Tricia M
Speaker, Business Consultant, Wisdom Mentor and Author of "Divine Wisdom at Work" at Working with Wisdom
They call this the Great Recession. What's so great about it? In other words, what gifts or lessons have come from this economic downturn that have made you stronger, smarter and more resilient? Share your wisdom.
Answers (18)
Shankar B
Writer, Artist, Thinker, Musician, & Oddball Innovator
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Tricia,
The biggest lesson I learnt was that the US just prints up more money whenever it needs it.
LoL
Keep well ~ Shankar
FRANK F
—►CEO @ Start-ups + Turnarounds —►Global Strategies + Future Trends Keynotes + Innovation Seminars
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Every great crisis is also a great opportunity.
A major crisis is like a giant crucible. Those
who pass through it are re-molded in varying
degrees, consciously or sub-consciously.
Testing times literally test your resilence and
ability to adapt to and evolve in a changing
environment. Those who do not live through
or in some way experience such times will be
the poorer for it, as will those who deny the
changes going on or who refuse to accept the
causes of them. They will repeat the same
mistakes over and over again, arrogant in their
stubborn belief that they are somehow immune
or not responsible for what transpired.
I have studied economic cycles going back over
multiple decades. I have experienced cycles of
boom and bust during my banking career and as
a consultant. Each one is slightly different, but
they all have common elements that are plain to
see. They also repeat in a fairly predictable cycle.
The next recovery will be difficult and with modest
growth in the economy. Business will demand
much more than before. And the next recession
will occur around 2019-2020. Those who learn
from this recession will be well prepared for it and
will get through it more easily next time. Those
who do not get it this time will be ill-prepared for
the next one.
Within the bigger picture, economic life is fairly
simple and straightforward. Those who don't see
that are destined to suffer the consequences of
greed-driven excesses. The same applies to all
who don't plan and prepare for the inevitability of
cycles. Change is never easy. But it is far easier
for those who study its dynamics and plan for it.
In the Great Recession, there are Great Opportunities….
…to recognize what truly matters to you.
…to allow and receive the assistance of others who wish to, need to, and can give
…to recognize and release toxic relationships in your life that may have been hampering your ability to move forward in personal growth.
…to welcome the interaction of friends and family on a deeper level and to recognize that we’re all here together sharing the same planet and we all share the same joys and sorrows.
…to release what no longer serves you – that might be your job, it might be the “stuff” in your garage or home that has been cluttering up your space and you haven’t been able to part with it but now you need to and perhaps want to.
…to relax into the knowing that there is something greater at work here – a larger plan, so big that we can’t possible comprehend its fullness, but on our own micro level, on a daily basis we can take steps to move from the problem to the solution.
Karen F
Sr. Account Executive at Escrow Associates LLC
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Someone made an interesting observation not long ago. They said the recession would help realign our values. We have become so materially based as a society, that many of us lost touch with what is really important.
On a personal note, I have been reminded that it is not a bad thing to get uncomfortable...In fact, that is where the majority of my growth comes from. The need to learn how to work smarter not harder has been a great lesson. I think the most important reminder I have had is that I am a survivor because I am willing to do what it takes to persevere.
I look forward to reading what others have to say...
Great Question, Tricia!
I have found all kinds of insights, opportunities and reminders during the past few months.
First, and possibly most valuable, I have been prompted to re-examine my habits for inefficiency and waste (of all kinds, including time). I have found new ways to use all my resources more effectively.
Being prodded to create more from less has been a great exercise in using my creativity to find new ways of doing things, uncovering hidden resources, and generally simplifying my life.
I've evaluated - and eliminated - a number of things I was doing that weren't really contributing to my well-being as much as they cost (in money or time or focus).
I've also been very blessed to be able to help friends, family and clients keep a more peaceful perspective on the changes we're going through by showing them how to find their own gifts and lessons.
Personally, I'm finding this time very exciting, because it's pushing all of us to really take a close look at our priorities, be truly grateful for the things that can't be taken away from us, and create new and wonderful opportunities!
I've also talked to people who are actually grateful for the "excuse" to accumulate less. They find that some of the pressure they felt to get more and have more has been lessened.
I think this will be a time of great innovation, and am really looking forward to seeing what happens next!
Diana Nichols
Links:
Be personally responsible - buy only what you can afford - pay off your debt - not just credit cards but auto and home and live like our grandparents did after the depression. They saved and didn't buy unless they had the cash. In other words - defer gratification. Your car is three years old and in good shape - do you really need a new one? Lessons our children can't learn if we never have.
Do no assume the government will take care of you - they are running out of money with no where in this country to get more. Take care of yourself, your family & loved ones.
Volunteer. There is nothing that will help you get your mind off yourself like helping others. Pick a charity - church, big brothers & sisters, a clothing / food back - do something productive and give back to your community.
Spend time with the people you love and be sure that they know you love them. You never know which will be the last day you get to communicate with them.
Zip your lip and sleep on that comment or phone call you'd like to make to an offending party. Almost always the perspective of 24 will convince you otherwise.
There are a lot of free or almost free things to do in every city or town. Hike and enjoy nature, go to a park, sit on the beach and listen to the surf, find free community concerts, make a picnic at home and bring it with you. Old fashion stuff does have it's charm.
Be nice to the person on the highway, grocery line, subway - you have no idea what kind of a day they've had. He might be acting like a flake, but maybe he just lost his job or a loved one, discoverd he has a horrible illness or just got in an accident. We've all had those days and have been flakes ourself.
Pray - God does listen. ;o)
Caitlin K
Paid blogger at trueslant.com
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With the caveat that, as someone self-employed with a low overhead -- i.e. a sudden job loss has not cost me my home, my kids' college education(s), etc. -- this recession is the most interesting of the three (1990, 2002) I've experienced since moving to the U.S. and to N.Y., the putative center of my industry. Now my industry, journalism, is in extremely dire straits -- 12,000 journalists have been fired in the past two years. It's as bad as it has ever been.
So, now what? Take more chances. Meet with and reach out to people I would never have considered in the past -- too young, not my field, too unlikely. Yet it's some of these off-the-margins choices that have so far proven the most promising and fruitful. I have steady work, several really successful new connections, a new agent interested in a new book, a new paid blog and some other irons in the fire that didn't even exist in the last recession.
Last time, I was less willing to bend. This time, I'm seeing the real value of so doing, and those who are suffering the most are those clinging to the past. I heard a business consultant yesterday on the radio say that the only clients to focus on now are ideal ones -- and I think he's right. Time to stop bottom-feeding out of panic and aim high(er.)
If this recession has shaken a few people loose from the delusion that a bigger job/salary/title/car/house/TV/boat is the exclusive or primary measure of their worth in this world, that's a step forward. Millions of people live on $1 a day or less. A global sense of perspective is worth considering; if you still have food in the fridge, a roof over your head you can afford (hopefully, not just your car roof), some money in the bank, an education and your health -- and those who do not are at a great disadvantage -- you have the basics from which to move forward.
I was strong, smart and resilient before. But this time I'm more willing to try new, unfamiliar avenues -- if only to step away from the herd.
Links:
Curiously, I'm taking more risks with getting my art out. Sending work to galleries in other cities, being less dependent on group actions, helping even more shy artists search for galleries and ways to get their work out of their studios and into the world. There's a sort of 'what the hell' positivity. Might be madness but it feels more real that groping for what I've lost.
Robert B
www.InnovationCoach.com and Author: Robert's Rules of Innovation
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Very simple: Don’t delay, invest in innovation now
Come out ahead.
Links:
I've learned to treasure the little things a lot more, including being more grateful and to give thanks often - to my co-workers, family, friends, God. I commit myself daily to work in joy, in place of negativity, and see the positive.
That I can still get excited about new opportunities, and I am open to help and being helped. That being worried is not going get me to where I want to go.
Links:
Susan S
Oppenheimer & Co. Inc., financial marketing writer.
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I don't see anything great about it. What I've learned is composure in the face of stress.
I think we've paid too high a price for that lesson, frankly.
You can make lemonade from lemons, but they still start out as lemons.
It is "great" indeed because it has all my creative juices flowing! Instead of focusing on cutting costs, I have been intentionally seeking way to increase investments. Investing in others by finding out what is important to them right now and creating value for them in those areas. Investing in myself to be more creative an innovative through networking and personal development.
Good question Tricia!
We all like a label to help us sort events or issues don't we? Recession is a label too and lots of organisations are using it as the reason to downsize their staffing or cut their pay whilst keeping the same hours or even adding to their remits.
This treatment tends to create fear in the workforce and that's not a good state to work in.
So a lesson to be learned, if you're in this fear, is to remember that you only have control over how you feel and think. Examine what you're thinking and realise you can decide to stop the fearful thinking and concentrate only on what you can do in the situation. As you realise this you will find you're better able to cope and survive this period.
You may even find that you can take some positive action and learn some useful insights.
Links:
I try to consider my glass "half-full". Therefore, I am focusing on doing things that are preparing for the "up swing". Focus on strengths-don't know what they are? It is time to find out. There is a "angel" inside each of us. That is the power within, the strength, the beauty.
Focus on the "negative" - the "downturn" and that is where you'll stay.
It has made me appreciate more what I had before the recession! Things like: employment, a positive bank account, credit. I think we take a lot forgranted and it sometimes takes not having it to appreciate it. The challenge is to not feed into the feeling of desperation that takes over when you lose a lot.
Alan - Robert "Alan" B
VP of Education 2009-2010 at Toastmasters International - Club 1779
This has not been a GREAT RECESSION or DEPRESSION for me.
Some programs have not sold.
Some clients have canceled.
Fortunately over the previous 3 years I protected myself against this happening.
I learned previously to have a strong financial plan to protect myself against the absolute worst happening. Now it has happened.
Taking the quieter time to focus.
Alan
Gina C
Founder & CEO, AroundTownMagazines.com, Marketing & Advertising Consultant, Franchisor
I've really had to get back to basics: why did I start my magazine business in the first place 13 years ago, what made it successful back then, what am I not doing now, what do I need to change?
I also have to look to the future with a critical eye - especially since I am in the media business.
As in many downturns, I believe that the strong will get stronger and the weak will go away and do something else.
Thanks for posing a great question.
