself other than to ‘lower your standard of living’ or ‘reduce your spending’ or ‘live cheap.’
Unfortunately, I suppose it may very well be valid advice for those who accept it – those who routinely accept “governance by circumstances.”
But for you and me, lowering expectations is the least rational response I can think of. It only makes sense if you wish to cede control of your life to circumstances. That is a fundamental choice that belongs exclusively to you.
Granted certain circumstances may very well make it harder to attract wealth. I built my first businesses during the Jimmy Carter recession, with tight credit, double-digit interest, inflation, unemployment lines and gas “shortages.” While some things may very well be avoidable, others may not. And those who are experiencing economic unfriendly circumstances for the first time, it is terrifying and can be paralyzing.
There are, of course (and always will be,) changed and changing facts and realities in the business and financial landscape. A good way to think about them is similar to how a pro football team adapts to playing games in changing conditions. They play on natural turf, artificial turf, outdoors, indoors and famously in any weather—rain, shine, snow, heat—regardless they play to win. And somebody does every time.
I drive harness racing horses in good and foul weather, outdoors, year round. I can count on one hand the number of times the track where I’ve been driving the past 13 years has postponed or rescheduled a race due to violent ice storms and blizzards.
Given the differing weather and track conditions, you plan your race strategy differently. You may condition your horse differently during the week and you may equip him differently on race night. You may dress differently and you may need to steel yourself mentally for bitter cold or pouring rain or mud. But you do not set aside your intentions of winning.
This isn’t the first time and it won’t be the last time traumatic change affects the economy. Whatever the realities are, one is that there is wealth. As long as it exists, it is yours to attract, by combining the right thinking, strategies, actions and behaviors.
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