Q. People in my industry seem to think we still haven't hit bottom. I still have a job, a house and some savings. What are you advising your clients to do while we wait and see what happens next?
A. I'm advising my clients to consider taking comfort from a recent comment from White House Chief of Staff Rahm Emanuel. He said, "You never want a serious crisis to go to waste." I believe what he means is that crisis forces us to engage in positive changes we'd otherwise delay.
Realize that adversity right now is introducing all of us to our weaknesses and strengths. We can clearly see what we do that works, we can clearly see habits that have outlived their usefulness, and we can see that avoiding change is not an option.
Instead of avoiding the financial monster in the closet, consider how you'd feel if you lost everything financially. Would you wish you had worked less and lived more? What you have picked a different career? Would you have taken better care of your health?
Now consider what you have left. Do you have a family you love? Are you smart? What skills do you have that you can apply creatively to ensuring the survival of yourself and/or your family?
Ultimately during this time, I am emphasizing to my clients that it is up to us to save ourselves. The government may help (and it may not). Our company may help (and it may not). Our family or friends may help (and they may not). If you wait for someone else to rescue you from the challenges in front of you, you leave your fate in the hands of others.
There's lots of good advice about surviving this economy. Bumping up your emergency fund, cutting down on expenses, and getting real about what you can afford makes good sense.
However, people can't give us advice about what they don't know and nobody really knows what is going to happen next. Unless you're precognitive this means you have to focus on the immediate problems in front of you. If you can pay your bills right now, you don't have a problem right now.
The good news about the unknown is at least we are all in this together. If the world arrives at a point where nearly no one has a job or a house, you at least will know you are not a failure.
The challenges we are facing serve to remind us that not all our wealth is in our bank accounts, stock market funds or retirement accounts. When business slows down, we get a chance to inventory the wealth we have that isn't financial.
Most of us are also shocked to find out that having money isn't a guarantee of safety. There are scenarios where any currency may be worthless; thus, we need to rethink what provides safety.
I remember after 9/11 walking around and noticing how much gentler, kinder and connected everyone seemed. People actually seemed to be noticing our common humanity. Of course, the mood passed after a couple of weeks.
Right now perhaps we will again be reminded that we are all in this together, that we need each other, and that none of us is an island. You can be certain of one thing -- if you take responsibility for fixing your corner of the world, you become the change we are all waiting for.
The last word(s)
Q. I have a coworker who prays at his desk. I'm offended. Isn't this inappropriate?
A. Nope, considering the times we can use all the help we can get.