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"I can't change the direction of the wind, but I can adjust my sails to
always reach my destination." - Jimmy Dean
"If you will call your troubles experiences, and remember that every
experience develops some latent force within you, you will grow vigorous and
happy, however adverse your circumstances may seem to be." - John Heywood,
English Playwright and Poet.
Copyright © 2000-2013
by Barbara Brabec
All Rights Reserved
Barbara Brabec's World
Prescription for Economic
and Financial Woes
First count your friends and family as riches worth more than gold. Then
consider all your special talents, skills, ideas, know-how and lifetime of
experience and look for ways to translate those assets into products and
services others will need, not only in these hard economic times but for years
by Barbara Brabec
MILLIONS OF PEOPLE lost a significant portion of their investment
portfolios during "Black October" in 2008, and are still having trouble coming to terms with this loss, myself
included. Given our economy in 2012, it appears that few of us will ever be able
to make up that loss. But there are always two ways to look at something, as the following
One day in a message to one of her sons, my sister Mollie lightly commented
on this topic saying, "We are worth less every day." To which her son, Jeffrey
Wakeman, quickly sent the following response:
"You are NOT worth less every day. Your material assets and financial
instruments might be depressed in terms of how many other goods and services
they can buy, but the value of your wisdom and your love should only increase in
the face of life’s challenges.
"We are incredibly rich. And even when 'the market' tanks and elected
representatives reveal themselves to be more consistent than excellent, even if
we have to take fewer trips or drink less wine or (shudder) eat less fancy
cheese, there's still an overwhelming cornucopia of happiness and nourishment at
"If we have to live in tent cities and grow our own vegetables, we’ll still
find stuff to be happy about if we so choose. Books and old movies, laughter and
raindrops, sunshine and silence. We'd still be better off than a lot of folks,
and we'd probably be better people than we are now.
"And if we don’t have to live in tents, even better!
"News is for suckers. Knowledge is useful. Wisdom is power."
Let this sweet writing be a reminder of how much you have to be thankful for
this year, even if your coffers aren't exactly overflowing at the moment.
Focus on the Positive!
If you’ve suffered financial loss and are worried about the
future, now more than ever is the time to focus on finding all the POSITIVE
things in your life that you can bank on emotionally until we’re through the
worst of the dreadful financial crisis our country is currently
experiencing. For starters, count your friends and family as riches worth more
than gold. Then consider all your special talents, skills, ideas, know-how and
lifetime of experience and look for ways to translate those assets into
products and services others will need, not only in these hard economic times but
for years to come.
Believe me . . . if you are self-employed now, you have a kind of insurance
salaried job holders will never have. I believe that now is a great time to move
forward with new ideas, a time to try new things you’ve never considered before,
a time to create new products and services that will meet the specific needs of
today’s hurting consumers and businesses.
If you’ve recently lost your job, or fear a pink slip is in the offing, don’t
just sit there worrying, and don’t limit your options only to another job. Not
everyone is suited to self-employment, of course, and I’ve never encouraged
anyone to quit a job to become self-employed, but if you’ve ever considered the
idea of starting a homebased business, now is a good time to consider it once
Recessions Breed Entrepreneurs
Historically, recessions have proven to be a good breeding ground for
entrepreneurs. During the last sixteen months of the 1991-1992 recession,
Fortune 500 companies released over 600,000 people through early retirement or
layoffs. At that time, a spokesperson at a small business development center
reported an increase in the start-up of homebased consulting businesses by
corporate VPs in their fifties who had taken cash benefit packages as early
retirement bribes and went on to work for their former employers as independent
Although we enjoyed a boom period in the late 1990s, millions more lost jobs
after the turn of the century because of corporate downsizing and bankruptcies,
the dot-com failures of 2000, the aftermath of the September 11 terrorist
attack, the Enron disaster, and the 2001-2002 recession, which was worsened by
the mid-year bankruptcy of WorldCom. According to a report by one outplacement
agency, by January 2001 more than 6,000 people were being laid off every day.
Interestingly, a note in the June 2001 issue of Home Business Magazine pointed
to other studies showing that over 6,000 new homebased businesses were being
launched each day, making homebased businesses then the fastest-growing economic
sector in the country.
You only have to do a search on Google for "recession breeds entrepreneurs"
to see that this entrepreneurial trend has been holding in the current
recession. If you lack start-up funds, consider that many service businesses and Web enterprises can be started
on a nickel-and-dime budget. Any new business involves a lot of blood, sweat, and tears, but it doesn’t
cost much to set up a Web site or WordPress blog to launch a new service business
or sell products you've created. Historically, new home business have had to finance themselves, so being unable to get a bank loan
won’t affect you one way or the other. If you do need a cash infusion, look
instead to financial assets you already have and may be overlooking. (More than
one home business has been financed or expanded by the profits from a huge
P. S. Good Advice from a Fortune Cookie:
You’ll accomplish more if you start now.
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