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Economic crisis: Making the most of it
By Joandapol Philamaguila
The current situation of a slowdown in economic activity not just in the US but even on a global scale is challenging enough that comparisons have been made to the
scenarios experienced in the Great Depression several scores ago. The fact is that it is something that we all have to face or deal with. As the adage goes, we can only deal with the hands we are dealt, so the next best thing is to approach our circumstance and adapt in the most optimal way we can. Job layoffs do occur, and while it is easier said than done, there may be silver linings in these events. I have 2 cousins in Canada who had their work retrenched and it has been tough. But we are hopeful that this could be a signal for them to really find their niche and utilize their best skills as they had never tried before. Re-training and learning new skills are good and one has to focus on
what one really wants. It is hard but is doable. You see I personally survived a job downsizing in the 1990s so I can really feel the pain, so to speak. Another area of optimism as well is in stocks or equity investing. After having been a long-time investor, I still remain steadfast to the dictum that times of uncertainty and fear are bad but can and do represent areas of potentially huge opportunities, over the long term and provided one does his research in selecting companies with strong and sound fundamentals. This entails trying to combine what you know works now and what you hope or believe will have a business model that will be effective in the future. And of course, making the most of the economic downturn we are facing can only be possible with the basic
ingredients of faith, family and friends, and most ciritical, your very own drive and will - from your own attitudes and perspectives and corresponding ACTION, not just wishes or dreams - in going for the things that you decide to pursue.
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