The good in this 'bad' economy
I recently said to someone that one of the positives to this tough economy is that people are learning a lot more about money and finance than they normally would. They are having to pay attention.
That’s a huge win if you ask me. But I would call that a positive!
As we have moved from the boom to the bust part of the cycle, we have been forced to learn.
OCR’s, inflation, Reserve Banks, higher interest rates, carry trades, recessions.
You name it, it’s all happening.
It’s all too easy to get caught up in the social media comments that get hijacked by those that make EVERYTHING about politics instead of what is actually happening.
Sh!t see the AB’s lost? Bloody Willis underfunding rugby no doubt!
International stock markets crashed! That'll be Luxon, the elites or the WEF.
Sadly, some people have given up on their ability to prosper so badly that they believe politicians are capable of things that even politicians wouldn’t claim to be in control of.
To get us seeing a few more positives, I decided to ask the KTC audience what positives they could see in this tough economic time.
Here is a selection of their answers:
? It puts the pressure on to think of new revenue streams and pushes you into action
? Exchanging more value to bring more income my way. It’s everywhere
? Getting to enjoy my fav things: beaches, sunshine, walks, reading and friendship
? It weeds out competitors in your industry who aren’t in it for the long haul
? I am grateful for what I do have
? You look at what is truly important in life
? I’ve pulled back on silly spending
? It’s made us more cautious of where $ are going
? I have some interest on my savings
? Getting my financial sh!t together
? Got made redundant. Found a new job. $15k raise
? All my planning in the good times has paid off now the economy has changed
? Resilience!!!! Life’s as good as you make it
? No more head in the sand crap
? Taught me to deal with the reality of debt and the important of cash reserves
? We can make better habits for when things are better again
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? Forced me to move out of comfort zone at work and apply for a role well above one I was in
? Less people to compete with
? Refocussed personal finances with clear short/mid/long term goals
? Mean opportunities to learn
? Seeing winners stand out
What a bloody good reminder, hey? Hard times can always teach us something.
Markets move in cycles; ups and downs, booms & busts.
They are always changing and you and I will see plenty more good and bad economic times.
So now that those people have go you thinking more positively...
A question for you to answer:
What has this tough part of the economic cycle taught you?
Write this down and bank it.
Next, think about how you could share this lesson with someone else to get them thinking?
Finally, set a calendar reminder for a year from today to remind yourself of this lesson.
You will often be surprised by what you were thinking about when you look back 12 months. Play with this concept in different areas of your life. 12 month calendar reminders are a lot of fun.
As someone mentioned above, remember that resilience is an amazing attribute that sometimes we only get to practice when things get tough.
Shout out to the 320 people who attended Keep The Change Unplugged last night, I hope you took something positive away from the night. Thanks for coming out!
Don’t waste the lessons of these 'bad' times,
Luke
P.s. You are one of?11,000+?recipients.?The KTC podcast had over?75,000?downloads in August.?Feel free to share a lesson with?someone to help this reach more people. ___________________________________________________________________________
Did you know:?electronic card spending was up 0.2% in August. More sales in dollars and volume. It had been falling for the prior 6 months. Might be those tax cuts kicking in?
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Business Operations Manager at Protel International Technologies Ltd
2 个月From a business perspective, one positive for me has been that it’s fostering conversations with other suppliers (our competitors) around what we can do to support our target markets and how do we evolve our own businesses to cope with decreased demand and an increasing number of brand options. It’s also forcing a return to developing real connection with our clients which differentiates us from the e-commerce retailers out there and has got us thinking about different ways to add value for our clients.
Mortgage Advisor, ( Fostering authentic relationships and pursuing excellence)
2 个月Willing to learn better organisation and managing your finances better.
Helping SME business owners achieve their business and lifestyle goals.
2 个月Loving the positivity.
Getting creative with wool.
2 个月Thought I had money pretty well sorted until finding Keep the Change and the what’s next poddy, so thanks a mill lads. Learning never ends and even the tangents are worth listening to.
Lead Economist | big numbers, economic modelling
2 个月The depression is where the malinvestment and overconsumption are remedied This is a good thing And it involves people learning new skills like money and finance Focussing on the boom as "good" and the bust as "bad" is the wrong way round