Don't know if you saw the figures that came out yesterday on the economy, but we're going down the path that everybody knows (and the politicians are not admitting) – and that is, it wont be long until Australia is officially in a recession.
It's probably the worst kept secret. The whole world is going through it and we're not immune to it.
So the question is, can any good come out of the worst of economic times?
Let's take a look at it from a positive perspective and see what we can come up with.
> Credit Crunch:
Banks obviously tighten up criteria for their lending, which ultimately keeps the consumer safer and more accountable for their borrowing.
It also will probably stop certain advisors recommending high-risk and highly leveraged investments to uneducated people.
We've seen some all-mighty collapses recently of “I'll do it for you” type of programs that have literally lost millions of dollars of hard-earned money.
People are likely to prioritise their spending now and seriously consider the difference between good debt and bad debt. You'll probably become more educated and accountable for your own money, putting you in a position of strength going forward.
> Losing Your Job:
This could be the best thing that happens to you.
It could open up a whole new world of opportunities that previously you may have spoken about but never really enrolled yourself in because of the need to have consistent income.
Your security has become your insecurity…
For the first time in your life, you may have to sit down and really think about what it is that you really want to do and that you've been putting off forever – because you've been trapped in your current lifestyle and needing the money week after week but going nowhere really.
> Losing Your Home:
Hard to believe that any good can come out of this – but let's give it a go.
This could be the relief that you're looking for. It takes a lot more of your income to service your own home as opposed to renting. I rented for 10 years before I actually bought my principle place of residence. Not so much as I couldn't afford it, but when you sit down and do the numbers it's actually smarter to rent and invest the rest than invest all of it on your home.
The relief and the saving that you get from renting could possibly give you the space for you to reinvent yourself and build momentum as an investor in the next upward cycle.
This could also be a windfall for you and your family where you're not working yourself to the bone just to pay off the mortgage. You can now spend more time with your children and be involved in their upbringing rather than saying to yourself, “I can't believe how fast they've grown…”
> Your Business Goes Broke:
Being released from the pressure of running a business and providing employment for not just yourself, but staff as well can sometimes be the best thing that happens to you.
You may have known for a long time that your business model was wrong, your margins too small and your particular business had limited growth opportunities… In the good times you were just above the red line, not making big profits anyway.
Now you can start afresh, use all your previous business experience to get into a far more lucrative business model.
> Hard Financial Times:
You will reflect now on the things that really matter in your life.
Whilst you're experiencing tough times, there are many people in the world that would swap with you in a heartbeat and look upon your head financial times as if they've “made it.”
Periods like this will teach you not to take things for granted, become a better and more educated investor and always be grateful for what you have rather than be depressed and sad for what you've lost.
After all, it's only money and it can be easily replenished.
Ok, they're my thoughts. What qualifies me to put out such advice..?
I've been in all of the above situations. I have dealt with each one of them front-on.
No, it wasn't easy. But I knew one thing… That no bad time last forever, like the seasons they shift and change.
If I didn't have those experiences, I would not be the person I am today.
I'd like to hear your thoughts on what good will come out for you in these tough financial times.
Anthony says
Good thoughts , you can always find something to be positive about
Anthony
Farhad says
I quite agree. It’s a mindset issue. As a part-time copywriter, I found it difficult to focus on writing while holding a full time job. After being retrenched late last year, I find myself free from office politics and the frustration of reporting to someone far less qualified.
As a full time copywriter, I work from home, am far more dedicated and most of all enjoy what I do.
As they say “Every dark cloud has a silver lining”.
Jan says
I recently went through my inbox and unsubscribed to all the newsletters that I neer read. Jon I decided back then that I would not be unsubscribing from your newsletters. I always read them from beginning to end. I love your way of looking at life, it is inspirational – thankyou. I agree with you. I personally think the world has become full of spoilt humans, a recession will be good for us all – as hard as it may feel. We will truly understand gratitude. We will also remember to help others as they will be helping us and in the end this planet will be in a much better place.
leslie H woods says
get out of debt ,and stay out of debt and advoid it like the plaque.thats what im doing at this moment . and it will happen very soon signed L.H.W
Lee Sutherland says
There is nothing like a “recession” or “tough economic time” or “world financial crisis” to make one refocus, re-evaluate where one is at, get rid of inefficiencies, set new goals and make/prepare new plans to execute. A great time to get rid of all the dead wood that has been haging around. There is no better feeling than one of being a lean, mean fighting machine (physically and in business) in this environment.
Michael says
I got retrenched before I got this job and that was 4 years ago. Having the pressures to provide for the family, servicing the mortgage and our own standard of living is really a very tough burden. But when one door closes another door, or even window, opens. I’m much happier in this current role.
Tough times never last but tough people do! – Robert Schuller (book by the same name).
Venkatachalam says
Those who live in Australia have no cause for concern. We have to try hard to even starve out here.
Wish all the world can live so well.
Those who are despondent, please travel to all the parts of the world where there is hunger, war, lack of hope, despair, disease and even to those so called affluent places where the winner takes all through manipulation of the law and its people.
Please read Jack Canfield’s book ” The success principles” How to get from where you are to where you want to be. It will help every one to get going in life.
Take 100% responsibility for your life. You must take responsibility. You cannot change the circumstances, the seasons or the wind, but you can change yourself~ Jim Rohn (Principle 1 from the above book)
We live in exciting times. Information is exploding all around us. There is plenty for every one. Let no one tell you that you can’t. Try to prove them wrong.
The current recession is but a temporary glitch caused by greed. At the core, we have 6.5 billion people trying to improve their lives. This is the driver for demand.
Every thing will work out providing we work hard and share our success with others.
When you come to a roadblock, get around, over or through it (page 117 from the above book)
Fortune favours the bold. Good luck to all.
Steven says
What an amazing time for accelerated learning experiences. These economic conditions are the perfect opportunity to improve my personal management and remind myself where and in whom I should place my trust.
Some of the investment opportunities around now are amazingly attractive and rewarding.
Giselle says
To quote a book Title : Tough Times Never Last but Tough People Do by Robert Schuler. In the midst of the nay sayers, the economic doom and gloom, the negative projections, I still believe that THIS IS GOING TO BE A GREAT YEAR. Something always come out good from any form of disaster or calamity. Let’s face it…it’s a gift to be ALIVE & healthy, it’s great to have a family (in whatever shape or circumstance), whilst money is important, LIFE is more important. We need to have that bounce-back mind set, strong determination to ‘weather the storm’ and just SURVIVE. It will be an opportunity to appreciate the basic necessities in life like faith, food, clothing & shelter. It will be an opportunity to cut back on expenses. Like cooking our own meal (instead of relying on fast food or restaurant), mend our own clothes, sew our own clothes maybe (in my case) and still be in fashion. Maybe make my own bags LOL. Do my own facials rather than going to salons, continue to cut my own hair, (collectively we both saved $3T cutting my husband’s hair myself in the last 5 years!). It will be an opportunity to quit the bad habit like smoking (save thousands as well).
Who knows it may be a chance to earn something somewhere, legally of course. 🙂
shahkyr says
I agree…Most of us will probably never see another economic climate quite like this one for the rest of our lives.
The economy will turn around and opputunities will be numerous. A massive shift of wealth that will occur in the coming years. Emerging economies will give established ones a run for their money. Those who have planned their finances well and continue to do so will reap massive rewards when the global economic condition makes its turn around.
Lets keep positive and continue to prepare for upcoming oppurtunities that will change our lives for the better!
Wendy says
Like Jan I unsubscribed to newsletters. I was using them to keep me ‘propped up’ and motivated as a property investor. I just stopped…except for My Daily Insights and Knowledge source I am no longer trying to find the little snippets to keep me going or the CD’s to keep me informed. I feel more like the turtle who has gone into its shell and shut out the world. I am now paying down everything I can into my mortgages but my paydays don’t come fast enough. I work full-time and am doing a Masters degree so a tip for Jon. Downloads that I can put on my iPod always get my attention, I haven’t got time to be reading e-books or travelling to seminars, but something that I can listen to on the bus, now that works for me!
Ray says
i don,t take much note of papers,television,radio etc they want the ratings,but what i have done is become pro active in building and investing in property land options etc.i do network and talk a lot and copy from people that are successful or get hold of the same formula.Most of my information is free,many people should simply change their mindset instead of saying “i can,t afford it” rather “how can i afford it”.The mind becomes creative then, specially investing in property etc.There are lot of people amongst us who know everything but done nothing themselves and many of them think god owes them a living.Become pro active rather than re active is the way.If you have any ideas creating good cash flow streams Jon drop me an email Ray
suelaqemal says
What a wonderful and empowering article John.
Except for losing the house I have experienced all other things that you mentioned. Reviewing that now, six years ago I was 30 days from losing my house after starting my own business and as losing my house was something I couldn’t live with at the time I swallowed my pride and went back to the corporate world where at that time had already 6 years experience. I wish I gave myself permission to loose the house then, however there were more in the corporate world that I had to experience.
Now 6 years later, while my belief was that the only way for me to be wealthy was by becoming a CEO of a large organization, after two corporate restructuring (even before the financial turmoil of the last 18 months started) I realized that in the corporate world there is no control. You do not have the control the company does. So 12 months ago I revised my long term goal of becoming a CEO of a Financial Institution to becoming a CEO of my own organization. I am grateful that a great opportunity in Personal Development and Wealth Creation found me almost 12 months ago. I started to build my company while still keeping my day job, in the last few months where the uncertainty of a job has increased dramatically, I am making my own decision to resign from my six figure salary as I am in the process of making that in a month.
Looking at all the great investment opportunities at the moment is fantastic. History has shown us that during the recessions or economic turmoil more millionaires and billionaires are created. Now is the time you just need to look for opportunities while other see problems and find a business with a strong proven business model that becomes your Cash Machine and no one can stop you, except yourself.
To all YOUR 2009 Success!!!
David Waden says
Hi Jon
It’s about time someone is prepared to talk about the opportunities before us, rather than the challenges. We all know it’s going to be tough, our attitude and how we deal with it will make the difference between success or failure.
Cheers
David Waden
http://www.doorhandlesonline.com
Lisa says
Yes hope and possibilities……being grateful for the change and re-evaluing what’s important in your life.
david says
good bloody job-love reading your stuff-onya!
chris says
Great article John and I must say the timimg was spot on.
I recently lost a huge amount on some silly, purely speculative attempts at creating instant wealth through the stockmarket. Needless to say I have forfeited a significant portion of our savings and even some borrowed funds as well. This will set us back a decade and at my age I am not sure that I have the luxury of that much time.
So it was uplifting to say the least to read not only your comments but also those of your readers as well.
Yes there is always another side to the story and when I look at my wife and children and my beautiful grandchildren I realise what is important, and believe me money does not make it on the list.
My reasons for wanting to make some instant extra cash was so that I could help one of my children out yet I find that had I simply offered her half of what I inevitably lost all of us would have been in a much better place than where we find ourselves today. So yes it all comes back down to greed as I wanted to help but had wanted to pass the burden on to the stockmarket and not on myself.
My wife and I have experienced some of the things that you have, during those times my wife has always said that what we need to do is simply pick ourselves up, dust ourselves off and start again. What a woman!!!
I do believe that right now we are faced with some of the greatest opportunities that we will ever see.
chris
Christina says
Thank you for your excellent article. I think the best thing that will come of this is that whenever times get tough, people start to beleive in God ad Jesus again, which is a great thing. As that old military saying goes “There are no atheists in foxholes”
Christina says
Ps- Dear John Giann, this article and the comments sent in are all so good, that you should send it all to the media as a press release! I’m sure they would love to give their readers and viewers a happy slant, instead of their usual doom and gloom. Of course, at the end of the article, you can refer them back to your website 🙂
Shirley Mundt says
I agree with Christina on the many excellent articles presented here. And yes, I believe that people will again turn to the Lord and put Him first in their lives as He has commanded. 1 Samuel 2 verse 7: The Lord sends poverty and wealth; he humbles and he exalts.
I am learning to budget for the first time in my life.
deborah says
Thankyou for your guidance of the current situation!
You are right there is always good out of every situation, and with a positive outlook i give thanks to be able to stop and look around and feel i am blessed in many ways.
Yes, i got caught in the downtime with my home, but when one door closes another opportunity in life presents itself, so i packed my bags and headed for a 6 week stay with my dear friend in north carolina,East coast of USA.
i cant help myself with realestate enquiries whilst here and i have realised that i could create an income for myself but i need to talk with someone whether the financial situation of the currency difference will make it worth while, it still enables me to purchase a property for 100,000.00 and receive $500.00 -600.00 rent!
Sorry,
this is not the right forum to discuss anymore i realise, i got carried away with my thoughts,
once again i love reading your knowledge Source!
kind regards,
sincerely,
Deborah J Ruscoe
caroline says
Jon, awsome email thanks
For me one of the concepts that I am truly beginning to understand is being grateful for everything in my life
To quote John Demartini
“Every problem is an opportunity to learn and to love”
“True wisdom is the ability to see the equal blessing or benefit hidden in every challenge, illness, situation or crisis”, etc
There is so much going on and so quickly. It’s sometimes easy to get sucked into the media and think it’s all negative
Yet I feel clearer about my life and more aware of what really matters
All those things and people I used to take for granted I now really appreciate
probably leave there, don’t want to prattle
all the best everyone
Brent the Small Business Trainer says
Having also experienced the ups and downs of financial life including being divorced (and losing my home) because af a significant downturn, dudded in a business deal which cost over $2.5million in lost profits and left me over $100,000 in debt, been fired on 7 different occasions and other things you’d think I’d give up.
BS, never give up. I now belive that I am totally qualified to help others over the hurdles of establishing themselves personally and financially.
Remember that the Chinese have understood for centuries that disaster and opportuniy co-exist, you can’t have one without the other. The only thing we can guarantee in ife is change. This too will pass.
Desley says
Hi Jon,
Thank you for your timely article. I love the way you put a positive view on what to many can be life shattering experiences – and potentially take them to the as a friend just said to me “the suicide corner of life”.
As I have just bought my own home, I don’t relish the idea of losing it. I potentially may face the “unemployment” situation in a few months time if the suicide prevention project I manage is not refunded.
This prospect since December 2008 has been leading me on a journey of gaining more information, getting educated and deciding as you so aptly state what I want to do with my life and build “financial sustainability”.
I had the privilege of attending your Internet Mastery Seminar as part of my journey and I’m thankful there are people like yourself who give of themselves (as I attended for free) and I love your emails (look forward to reading them). Thank you for the wisdom and walking with me on my journey to create a more financial sustainable future.
One day I would like to meet you in person and give you a hug to say thanks.
Desley