“How to Use the Economic Downturn to Redefine Yourself and Create Your Own Financial Recovery”
Are you worried about your financial future?
Many people define themselves, and are defined by others, based on their careers, the cars they drive and the homes they live in. They have enjoyed a certain style of living and have become very comfortable in doing so. Perhaps you have had this experience yourself. In view of the present recession, many people are worried about their financial future, and justifiably so.
The Problem: Main Street v. Wall Street
Let’s take a look at Main Street. Over the period of January 2008 through the end of February, 2009, over 4.4 million jobs were lost. 2.4 million of those jobs were lost during the 4-month period beginning in November, 2008. People have lost their homes due to foreclosure. Accompanying job loss is the loss of health care and insurance benefits. Pensions have been completely wiped out; some companies are no longer contributing to 401Ks and similar plans in the amounts that were previously in place. Due to the scope of this economic downturn, it has become even more difficult to qualify for Food Stamps and other social service benefits. Interestingly, it was almost a year before the US government admitted that we are in fact in a recession! Some (unsuspecting) people were caught off guard.
Focusing our attention on Wall Street we find a similar, yet different set of circumstances. Despite mishandling of funds, “big business” has been bailed out by government stimulus packages. Unfortunately, instead of passing these benefits on to other institutions which in turn should have been able to help homeowners avoid foreclosures and provide jobs for those who are out of work; the funds cannot be accounted for. The stock market has suffered tremendous losses. Banks and other financial institutions have either merged or failed, changing the rules overnight for their depositors. Social necessities such as education and transportation are negatively impacted. Also impacted have been the lives of the wealthy. Banks are restricting credit even to those who have high credit/FICO scores!
So, the situation as it stands is: You cannot depend on your employer, if you now have a job, as nothing is permanent. Things could change overnight. If you don’t have a job, the prospect of finding one is slim in many cases, as there are more people looking for jobs than there are jobs. Learning another skill and working in a different industry is a possibility, but it may take some time to hone those skills. In the meantime, bills are piling up.
The Solution: Entrepreneurship
In his February 24th, State of the Union address, US President Barack Obama publicly declared that “The future of our economy relies on the imagination of our Entrepreneurs”.
That twelve-word sentence in the President’s speech isn’t about politics as much as it is about business. And the dawn of a brighter new future of the ”Entrepreneurial Interdependence” era that’s now upon us.
He is absolutely right. Traditionally, it has been the small business owner and the entrepreneur who have been a constant integral part of this country’s economy and no doubt, the economies of other countries as well.
Given the present economic conditions, now is the perfect time for you to become self-employed. Yes, it’s an excellent time for entrepreneurship.
Read more and register to attend a FREE teleconference this coming Monday, April 6, 2009. Visit: http://www.theproactiveentrepreneur.net for more information on time and conference access.
