This week, we were "officially" told that the US economy began its recession last December. I couldn't be more happier. Everyone and his dog already knew it, and if they didn't, well, it doesn't matter. Recessions are marked by negative growth and that translates to job losses, business closures, dwindling consumption, etc. It gets people depressed and businesses scared. But, it is necessary.
Why? Because recessions gives us time to get better, to improve, to innovate. It is during a recession that business need to cut back on excesses and focus on the things that they do really well. They cut down on needless expenditures and hone in on improving efficiencies. As cruel as it sounds, they have an excuse to lay off marginal employees. It gives them a chance to retool their business models that have gone haywire in the money-is-easy days.
More importantly, recessions teach people that a good life isn't a privilege. It is something that must be worked towards and earned. If you're making a $40,000 salary, you shouldn't be living in a $400,000 home. Period. You shouldn't be eating out 5 times a week. Period. You shouldn't be vacationing 3 times a year. Period.
Recessions allow for restructuring. It gives a chance for aligning your priorities again. Scale back on luxury and concentrate on your bread-n-butter. Recessions allow us to get ready for the next up leg in this everlasting quest to move forward with life. Get your business in order for the next round.
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