Five big and brave suggestions on how you and your family can take advantage of a potential economic downturn. A briefing from Futurist Chet W. Sisk
At a conference of real estate and housing professionals last September, I said that the US would be in recession in about 18 months. No self-respecting futurist would usually throw out time frames like that, but I was caught in the moment and wanted to be clear. Someone asked me what I based my prediction on, and I gave them my top three reasons:
More accurately, poor leadership. Recessions aren't natural occurrences like the changing seasons from summer to fall. They occur because we have made the poor leadership decision of thinking that the boom/bust cycle is the best that we can do as a society...
Boom. Bust. Boom. Bust. Boom. Bust. Boom. Bust. Boom. Bust.....
In a future article, I'll go into why that fallacy is keeping us from profound innovation, creativity and breakthrough discoveries. But today, I'm going to share five things that are trending that can make the coming economic time a window of opportunity. This is an extremely important conversation because most of you are carrying really heavy debt loads and will be under some pressure....
You're going to hear the usual suspects tell you to pay down debt, spend only on the essentials and wait this one out, but the truth is, many people still haven't recovered from the last one....
So, yeah, do those things as recommended by the "experts", but why not also go big and brave? Here are five big and brave things you could do right now to get in front of something that might happen....
1. Join a food cooperative. There are many organic food cooperatives all over the place that are looking to get their product to people. These cooperatives can help in your overall food budget. Your cooperative can be as simple as pairing up with other backyard farmers and doing trade. Even more, it could be an effective hedge against food price challenges as climate crisis disrupts world food supply chains.
2. Get rid of your vehicle. For the first time since the automobile age emerged, the number of registered drivers are going down. Why? Because ride sharing and the coming autonomous automobiles are making it smarter and cheaper to get around. without owning a car. This becomes even more important as more people flock to urban areas where space and parking are limited at best. It's just an expense you actually could get by without. You can thank the evolution of AI for this option.
3. Retire overseas. If you're at that age where you're living on a limited pension and you're out of the workforce, consider other countries where you can live on the cheap and like a king.
4. Join a prayer/mindfulness/meditation group. The last thing you need is unchecked anxiety to creep into your household at a time of challenges. There's no substitute for taking care of your spirit in the company of others in tough times. Developing friendships, getting great ideas and sharing suggestions can also come from your time with these people. Don't go into a cave. Reach out, instead.
5. Create partnerships with your rivals. During a recession, people still need services....they just need them cheaper. Creating partnerships with colleagues means you can team up with them to service more people but at a cheaper rate. Sure, it's not the same as when you would do it by yourself, but having partners means you can bring more services to the table and, in theory, get more gigs.
Don't shrink...think! This is the time to be brave and bold in a world going through massive transition.
Chet W. Sisk is an author and one of the world's leading Social Futurists. He is also expert on the current world paradigm shift. Find out more about him and the LEAD Global Team at www.leadtheshift.com or you can write him directly at firstname.lastname@example.org