Each day there is more doom and gloom in the media about the economy. Our fears and worries are growing as we look out to the uncertain economic future and the situation that doesn’t seem to be getting any better. The dreaded R-word is mentioned more and more frequently and reports of layoffs, cutbacks and stress on Wall Street are piling up. My bet is that recessiphobia will soon be added to the DSM-IV, the manual used by mental health professionals to classify and diagnose mental disorders.
Most people are certain they will suffer the backlash of the recession and so they tighten their grip on their wallet and hold back from taking risks. They do everything they can to not get poorer, and do little to try to get richer because it’s too risky in a volatile market.
But is the news we are getting about the current economic situation slanted? Are we getting the whole story?
In a recent news article I read that right here at home restaurant sales are down. People are going to restaurants less and when they do, the spend less and tip less. Yet just last night I was looking for a restaurant in downtown Montreal and had to keep going from place to place because each restaurant I tried had a line-up and a 20-45 minute wait. Tough times indeed!
There are many who are getting rich right now despite the current “economic instability.” While the rest of us wake up in the morning with a grumble, pull the covers over our heads and putting our spare change into the piggy bank instead of splurging on that lattes, others are out there turning obstacles into opportunities… and $$$$$.
While many have developed R-word phobia, others jump for joy when they hear about the economic changes. What about you?
The Economist magazine has an index to gauge an economic downturn, by counting the number of times the word “recession” appears within stories in the New York Times and Washington Post. That means the more it is talked about in the media, the more we think we are in one. The more we think we are in one, the more we cut back and save. The more we cut back and save, the more companies decrease production, and the more layoffs are reported. So we save more and cut back more and companies cut back more and lay off more employees. It’s the notorious self-fulfilling prophecy.
Shakespeare said, “There is nothing either good or bad, but thinking makes it so.” Could this be true of the recession as well?
When the economy shifts, we respond. Often, however, we do not just respond to the economy, we respond to media reports about the economy. The more the media dramatizes the situation and the more they report on it, the more fearful we become. The more fear we feel, the less we take economic risks- those same risks that fuel a capitalist economy. Are we feeding the recession by starving the economy with our mindset?
Is it true that a recession means trouble? For something to be true, it has to be true for everyone. Since in uncertain economic times some get rich, a recession is neither good nor bad- it’s just a situation. The manager of a company I worked with gives the following suggestion: “Instead of overreacting to problems, react to situations.” That advice is warranted here.
Do those who prosper in a recession prosper by chance? Hardly. Why can some be successful in these times while others not? Many think, consider and reflect on what they want to do. They have great ideas that they ponder, waiting and waiting and waiting for the right moment. What happens? They end up waiting until the right moment has passed.
Many of us want to play the blame game. We ask, “why me?” We focus on all the reasons why we can’t be successful. We’ve fallen into this trap because we don’t want to be at fault, but by letting ourselves get sucked into this game we choose reasons (excuses) over results.
Those who prosper in a recession do so because of the response they choose to events in the world. Instead of catastrophizing, blaming, worrying and complaining, they determine precisely how think to get what they want. They strategize and decide what to do. They are the CEO of their minds.
In these times, many are looking for simple advice as to what to do to keep their heads above the water or if they are optimistic, what to do to climb onto dry land. We want the “3 easy steps to making money in real-estate” or “3 keys to starting your own business in tough times,” but before we start barrelling down with steps we need something much more important. The key to prosperity is not to find the right steps, it’s about what’s behind the steps.
To prosper now we need to improve our thinking and focus. We need to master our thoughts and emotions and respond to life in a way that is aligned with our objectives. Worry and fear don’t lead to success. Penny pinching and risk avoidance don’t make us winners in tougher times. Those who prosper now see the current situation as the perfect time to do things. To them, opportunities abound!
No, positive thinking is just not enough. Saying “The economy is good, the economy is good, the economy is good” is not the way to do it. If you want to come out on top you need to think about the economy in a way that enables you to achieve what you want. According to Forbes magazine, Warren Buffett, the second-wealthiest American (with a fortune of $52 billion) is “sniffing out opportunities created by the recent financial market turmoil.” With $52 billion, Buffet might be just the role model we need. Why leave all the opportunities for him to find?
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