16 Oct Economic Panic 2008: Don’t Panic!
It seems the only thing on the minds of American’s today is the economy. Are we in a recession? Is this going to be the start of a second great depression?
Finally the media has come up with a name that seems to be sticking… it’s now dubbed ‘Economic Panic 2008’. So we can all stop wondering what to call it now! Whew! So far it’s the best one I’ve heard! And really it’s exactly what it is… panic.
I’ll agree that times are tough for many and there’s some reason for concern. The question is how much of this ‘Panic 2008’ really concerns you?
Before we get into that, we should review the definition of Panic – (noun) a sudden overwhelming fear, with or without cause, that produces hysterical or irrational behavior, and that often spreads quickly through a group of persons or animals.
Economic panic causes people to use poor judgment. So, before you fall into a financial schizophrenic episode, get your personal facts straight. Especially in times of wide spread panic you need to know the facts about your business and not just your Cash Machine. You have to think like the CFO of your personal finances. It’s the only way to keep clear and not get swept up in the hype. Know your bottom line and take guessing out of the equation. If you’re saying things like, “well I’m pretty sure about (blank)…” you need to have a sit down with your financial filing cabinet. If you don’t have one, do it now!
There may be some issues that threaten your financial well being, address them BUT do not react like a heard of horses running from backfire.
When dealing with anxiety about money and the state of the current economy, you’ve really got to sharpen your internal thinking skills. For those of you who have taken heed to my advice about changing your internal dialog about money, it may be time for a tune up. If you’re still listening to those pre-programmed internal thoughts, now is the time to become proactive in your thinking. If you plan for failure, you’re in for defeat. Plan for growth and you will learn and progress during these times.
If there is not much you can do about your current financial standing its time to expand your knowledge. Feed your head! Learners are Earners! I whole-heartedly believe that you can learn yourself out of financial crisis and be well on your way to financial freedom! Don’t believe me? Ask anyone of the hundreds of people that became a millionaire because they learned as they earned. It’s what we teach here at Live Out Loud.
You have to be creative in times like these. It’s time to immerse yourself in new ideas especially if you need to make adjustments in your business and lifestyle. Keep focused on goals and new opportunities. They will come.
Most of all don’t PANIC! Optimism is your friend. Things will get better, they always do. It’s the ebb and flow of our markets. It’s up to you to remain in the cycle of continuous learning and growth.
P.S. What is your most burning question about today’s economy? Post it below… If I don’t have your answer, I’ll get it for you.