I truly believe that this time of economic challenges is a blessing to our country.  I choose to see it as an opportunity to learn to live our lives a little differently, focusing on what is necessary.  Our country has become a nation of excess in so many ways, this current situation will force us to return to a way of life that is better all around.  My hope is that it will teach Americans to value what is truly important, not making more money or having more things, but appreciating what you have, making family a priority, counting your blessings.

Many of my clients, family and friends are struggling right now, but I say, see that as a challenge, an opportunity.  Learn to live within your means Can I Live Without a Credit Card?, learn to carry way less debt Reduce Debt, use the time that has been freed up to spend with your family, or taking care of yourself, learn to save money Start Saving, learn to appreciate all you have instead of always wanting more Living Your Life Without Debt. 

I have seen, in the workplace and with my own family, the effects of living with excess.  The teenagers and young people, for the most part, have very little work ethic.  They have been given everything, by parents mostly well-meaning, wanting their children to have all the things they didn't have.  Most of them have not been taught the concept of saving up for something they want, working your way up or going without the latest gadget, simply because their parents couldn't afford it.  This has created, in my opinion and observation, a generation of young people who think they should make a huge salary and not have to do very much work to earn it.  They, unfortunately, will be the ones to suffer the most in this economy.  They will have to learn the hard way, the concept of doing without, giving up having everything you want and not being able to find a job.

For the little ones, like my nieces and nephew, it is not too late.  They are still young enough that we can teach them the things we may have forgotten, or that some of us have never experienced.  Things like how to make due with less, the fact that you can't get every toy, gadget, etc. that you want; how to live on a budget, with a lot less coming in, how to save, how to make your dollars stretch further.  I hope that they will benefit from this in many ways, the most important being that they get more quality time with their parents and they learn how to be financially responsible with a strong work ethic.  Here is a link to help you teach your children about saving: Learn to Save.

As for my clients and all small business owners, see this as an opportunity, to streamline your operations, to provide the best service possible, to make sure all your expenses are absolutely necessary, to truly understand your financial statements Accounting Terms Every Business Owner Should Know.  A word of caution though, in this time of lowered income, do not let your accounting records get behind.  This is the most important information you will need to effectively manage your business and know for sure if all your hard work and cut-backs are paying off  What a Small Business Owner Should Know.  It is critical that you keep that information up to date, especially if you have a loan or line of credit from a bank, they will be asking for your financial statements regularly.  If your business is on the verge of closing down, you will need your accounting to be current to help you decide whether or not to keep it going.  Not that you shouldn't focus on your marketing, business relationship building, products, services, etc., but don't leave out the accounting, bookkeeping and tax returns.

As for me, I am choosing to be excited about this opportunity, to see how much I can save, to see what I can get rid of or do without, to look for opportunities for new ways to generate income, to truly be of service and help as many people as I can to make it through this critical time.  Our country will survive, this will make us stronger, it will make us better, now and in the future.  We have a choice right now, hunker down and put our noses to the grindstone, or give up.  What are you going to choose?