Government economic bailouts, foreclosure, rising unemployment rates, war and lives being lose, huge mega banks going under - everywhere you turn, the news always seems to be bad.
Most people consider this to be the worst of all times. But as I have always taught you, things could always be worse! Let's take a look back through history.
In September of 1873 America's economy entered a crisis known as the Panic of 1873. This period was also known as "The Long Depression"; however, this period did not last longer than the "Great Depression". During this time, Jay Cooke & Company, which was a major component of the United States banking establishment, had to file bankruptcy, resulting in a chain of bank failures and the New York stock market closed temporarily. Of the 364 railroads, which the US economy revolved around, 89 went bankrupt. A total of 18,000 businesses failed between 1873 and 1875. The unemployment rate reached 14% by 1876. Construction work lagged, wages were cut, real estate values fell and corporate profits vanished.
On October 29, 1929 when the US stock market crashed, the day was termed "Black Tuesday". Most historians believe that this started the Great Depression of the 1930s. During the Great Depression, more than 9,000 banks went out of business and the unemployment rate was more than 25%. That's right, 1 out of every 4 Americans were jobless! By 1933, people who had deposited money in banks had lost $140 billion in deposits nationwide. During this time there was no "FDIC", your money wasn't insured so if a bank went out of business, you lost your money!
Today, although things could certainly be better, the unemployment rate is around 6.1% nationally and only 40 banks have went under since this financial crisis started last year. We're not anywhere near the situation as the Panic of 1873 or the Great Depression, but there are plenty of lessons to learn from that history. And the biggest one is that most all of the great economists of our time who have studied that period agree that the financial conditions WERE NOT bad enough to warrant what happened.
It was caused by FEAR! That's why in 1933; Franklin D. Roosevelt said those now famous words "the only thing we have to fear is fear itself." Which by the way, those words were suggested to him by Napoleon Hill, author of the classic Think and Grow Rich.
The reason why the economy seems to steadily be going backwards today is because the media makes it seem as though the "sky is falling". Not only the media but even some government officials speak publicly about how these economic times are some of the worst in history and are probably going to get worse. This kind of ideology and philosophy will surely drive us back into some of the most blemished economic times in our history.
In my blog dated September 21st I talked about turning negatives into positives. The 1st step in this process I explained was to "Stop reading the negative press in the newspaper and watching the TV news". It is beyond my comprehension how so many conservative intellectuals run these large media companies and they continuously run this negative media that is driving our country into mental bondage!
The more FEAR that is instilled into the minds of Americans, the less likely they are to seek opportunity and invest back into the great country that gave us the capitalistic society that we have grown to love and prosper in over the last several decades. This was the reason for the largest single day point loss ever in stock market history. On September 27, 2008, earlier this week, the Dow slipped 778 points and the market value lost approximately $1.2 trillion, ALL IN ONE DAY! Why did this happen, because of the much anticipated response from the US House of Representatives that voted to reject the $700 billion bank bailout plan.
President George W. Bush announced on national television days earlier that a rejection of the bill would send our economy into a possible depression and results would be disastrous for the American people. So naturally when the bill was not passed, mostly everyone panicked and that was clearly evident with the results of the closing bell on Wall Street on the 27th.
After most investors and the American people had time to calm down, the stocks rose again the next day. I personally believe that the media also began to realize how the news itself was causing massive fear and the tone of all of this started to change. The "Bailout Bill" itself was modified, and then passed a few days ago.
Since the government has passed this the bailout to rescue these failing financial institutions, I am asking everyone that is reading this to help me initiate the next bailout they should push in the media - THE US MENTAL BAILOUT!
It will start with you - right now! You have to understand that things will get better starting with you getting better! You have to understand that things will change, starting with you changing! There is no better time to start than right now! I got better and I my life changed forever when I realized this!
2 Tips to start NOW!
1. Your beliefs become your reality!
If you start to change your beliefs, your reality will start to change.
2. Your philosophy will equal your income!
Since this is true then you should have a philosophy of HIGH expectations.
There is the same number of opportunities today as a few years ago and possibly more, you just have to find them. Because of the economic conditions, the opportunities may have shifted to different industries and more favorable to one industry versus the other but, believe me, opportunities are still out there!
In 1929 following the crash of Wall Street, John D. Rockefeller said, "These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again."
Not only has opportunity thrived after major US economic offsets, but several prominent companies have started during these times.
In 1876, Thomas Edison opened a laboratory and invented the incandescent electric lamp, which started the 1st half of General Electric. All of this happened during the Panic of 1873. Today General Electric, also known as GE, is the world's 6th largest company!
In 1934, in the middle of the Great Depression, Bill Hewlett and David Packard started what is today the largest technology company in the world --- HP. You have probably owned a computer or printer made by their company.
Bill Gates and Paul Allen started Microsoft during the recession of 1975. Obviously most of us know that these 2 gentlemen are BILLIONAIRES today!
Who will the historians be talking about at the end of this century? How will your family remember you coming out of these mildly troubled economic times in the years to come?
These individuals weren't listening to the naysayers and the media...and neither should you.
I know this and understand this. You have to know this and understand this as well. The faster you internalize this and spread the word, the faster your own economy and your own future will be altered to receive the life of abundance you are looking for and you deserve.
Always remember, the key to life change is not inspiration or motivation, but the key to life change is education!
Stay informed, stay consistent, stay plugged in, and you will begin to create the future that you have always wanted!
God Bless and Good Luck in your endeavors!
Reco T. McDaniel is the founder and CEO of C.O.D.E. R.E.D. Marketing, which he founded in July of 2001. They are a marketing and training company comprised of a team of like-minded individuals focused on personal growth, spiritual fulfillment, and financial stability. Their focus is helping individuals create wealth in all these areas and helping them realize the champion within themselves! His mission is to personally create 100 millionaires by the year 2016 within his organization!
Reco started his road to entrepreneurship while in college full-time and working a full-time job. Upon seeing that his job was keeping him from accomplishing many of his personal goals, he started working very diligently on his part time business. Within a short period of time he was able to leave his job and pursue his dreams full-time. Since paying off debts, changing his lifestyle, and achieving many personal goals, he has coached and mentored thousands of people nationwide while building a personal business that exceeds 10,000 reps and annual revenue of more than $4 Million in less than two years with a company called Lightyear Alliance. These accomplishments have allowed him to become financially free in his mid 20s. His objective is to train, educate, and create wealth in every interested person he comes in contact with. His teachings, focusing on personal growth, spiritual fulfillment, and financial stability are unparalleled, transcending cultural and age barriers.
Today, Reco and his family reside in Atlanta, GA. He is happily married to his best friend Shanee' and currently the father of a son, Reco Jr. He credits his success, first and foremost, to his faith in God and then to his obligation to his family. Reco's strong belief, "We are blessed by God to be a blessing in someone else's life!" shows in his teachings.http://ezinearticles.com/
Read More ..
Senin, 02 Maret 2009
Find Awesome PSP Console Deals Today!
The truth is that, despite of, or perhaps because of, the deteriorating world economic outlook, you can find PSP console deals today that you would not have dreamed were possible a year ago. As the worldwide economic downswing starts really getting into it's stride, manufacturers and retailers have started going into survival mode - and cashflow becomes all important.
This is great news for those who can take advantage of the situation. Just like now is a great time to actually buy real estate and solid income generating stocks because you can get them at bargain basement prices, so too has the price of a PSP console become more negotiable as stockists try to move inventory and keep their cashflow ticking.
While you may well be offered a price reduction on a PSP console for sale in a retail store, these PSP prices do not have the same flexibility that a PSP for sale online has as these stores need to adhere to management guidelines. In fact, the place where you have the greatest chance of finding a mind blowing bargain is online on the auction sites.
A quick check for a PSP for sale online at a large auction site will show you just how flexible prices have become. In short, you are likely to find the cheapest PSP console available to the public for sale online.
Of course it is as well to know what the going rate for a PSP console in the retail stores is so that you can recognise a great PSP console deal when one presents itself. Also, be sure to stick to the large, more well known auction sites and satisfy yourself that the seller has a good track record.
This may all sound like a lot of work, but in reality it will take you less than 5 minutes - and the reward in terms of money saved could be quite substantial./span>http://EzineArticles.com Read More ..
This is great news for those who can take advantage of the situation. Just like now is a great time to actually buy real estate and solid income generating stocks because you can get them at bargain basement prices, so too has the price of a PSP console become more negotiable as stockists try to move inventory and keep their cashflow ticking.
While you may well be offered a price reduction on a PSP console for sale in a retail store, these PSP prices do not have the same flexibility that a PSP for sale online has as these stores need to adhere to management guidelines. In fact, the place where you have the greatest chance of finding a mind blowing bargain is online on the auction sites.
A quick check for a PSP for sale online at a large auction site will show you just how flexible prices have become. In short, you are likely to find the cheapest PSP console available to the public for sale online.
Of course it is as well to know what the going rate for a PSP console in the retail stores is so that you can recognise a great PSP console deal when one presents itself. Also, be sure to stick to the large, more well known auction sites and satisfy yourself that the seller has a good track record.
This may all sound like a lot of work, but in reality it will take you less than 5 minutes - and the reward in terms of money saved could be quite substantial./span>http://EzineArticles.com Read More ..
Minggu, 01 Maret 2009
The Pharmaceutical Industry in Today's Economic Recession 2009
As these words are being written down, the world is going through extraordinary times, with a financial crisis not experienced since the world wars. Markets are in turmoils and uncertainty is part of many businesses and industries. Several financial analysis are available for us to read, but the content often difficult to digest. The recession has badly affected many industries who are now desperately seeking help, such as the car industry. But what will be the specific impacts of the economic recession on the biotech and pharmaceutical industry.
The pharmaceutical and health-care industry have historically been relatively immune to economic turndowns, because illness doesn't take a vacation. Yet, with the ongoing recession, financial support will be reduced. Therefore, like in other industries, it is expected that the most affected by the reduced availability in funding will be the early stage biotech and pharmaceutical companies who need funding. But is there more to come?
There are a few possible speculations.
1.There is a possibility that things will get worst due to the fact that the market will be so uncertain that no financial investors will be willing to back up any company with a risky profile, notably in regards to the early or short term investments. In the event of this scenario, all industries will be affected. Companies with little cash will go one by one, until the economy heals.
2.Investors are often reluctant to put their money into biotech and pharmaceutical companies because of other very attractive industries such as buyouts and investments in resources (mines, oil). As the economic crisis goes on, the opportunities for capital will decline further. Because of the known and well recorded risk profile of the biotech and pharmaceutical industry, investors are going to stay away and put their assets in sectors with none to low risks. However, exit routes also play an important role. Unless there is a fast return, there is only one way for a biotech/pharma company to be profitable: through acquisition by a larger biotech or pharmaceutical company. Because of the way biotech and pharmaceutical companies usually grow, this is highly likely to happen. In this scenario, smaller companies, unable to sustain their finance could potentially ask bigger biotech/pharma company to bankroll them, allowing the industry to survive and even grow.
As a matter of fact, that second hypothesis has already started to take place. With today's economic turndowns, big drug companies are on a shopping spree. With the stock market prices tumbling, acquisitions are becoming cheaper. Also, struggling to find loans and capital, smaller companies are now more enticed to turn to the bigger ones to survive. Many big pharma companies, such as Bristol-Myers, GlaxoSmithKline or Wyeth, have been staring down billions worth of drug-patent expirations and many of them have few up-and-coming drugs to fill the blank. This economic crisis has given them exceptional opportunities to find bargains amongst the unfortunate small to medium companies in need for funding.
Nonetheless, it is important to remember that although the recession has yield great merges and acquisitions by the bigger biotech/pharma companies, the biotech and pharmaceutical industry is also very affected by the economic slowdown, and many of them are cutting jobs and closing factories. The belief of pharmaceutical and the health-care industry immunity to economic turndown is now on hold, and so is the hope for new medicine breakthrough.
Thalie Y is dedicated to providing unbiased and quality information about clinical research and clinical trials.http://ezinearticles.com/ Read More ..
The pharmaceutical and health-care industry have historically been relatively immune to economic turndowns, because illness doesn't take a vacation. Yet, with the ongoing recession, financial support will be reduced. Therefore, like in other industries, it is expected that the most affected by the reduced availability in funding will be the early stage biotech and pharmaceutical companies who need funding. But is there more to come?
There are a few possible speculations.
1.There is a possibility that things will get worst due to the fact that the market will be so uncertain that no financial investors will be willing to back up any company with a risky profile, notably in regards to the early or short term investments. In the event of this scenario, all industries will be affected. Companies with little cash will go one by one, until the economy heals.
2.Investors are often reluctant to put their money into biotech and pharmaceutical companies because of other very attractive industries such as buyouts and investments in resources (mines, oil). As the economic crisis goes on, the opportunities for capital will decline further. Because of the known and well recorded risk profile of the biotech and pharmaceutical industry, investors are going to stay away and put their assets in sectors with none to low risks. However, exit routes also play an important role. Unless there is a fast return, there is only one way for a biotech/pharma company to be profitable: through acquisition by a larger biotech or pharmaceutical company. Because of the way biotech and pharmaceutical companies usually grow, this is highly likely to happen. In this scenario, smaller companies, unable to sustain their finance could potentially ask bigger biotech/pharma company to bankroll them, allowing the industry to survive and even grow.
As a matter of fact, that second hypothesis has already started to take place. With today's economic turndowns, big drug companies are on a shopping spree. With the stock market prices tumbling, acquisitions are becoming cheaper. Also, struggling to find loans and capital, smaller companies are now more enticed to turn to the bigger ones to survive. Many big pharma companies, such as Bristol-Myers, GlaxoSmithKline or Wyeth, have been staring down billions worth of drug-patent expirations and many of them have few up-and-coming drugs to fill the blank. This economic crisis has given them exceptional opportunities to find bargains amongst the unfortunate small to medium companies in need for funding.
Nonetheless, it is important to remember that although the recession has yield great merges and acquisitions by the bigger biotech/pharma companies, the biotech and pharmaceutical industry is also very affected by the economic slowdown, and many of them are cutting jobs and closing factories. The belief of pharmaceutical and the health-care industry immunity to economic turndown is now on hold, and so is the hope for new medicine breakthrough.
Thalie Y is dedicated to providing unbiased and quality information about clinical research and clinical trials.http://ezinearticles.com/ Read More ..
Economics: The Gap Between the Have & Have Nots Is Much More About Individual Choice
Much is written today about the economic disparity between the economically advantaged and the economically disadvantaged or the have and the have nots. To close this gap, politicians and social reformers advocate a redistribution of the wealth from the rich to the poor. Yet, the gap still doesn't close given all the resources from tax reduction to socially aware programs funded through the performance efforts of the economically advantaged.
Maybe it is time to stop using economics as the source of the problem and considered that in many, not all, cases this gap between the haves and the have nots is really due to one simple word – choice. How many times do we choose in everyday life what we what to have:
* Eat at home vs. eat out
* Buy a safe, maintenance friendly inexpensive vehicle vs. an expensive high maintenance car
* Buy a home that is nice and meets basic needs vs. a home that is expensive and goes beyond basic needs
* Buy $20 walking or tennis shoes vs. $200 name brand tennis shoes
* Visit the library for reading material vs. buying new books
* Purchase one nice color TV vs. buying several color TV’s
* Working with current cell phone or technology vs. upgrading cell phone at every opportunity
* Attending school or professional development to qualify for further career advancement vs. not attending school
* Eat healthy food vs. eating fat and calorie heavy foods
* Walking an extra 20 minutes a day vs. watching TV
* Making it to work or school on time vs. not making it to work or school on time
By now, you have the idea. Life is truly about making choices. These choices affect what we have and what we have not. By choosing wisely, we make decisions that impact many years into our future.
Our founding fathers made specific choices in forming a government that potentially would allow individuals to perform at the level of their choice through what some call meritocracy. The three basic ingredients to this state are: motivation, energy and talent. Even though this infant government was not perfect, in just under 200 years, this United States was able to send a man to the moon and return him safely back to earth.
Through this structure, many have made choices allowing them to move up from the bottom to the top of the economic ladder. Choices may have involved self-sacrifice from working 2 jobs and going to school to truly understanding the difference between wants and needs. These individuals continually stretched their own individual potential in their ongoing quest to live their passion.
In today's world, the one have choice that closes the gap between the have and the have nots is education. According to data from the 2000 Census, high school graduates earn 50% to 75% less over a lifetime of work than 4-year college graduates to advanced degree individuals such as doctors or lawyers. Students who make a choice not to have a high school degree or GED earn even less provided that they can find a job in our knowledge driven society.
Many wish to ignore this elephant in the room – choice – when talking about the "real" problems regarding the economic gap between the have and have nots. The redistribution of wealth through taxation never addresses this much ignored elephant of choice. Bottom line is that taking personal responsibility for having made a choice is much more difficult than taking personal responsibility for not having made a choice.
Leanne Hoagland-Smith quickly doubles results for her clients from individuals (small businesses owners, entrepreneurs and young people) to large organizations by creating executable strategic action plans along with the necessary skills to pull it off. By closing the gap between today's unsatisfactory performance to tomorrow's goals, limited resources are maximized with waste including time being reduced. Please feel free to contact Leanne at 219.759.5601 or visit http://www.processspecialist.com/ and explore how she can help you.http://ezinearticles.com/ Read More ..
Maybe it is time to stop using economics as the source of the problem and considered that in many, not all, cases this gap between the haves and the have nots is really due to one simple word – choice. How many times do we choose in everyday life what we what to have:
* Eat at home vs. eat out
* Buy a safe, maintenance friendly inexpensive vehicle vs. an expensive high maintenance car
* Buy a home that is nice and meets basic needs vs. a home that is expensive and goes beyond basic needs
* Buy $20 walking or tennis shoes vs. $200 name brand tennis shoes
* Visit the library for reading material vs. buying new books
* Purchase one nice color TV vs. buying several color TV’s
* Working with current cell phone or technology vs. upgrading cell phone at every opportunity
* Attending school or professional development to qualify for further career advancement vs. not attending school
* Eat healthy food vs. eating fat and calorie heavy foods
* Walking an extra 20 minutes a day vs. watching TV
* Making it to work or school on time vs. not making it to work or school on time
By now, you have the idea. Life is truly about making choices. These choices affect what we have and what we have not. By choosing wisely, we make decisions that impact many years into our future.
Our founding fathers made specific choices in forming a government that potentially would allow individuals to perform at the level of their choice through what some call meritocracy. The three basic ingredients to this state are: motivation, energy and talent. Even though this infant government was not perfect, in just under 200 years, this United States was able to send a man to the moon and return him safely back to earth.
Through this structure, many have made choices allowing them to move up from the bottom to the top of the economic ladder. Choices may have involved self-sacrifice from working 2 jobs and going to school to truly understanding the difference between wants and needs. These individuals continually stretched their own individual potential in their ongoing quest to live their passion.
In today's world, the one have choice that closes the gap between the have and the have nots is education. According to data from the 2000 Census, high school graduates earn 50% to 75% less over a lifetime of work than 4-year college graduates to advanced degree individuals such as doctors or lawyers. Students who make a choice not to have a high school degree or GED earn even less provided that they can find a job in our knowledge driven society.
Many wish to ignore this elephant in the room – choice – when talking about the "real" problems regarding the economic gap between the have and have nots. The redistribution of wealth through taxation never addresses this much ignored elephant of choice. Bottom line is that taking personal responsibility for having made a choice is much more difficult than taking personal responsibility for not having made a choice.
Leanne Hoagland-Smith quickly doubles results for her clients from individuals (small businesses owners, entrepreneurs and young people) to large organizations by creating executable strategic action plans along with the necessary skills to pull it off. By closing the gap between today's unsatisfactory performance to tomorrow's goals, limited resources are maximized with waste including time being reduced. Please feel free to contact Leanne at 219.759.5601 or visit http://www.processspecialist.com/ and explore how she can help you.http://ezinearticles.com/ Read More ..
Reverse Mortgage - Today's Low Rates Make it More Attractive
The recent drop in interest rates is positively changing the reverse mortgage landscape. One of the key factors that determine how much you are eligible to borrow is the interest rate. That said, the next few months could be an opportunity to cash in with a reverse mortgage.
There are three variables that control the amount of money you receive with a reverse mortgage:
Age - You must be 62 or older, but the greater your age the more you qualify for
Appraised Value -Your eligible amount is based on a percentage of your home value
Interest Rate - The lower the rate, the more you are eligible for
In some cases, today's lower rates can help make up for the decrease in property values. Here's sample of what's available for a 73 year old with a $200,000 appraised value and an expected rate of 5.1%. The 73 year old could choose between $130,400 in cash or $818 per month for life. There would also be to option to choose a combination of lump sum cash and receiving a monthly check for life.
The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions. The max lending limit has now been raised to 417,000. With a $417,000 appraised value, the 73 year old could access net funds available approaching $280,000 or a monthly check of about $1,700 for life.
According to the American Association of Retired Persons, the top 5 reasons seniors get a reverse mortgage are:
1. Pay off mortgage (20%)
2. Home repairs/improvements (18%)
3. Improve quality of life (14%)
4. Everyday expenses (10%)
5. Emergencies/unexpected (9%)
There are options available with no out of pocket costs, and counseling from a HUD approved counseling agency is required prior to application. This helps ensure your safety and comfort in the decision making process. In light of today's economic conditions, a reverse mortgage may be the right financial tool for you to use. That's called "Retiring in Style"!http://ezinearticles.com Read More ..
There are three variables that control the amount of money you receive with a reverse mortgage:
Age - You must be 62 or older, but the greater your age the more you qualify for
Appraised Value -Your eligible amount is based on a percentage of your home value
Interest Rate - The lower the rate, the more you are eligible for
In some cases, today's lower rates can help make up for the decrease in property values. Here's sample of what's available for a 73 year old with a $200,000 appraised value and an expected rate of 5.1%. The 73 year old could choose between $130,400 in cash or $818 per month for life. There would also be to option to choose a combination of lump sum cash and receiving a monthly check for life.
The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions. The max lending limit has now been raised to 417,000. With a $417,000 appraised value, the 73 year old could access net funds available approaching $280,000 or a monthly check of about $1,700 for life.
According to the American Association of Retired Persons, the top 5 reasons seniors get a reverse mortgage are:
1. Pay off mortgage (20%)
2. Home repairs/improvements (18%)
3. Improve quality of life (14%)
4. Everyday expenses (10%)
5. Emergencies/unexpected (9%)
There are options available with no out of pocket costs, and counseling from a HUD approved counseling agency is required prior to application. This helps ensure your safety and comfort in the decision making process. In light of today's economic conditions, a reverse mortgage may be the right financial tool for you to use. That's called "Retiring in Style"!http://ezinearticles.com Read More ..
Can Celebs Like Tiger Woods Weather the Economic Crisis?
Golf champion Tiger Woods lost at least a portion of his income when General Motors ended its relationship with him. The volatility of the auto industry was certainly a factor in Woods' sponsorship deal closing a year and $8 million early. But I'm not worried about Tiger-he'll roar on to other sponsorship deals. Other celebrities, however, like many of us, aren't that lucky.
Take Damon Dash, the estranged business partner of rapper Jay-Z, who may lose two of his Manhattan apartments to foreclosure for failing to pay $7.3 million on the mortgages. A judge has also requested the seizure of his Chevrolet Tahoe due to missed payments, he's got $2.1 million in claims against him for NY state taxes, and a lawsuit based on claims he didn't fully pay the law firm involved in his child-custody case. As one lawyer said, "...to borrow a phrase from my Kentucky homeland, they haven't got a pot to p--- in. They're broke."
Scott Storch, the former Roc-A-Fella Records bigwig who produced hits for Fat Joe, Beyonce, Dr Dre, and G-Unit (as well as being an ex-flame of Paris Hilton), had his Miami mansion foreclosed and his Ferrari repossessed.
I work with celebrities in my private practice and so I'm aware that they have all the same problems as Joe Six-pack, just more so. That includes the economic crisis. Just like all of us mortals, there are stars (and the people around them) who haven't received very good financial advice or have simply been too arrogant about their wealth, and now are in difficult situations. There's a lot we can learn from the problems they face, as well as from the economic recession we all find ourselves in these days.
Some big names have been rescued. Whitney Houston was deep into foreclosure proceedings for her New Jersey mansion because she was more than $1 million behind on her mortgage and taxes. Fortunately, she was able to sell the home. Ed McMahon, who was Johnny Carson's sidekick on The Tonight Show for decades, was facing foreclosure on his multimillion-dollar Beverly Hills home because he was $644,000 behind on mortgage payments; he was bailed out by Donald Trump, who bought the house and allowed McMahon to continue living in it. Michael Jackson nearly lost Neverland Ranch to foreclosure in May 2008, but got a reprieve from a real estate company that bought the $23.5 million loan that Jackson had been unable to pay back, which saved Neverland from the auction block.
We're all hurting. The 2008 presidential and local elections were swayed more by the heft of what's in our wallets than by the war in Iraq, our dependence on oil (foreign or otherwise), or whether or not gays could get married. In other words, what really counted was our economic well-being.
Those of us who aren't wealthy (or once-wealthy) celebrities are facing plenty of challenges. Are we in danger of losing our home? Have we dug ourselves deeply into the hole of credit card debt? Is our job safe? If not, can we find another one? Are we covered by enough insurance to survive a health crisis financially? Can we keep our children from going into debt in order to get an education? Can we get the loan we need to keep our business afloat? Why are we so much more scared about it all now than we were in previous recessions? And what can we do as individuals to turn the situation around?
I'm a health & wellness educator, but for many years my "day job" was as an attorney specializing in commercial real estate transactions. I'm aware of how different today's economic crisis is compared to the ones I worked my way through in the past. Last year, when my insurance agent casually remarked on how many were suffering in a downturned real estate market, I ignored his comment. After all, out here in southern California, it's always sunny. Malibu, my home, seemed untouched by the economic downturn in other areas. It didn't dawn on me that this crisis was profoundly serious across the board until Christmas 2007, when the bottom fell out of the real estate market throughout the country. Healthy real estate transactions fell apart. Lenders that had promised funds got cold feet and backed out.
Then the Bear Sterns collapse threw a shock wave throughout the industry, even in sunny California, and things have been crashing down around us ever since. When my insurance broker called for my renewal in 2008 and I asked how it was going for him, he started to cry. He had lost his house in January, his wife in February. Now everyone I talk to has a hard luck story. My acupuncturist has gotten a second job pumping gas, and he's lucky to have a job at all. Others I know have lost their jobs and are wondering what's next in this seemingly endless downward spiral.
What, I wondered, is the difference between today's economic crisis and those in the 80s and 90s? I realized that one of the major differences is that we are so much more connected these days - individual to individual, country to country around the world, so things happen much faster and on a bigger scale. Look at how oil prices are affected globally. The housing and mortgage crisis, which should have been limited to the confines of the U.S., wound up having an effect on markets worldwide as global financial institutions were involved. Our next big crisis will result from overwhelming credit card debt and we'll watch giant institutions like American Express being brought to their knees. The word on the street is that they're selling our credit card debt for 2-½ cents on the dollar! That's surely a situation that will explode.
The present crisis has in large part been created by unbridled greed - one of the seven deadly sins for good reason. It's the sheer gall of the auto industry executives arriving in Washington to discuss a bailout - all in their private jets. It's the ungodly sums of money CEOs get as compensation, even as their companies are firing huge numbers of employees. It's the brash assumption of Wall Streeters that the bull market would go up endlessly, or the cynical assumptions of others that the way to get rich is to bet on the downward bear trend.
Economic crises spring from greed, and they are compounded by fear. It's when the average depositor, the infamous Joe six-pack on Main Street, gets afraid and thinks that the stock market or the bank isn't safe, that he runs and pulls his money out, assuming he has any left. Rumor and speculation about disaster are the fuel of the economic fires. And more fuel is added to the fire by the constant reporting of the media - the doom and gloom economic forecasters, the endless pictures of foreclosure signs in front of homes, the surging percentage of job losses and unemployment.
To add insult to the already injured, the government now has to reach deep into taxpayers' pockets to bail out major financial institutions and industries so the economy doesn't completely collapse. We've created real economic chaos, and left it in the hands of our President-elect and his multitude of financial advisors to figure out what to do next.
While Team Obama battles the big picture, what can we do individually? We can look inside ourselves and see where our greed and fear have gotten us - both individually and collectively. We were all greedy, thinking that we could rent or buy homes that cost more than we could afford, that we could carry car payments and insurance payments with ease, that credit cards were somehow the same as having money, that we could borrow from the oil reserves that were meant to protect our future. While impulse buying and the desire to have the latest and greatest "stuff" kept propelling our economy, we lived in blissful ignorance of the consequences. We felt safe as long as we could stay in front of our monthly payments. It's been a rude awakening. We need to scale our wants down to fit our needs. At the same time, let's take steps to keep our fear level in check: time spent in nature, plenty of sunshine, R&R with our family and friends all help to keep us balanced.
Especially at this time of year, when temperatures go down and heating bills go up, let's look around and see where we can extend a helping hand to those who have been swept off their feet by what's happening in our economy. Invite those who are down and out to a dinner or give them a dinner out. When doing your holiday shopping, think about giving those who are hurting a gift card for groceries instead of buying some gadget for relatives and friends. Uncle Joe doesn't need another tie, but your neighbor may need your help. Donate to projects that provide winter coats to those in need. Volunteer to help those less fortunate; no matter how busy we are, we can always find a little time to be of service.
Hopefully, the pendulum has swung from the heyday of "what's in it for me" to the side of "how can we help each other." It's time to know that we can all do with less, that even celebrities can do with less, and that compassion for the plight of others is a great way to curb fear about our own situation. With peace in our hearts and plenty of love to give out, we can combat fear and greed by feeling secure in our humanity if not in our wallets.http://ezinearticles.com Read More ..
Take Damon Dash, the estranged business partner of rapper Jay-Z, who may lose two of his Manhattan apartments to foreclosure for failing to pay $7.3 million on the mortgages. A judge has also requested the seizure of his Chevrolet Tahoe due to missed payments, he's got $2.1 million in claims against him for NY state taxes, and a lawsuit based on claims he didn't fully pay the law firm involved in his child-custody case. As one lawyer said, "...to borrow a phrase from my Kentucky homeland, they haven't got a pot to p--- in. They're broke."
Scott Storch, the former Roc-A-Fella Records bigwig who produced hits for Fat Joe, Beyonce, Dr Dre, and G-Unit (as well as being an ex-flame of Paris Hilton), had his Miami mansion foreclosed and his Ferrari repossessed.
I work with celebrities in my private practice and so I'm aware that they have all the same problems as Joe Six-pack, just more so. That includes the economic crisis. Just like all of us mortals, there are stars (and the people around them) who haven't received very good financial advice or have simply been too arrogant about their wealth, and now are in difficult situations. There's a lot we can learn from the problems they face, as well as from the economic recession we all find ourselves in these days.
Some big names have been rescued. Whitney Houston was deep into foreclosure proceedings for her New Jersey mansion because she was more than $1 million behind on her mortgage and taxes. Fortunately, she was able to sell the home. Ed McMahon, who was Johnny Carson's sidekick on The Tonight Show for decades, was facing foreclosure on his multimillion-dollar Beverly Hills home because he was $644,000 behind on mortgage payments; he was bailed out by Donald Trump, who bought the house and allowed McMahon to continue living in it. Michael Jackson nearly lost Neverland Ranch to foreclosure in May 2008, but got a reprieve from a real estate company that bought the $23.5 million loan that Jackson had been unable to pay back, which saved Neverland from the auction block.
We're all hurting. The 2008 presidential and local elections were swayed more by the heft of what's in our wallets than by the war in Iraq, our dependence on oil (foreign or otherwise), or whether or not gays could get married. In other words, what really counted was our economic well-being.
Those of us who aren't wealthy (or once-wealthy) celebrities are facing plenty of challenges. Are we in danger of losing our home? Have we dug ourselves deeply into the hole of credit card debt? Is our job safe? If not, can we find another one? Are we covered by enough insurance to survive a health crisis financially? Can we keep our children from going into debt in order to get an education? Can we get the loan we need to keep our business afloat? Why are we so much more scared about it all now than we were in previous recessions? And what can we do as individuals to turn the situation around?
I'm a health & wellness educator, but for many years my "day job" was as an attorney specializing in commercial real estate transactions. I'm aware of how different today's economic crisis is compared to the ones I worked my way through in the past. Last year, when my insurance agent casually remarked on how many were suffering in a downturned real estate market, I ignored his comment. After all, out here in southern California, it's always sunny. Malibu, my home, seemed untouched by the economic downturn in other areas. It didn't dawn on me that this crisis was profoundly serious across the board until Christmas 2007, when the bottom fell out of the real estate market throughout the country. Healthy real estate transactions fell apart. Lenders that had promised funds got cold feet and backed out.
Then the Bear Sterns collapse threw a shock wave throughout the industry, even in sunny California, and things have been crashing down around us ever since. When my insurance broker called for my renewal in 2008 and I asked how it was going for him, he started to cry. He had lost his house in January, his wife in February. Now everyone I talk to has a hard luck story. My acupuncturist has gotten a second job pumping gas, and he's lucky to have a job at all. Others I know have lost their jobs and are wondering what's next in this seemingly endless downward spiral.
What, I wondered, is the difference between today's economic crisis and those in the 80s and 90s? I realized that one of the major differences is that we are so much more connected these days - individual to individual, country to country around the world, so things happen much faster and on a bigger scale. Look at how oil prices are affected globally. The housing and mortgage crisis, which should have been limited to the confines of the U.S., wound up having an effect on markets worldwide as global financial institutions were involved. Our next big crisis will result from overwhelming credit card debt and we'll watch giant institutions like American Express being brought to their knees. The word on the street is that they're selling our credit card debt for 2-½ cents on the dollar! That's surely a situation that will explode.
The present crisis has in large part been created by unbridled greed - one of the seven deadly sins for good reason. It's the sheer gall of the auto industry executives arriving in Washington to discuss a bailout - all in their private jets. It's the ungodly sums of money CEOs get as compensation, even as their companies are firing huge numbers of employees. It's the brash assumption of Wall Streeters that the bull market would go up endlessly, or the cynical assumptions of others that the way to get rich is to bet on the downward bear trend.
Economic crises spring from greed, and they are compounded by fear. It's when the average depositor, the infamous Joe six-pack on Main Street, gets afraid and thinks that the stock market or the bank isn't safe, that he runs and pulls his money out, assuming he has any left. Rumor and speculation about disaster are the fuel of the economic fires. And more fuel is added to the fire by the constant reporting of the media - the doom and gloom economic forecasters, the endless pictures of foreclosure signs in front of homes, the surging percentage of job losses and unemployment.
To add insult to the already injured, the government now has to reach deep into taxpayers' pockets to bail out major financial institutions and industries so the economy doesn't completely collapse. We've created real economic chaos, and left it in the hands of our President-elect and his multitude of financial advisors to figure out what to do next.
While Team Obama battles the big picture, what can we do individually? We can look inside ourselves and see where our greed and fear have gotten us - both individually and collectively. We were all greedy, thinking that we could rent or buy homes that cost more than we could afford, that we could carry car payments and insurance payments with ease, that credit cards were somehow the same as having money, that we could borrow from the oil reserves that were meant to protect our future. While impulse buying and the desire to have the latest and greatest "stuff" kept propelling our economy, we lived in blissful ignorance of the consequences. We felt safe as long as we could stay in front of our monthly payments. It's been a rude awakening. We need to scale our wants down to fit our needs. At the same time, let's take steps to keep our fear level in check: time spent in nature, plenty of sunshine, R&R with our family and friends all help to keep us balanced.
Especially at this time of year, when temperatures go down and heating bills go up, let's look around and see where we can extend a helping hand to those who have been swept off their feet by what's happening in our economy. Invite those who are down and out to a dinner or give them a dinner out. When doing your holiday shopping, think about giving those who are hurting a gift card for groceries instead of buying some gadget for relatives and friends. Uncle Joe doesn't need another tie, but your neighbor may need your help. Donate to projects that provide winter coats to those in need. Volunteer to help those less fortunate; no matter how busy we are, we can always find a little time to be of service.
Hopefully, the pendulum has swung from the heyday of "what's in it for me" to the side of "how can we help each other." It's time to know that we can all do with less, that even celebrities can do with less, and that compassion for the plight of others is a great way to curb fear about our own situation. With peace in our hearts and plenty of love to give out, we can combat fear and greed by feeling secure in our humanity if not in our wallets.http://ezinearticles.com Read More ..
6 Critical Cost Cutting Steps When Opening a Dollar Store in Today's Economy
We all know the sad truth about the economy. For many retailers the results of tight money, tight credit, ever-higher unemployment and a general uneasiness had been slowed sales. For some it has even meant total closure of their businesses. While these times can be the perfect opportunity for those who own and operate a dollar, discount variety store, there are critical steps to take to ensure success in the year ahead. In this article I present critical cost cutting steps when opening a dollar store. In reality these very steps should be considered by all retailers as a means of increasing inventory turns and decreasing inventory investment.
1) You must know your store sales patterns. Where do the majority of your customers go as they enter your store? What products draw the most attention? What products sell in the highest volume? Build on this knowledge by never allowing those items to run out. Broaden your offerings in the most popular products categories. Providing a variety of options and complementary products can go a long way in building sales.
2) You must know what sells quickly, what sells slowly and what doesn't sell at all. As mentioned above knowing the products that sell best in your store can be one of the keys to growing sales - even in tough economic times. However it is equally important to understand which products are slow sellers. These are products that should become your focus. The best options are to build sales of these products with better placement and signage, or to reduce total quantities on-hand. Products that are not selling also need to become your focus. It's time to either build sales or eliminate those products entirely.
3) Reduce overall inventory in your store. Keep you store looking fuller by spreading merchandise, reducing the depth of items carried, and by trimming down to the sure-sellers. In today's economic environment opening a dollar store can prove to be more challenging. Certainly inventory management takes on a much more important role.
4) Eliminate items that are not selling. Don't leave your money tied up in merchandise that does not sell. Do everything possible to build sales. If that doesn't work, now is the time to eliminate those products from inventory entirely.
5) Once the non-selling items have been trimmed from your inventory, start working on the slow sellers. That's right while you may have been able to carry slow moving merchandise before; it's time to move it out. Once these items are gone, don't reorder. You need to keep your money invested in the products that customers want and need. Keep your money tied up in products that will make you a profit.
6) When opening a dollar store be cautious about experimenting with new items. While it may have previously been a good decision to bring in new items just to see if they'd sell, times have changed. Be sure every item you add to inventory is a proven seller for others. In today's environment that means you must know the needs of your customers. Then stock only the merchandise that meets those needs.
To your dollar store business success!http://ezinearticles.com Read More ..
1) You must know your store sales patterns. Where do the majority of your customers go as they enter your store? What products draw the most attention? What products sell in the highest volume? Build on this knowledge by never allowing those items to run out. Broaden your offerings in the most popular products categories. Providing a variety of options and complementary products can go a long way in building sales.
2) You must know what sells quickly, what sells slowly and what doesn't sell at all. As mentioned above knowing the products that sell best in your store can be one of the keys to growing sales - even in tough economic times. However it is equally important to understand which products are slow sellers. These are products that should become your focus. The best options are to build sales of these products with better placement and signage, or to reduce total quantities on-hand. Products that are not selling also need to become your focus. It's time to either build sales or eliminate those products entirely.
3) Reduce overall inventory in your store. Keep you store looking fuller by spreading merchandise, reducing the depth of items carried, and by trimming down to the sure-sellers. In today's economic environment opening a dollar store can prove to be more challenging. Certainly inventory management takes on a much more important role.
4) Eliminate items that are not selling. Don't leave your money tied up in merchandise that does not sell. Do everything possible to build sales. If that doesn't work, now is the time to eliminate those products from inventory entirely.
5) Once the non-selling items have been trimmed from your inventory, start working on the slow sellers. That's right while you may have been able to carry slow moving merchandise before; it's time to move it out. Once these items are gone, don't reorder. You need to keep your money invested in the products that customers want and need. Keep your money tied up in products that will make you a profit.
6) When opening a dollar store be cautious about experimenting with new items. While it may have previously been a good decision to bring in new items just to see if they'd sell, times have changed. Be sure every item you add to inventory is a proven seller for others. In today's environment that means you must know the needs of your customers. Then stock only the merchandise that meets those needs.
To your dollar store business success!http://ezinearticles.com Read More ..
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