Figmentations

The current financial crisis has certainly made many people re-think their way of doing things. I would expect that those hardest hit by a sudden, severe, and unexpected shock would most likely be the first to change their ways.  But, for how long?

The degree and amount of change will certainly depend on how hard hit such individuals and their loved ones have been by this financial crisis, as well as their ability to recover from it, what and how much has been lost, and what is still at risk of being lost.

And, what about those of us that are still in pretty good financial shape and are not being forced to change due to circumstance, will we still change some of our habits based on a reawakened awareness to the realities of risk and uncertainty?

How many people are now re-assessing, or no longer putting off, serious planning for: retirement; long-term health care; emergency funds for unexpected expenses, including car repairs or necessary home repairs (e.g., plumbing; electricity; heating) or major appliance replacements; etc.?

To what degree will we see a re-emergence of the suburban survivalist and the do-it-yourself industry? For how long will we pay for more things with cash and less with credit? What changes will we see in sales pitches, incentives, rewards, penalties, bonuses, interest rates (on savings, on debt, on loans.), role models, and the behaviors of our neighbors or friends?

Have some of us become more grateful for what we do have and what we haven’t lost or put at risk?

How many of us will instead choose anger and resentment towards those that have recklessly or negligently put the system and taxpayer money at risk?
And, how many others of us will make no changes at all, believing that these kinds of things only happen to other people and that the environment around them hasn’t significantly changed much at all?

In the end, it’s important to know how our behaviors will change collectively, but regardless of what everyone else is doing, it is most important for us to look out for and do what’s best for ourselves.

That’s why I most align myself with the following Denis Waitley quote:

Expect the best, plan for the worst, and prepare to be surprised.”

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