5 Things The Recession Has Taught Me So Far.
Fed Chairman Ben Bernanke recently said that the recession is very likely over. I'm not sure I believe it all the way (do you guys?), but I'd be lying if it doesn't sound hot. It's been a wild & crazy past 18 months, and it's nice to hear that our world isn't going to hell in a hand basket for once.I swear, if the media stopped portraying all this gloom and doom we'd be much better off. Everyone knows that humans are emotional - you say one wrong thing and CRASH! There goes the market. But I guess the opposite would also hold true. After all, here I am helping spread the 4-5 word phrase Bernanke just spoke of ;) At least it's a positive influence though.
Regardless, I've learned a lot over this whole ordeal and I'm sure I'll learn even more. I really like that about life - $hit can be flying all over the place, yet you can usually take away some new lesson or preventative measure to help you down the road. The bigger the problems, the bigger the learning curve too! (at least that's how I see it)
5 Things the recession has taught me so far:
- It IS actually possible to spend less! All I have to do is NOT go into Target, TJ Maxx, Best Buy or the mall ;) That, and PAY ATTENTION TO MY FINANCES!
- No job is ever safe. I've learned that you can't stay at one company forever, so always keeping your eyes open and active keeps me sane and away from an unexpected surprise one day.
- Nature is one of the best gifts to us. And it's free! Since I'm not shopping as much, I'm now going on more and more walks. I totally forgot what fresh air felt like.
- Networking is M-A-G-I-C. It really is a matter of who you know these days, so keeping in touch with old friends and colleagues is something that will def. pay off in the long run - esp. if they're in your same field. My favorite way to stay in touch is over beers and 1/2 priced appetizers at happy hours! Something a few of us bloggers did last night actually.
- Everyone wants to master their finances! This might be one of my favorite things right now. You're hearing personal finance spout all over the place and all of a sudden learning about money is "cool!" You & I have ALWAYS known this of course, but at least the others are catching on ;)
Labels: career, crazy economy, life, one of my lists
posted by J. Money at
8:29 AM
19 Comments:
Great Points Made. It is sad that it had to come to this for people to focus on their finances, but at least they are doing it now. In a way I am happy this recession happened because more people are seeing the FREE things in life are sometimes if not always better than the STUFF we pay for.
Dave
LifeExcursion
Nice points. I don't believe Bernanke anymore after he inverse-cried wolf a few times already (saying the economy had sound fundamentals when it clearly did not). But who cares about Bernanke, he's not calling the shots really, anyway. Best to stick to keeping your own house in order *and* taking some cues from people who really do walk the talk and know a thing or two (I've got mine, I'm sure you've got yours!:)).
As for lessons: yes, no job is really safe. find a way to torpedo-proof your life. Design new risk management strategies (have a plan B and C). Keep more cash at hand.
Aw, you and your beer-and-wings appetizer meetings are making me jealous! Come on up this way next time and see Mr. 444 shredding up the stage. Did I send you a video yet? E-mail me if I did not (see, I'm rubbing it in everyone's face that J. Money and I might not do the beer and wings thing yet, but we will sooner or later!) :oP
I'm with you, it has made me realize no job is safe these days and you always have to be looking. If a good opportunity comes even if you are not looking, it may be worth it, cause tomorrow things could change and you could be out of a job for whatever reason.
J
It IS actually possible to spend less! PAY ATTENTION TO MY FINANCES! — This is important statement, but our government(This and past administration) hasn't learned to live with this statement.
Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. - Sen. Barack Obama, 2006
They keep spending, and spending and now they even want to raise the debt ceiling! - http://money.cnn.com/2009/09/16/news/economy/debt_ceiling/?postversion=2009091610
The President now has to completely backtrack on his rhetoric and must tell his adoring public that he was only kidding in 2006, being a young and foolish Senator, while the grizzled and cynical Obama of today is forced to convince another pack of young and foolish Senators to raise the US federal debt ceiling from $12.1 trillion to $13 trillion.
I would recommend everyone watch this to see were we are headed if we do not change- with an open mind, it sure opened my mind! http://www.chrismartenson.com/crashcourse
I now this isn't positive, but we need to wake up! anyway I think we as individuals have to take responsibility within ourselves like you said as a first step then look deeper.
I give no credit to a thing Ben Bernanke says. The Federal Reserve i.m.h.o. caused the financial collapse. After that they did the exact opposite of what I would have done (let the market reset). Now he is saying the recession is over (as if he doesn't have a vested interest in making people perceive that.
The recession is not over. Even if his tactics did work, we have gone seriously in debt to finance this "recovery" which we will be paying for long-term.
Don't let Bernanke fool you - listen to people who DON'T have a vested interest in portraying their plan as a success.
nothing like a global economic catastrophe to show some people what is really important in life. sadly i dont think that i learnt anything except to increase my financial savvy and become rich, very very rich :)
Great summary post....it's great that you're looking to see what you can and/or have learned throughout this challenging time.
I have loved how suddenly all my friends are worried about their finances (I know, it's sadistic). I have been using coupons for years when we have all gone out to eat etc and they have often rolled their eyes at me. Now they are asking me where I got them from. It's the weirdest sense of revenge I have ever experienced.
@Laura - same thing here. Everyone used to laugh at my couponing! Goes to show how ALWAYS carefully watching your finances pays off in times of economic uncertainty.
@J - I also have to keep myself out of a lot of those stores (Target, Bed Bath & Beyond) because somehow they weaken my financial resolve...
I have to avoid the internet to avoid spending money :)
True that no job is safe. Hence, a good idea to set up those passive income streams so that you are less reliant on your day job.
#6: It's possible to have open, honest conversations about money with friends and family!
i agree that there have no doubt been some positive changes in my life due the recession. i was unemployed for about 3 months and really had some time to do some soul searching. i believe we all grow through our challenges so i appreciate my valleys and am enjoying being on my financial mountain(for the moment at least).
@lifeexcursion - You got that right Dave. Unfortunately it takes some major events sometimes to get us to wake up and appreciate life as we should. I know I'm still working on it.
@MoneyEnergy - You mean Bernanke isn't the next Oracle? ;) I hear what you're saying though - pay attention to those you trust and always ALWAYS look out for #1.
@444 - One day my dearest! Would love to see your husband rock it out :) You've always got an open invitation to join us at one of our happy hours in DC too, you'd have fun.
@Craig - Yup. $hitty, but realistic...and I'm very much the optimist so it's def. something that's hard for me to realize.
@Atlas@mymoneyshrugged - Interesting, I'll have to check out those links my good man. I'm not sure I follow everything you always say, but I admire your passion!
@David@DINKS Finance - you make a good point. I was actually saying to a neighbor yesterday that he could have said it just to get all of us to feel good and start spending again ;) haha....obviously, it got ME excited, but then again so does a 50% deal on a case of Pabst Blue Ribbon!
@kenyantykoon - I hope you succeed! Let me know if you find out any secrets along the way ;)
@Jessie - thanks my friend!
@Laura - people are crazy for sure. unfortunately most will go back to their normal ways once/if things get back to happy land again (although I hope not!). maybe they'll start listening to you more :)
@RainyDaySaver - those stores are like crack - seriously. you get such a high in there but when you're out and done shopping you crash hard!!! haha...
@SavingDiva - I hear that. Esp Amazon.com
@Save Money Hound - Yes! I like the way you think. Trying to finagle some of that myself...
@Kristen from FiLife - LOVE that. If we can continue with it perhaps we can all help each other out and be a great support system :)
@from the desk of ....me - awesome!!! I'm deathly afraid of getting unemployed myself, but if you can truly learn and "find your soul" like you have, then perhaps it really is a blessing in disguise. Thanks for sharing!
J Money - Great retrospective on the economic conditions from the last 18 months... I'll pile onto point #4 (Networking is M-A-G-I-C), and confess that is how I landed a new job after being unemployed for three months. I actually went back to work for a previous employer...
My biggest lesson learned so far has been simple... Given some effort, you can always pick yourself up by the bootstraps and get back into the game. It may take some serious "knocking" on the doors of everyone you know, but it will ultimately pay off. Also, don't ever burn bridges you might need to cross back over some day.
Amen brotha. Congrats on pulling that off too :)
I'd also add that the recession has taught me to tap into my entrepreneurial spirit. I was out of work for a couple of months, and now I have a new job, but the pay is not so great. So after reading an advance copy of Loral Langemeier's latest book, "Put More Cash in Your Pocket," I decided to start a side business as a private tutor to bring in some extra money. Loral's book says to use the skills you already have, and I have experience as a test prep tutor, so I figured, why not find my own clients?
I think a lot of people who are frustrated and out-of-work are starting to take matters into their own hands. Point #2 is right on--no job is ever safe--but if you are self-employed, you're a lot safer!
Oh yeah, most def.! Doing side gigs for yourself and getting more entrepreneurial is an awesome way to increase financial stability. Keep it up :)
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