Unusual times can demand unusual headlines, which is exactly why I used the above.( Yogi Berra might have been the originator.)
I’ve been writing and speaking on the topics of business and the economy, as well as motivation and other topics people need to navigate these difficult times. Unlike other speakers, or the so called “Gurus” who pitch these..”Get Rich”..”Invest in This”…”Increase Your Income”…” Jump Start Your Business” schemes..I have at least done in life, and in practice what I preach. If you were to steer your life or your business in the direction of these and more troubling, the so called “Experts”…and…”Talking Heads” on television, or radio. You would either be broke, bankrupt, unemployed, or all three combined.
I’ll limit this post to just focus on what the headline truly pertains to, because I could write a book on this subject. ( Don’t be surprised if I do!)
The parallels with 1929 and 2009 are numerous in deed. However, the difference now is the media. Back in the day when the depression was taking hold the so called ” Spin factor” from the media was almost non existent by today’s standards. You received your news by either a dominant local or national newspaper, or you heard a variation of the same headlines on the radio and again only from a limited amount of sources. The news was the “News” not a lot of conjecture and opinions. You also had the man on the street telling experiences to his neighbors, not a so called ” Man in the Street” poll by an unknown source. Listening to the “Media” of late, you would wake up in the morning being told” The Great Depression is upon us all is lost”….only to be told the next day..” Greatest Buying Opportunity in Stocks and Real Estate since 1939″…Personally, I never knew macro economic shifts could happen daily ( yes, pun intended!), but if you rely on the “Media” for your information as to how your going to position your business or portfolio, well I would imagine your business, your pocketbook, and your sanity are all in the same place….In the dumpster.
Today I watched the financial channels, and to my amazement I heard one person say in response to reported plummeting economic indicators ” Well the figure is right in line with expectations…This number is built into the market..We should go up in value from here.” The problem with this was the pushed aside fact of the previous numbers were revised DOWN..to the worst since 1937! This is the equivalent of someone telling you they thought they had $100 in their pocket , but only found $50 , but since they thought they could have been broke, they can now go out to dinner. However they will not take into consideration that they just received a bill for $200 that went unpaid which will be due tomorrow.
It ceases to amaze me how people who seemingly understand this dynamic are unwilling to do anything to counteract it. If there is one thing I could point to over my years that’s helped me and protected me from some of the worst mistakes a person could make, is I pay for my information. Yes I pay, and to some I pay far to much. I have been told that they could buy a new car with the money I spend annually. However my “News and Information” is for the purpose of useful, usable, actionable, and results based information. What they don’t understand is my information buys me the car. Them just buying a car will only give them large repair bills, and even larger headaches!
You need to pay for information….You’ll go broke paying for opinions!