A lot has been written lately about what is being dubbed "the worst depression since the Great Depression of 1929." It's as if everywhere you look there is news of major corporations letting go of hundreds of workers, share prices falling to record lows, housing markets crashing, and soon consumer credit is predicted to take a massive hit. After all, if people are not able to pay their mortgages, how can they possibly pay their credit debt?
It sure does seem like a dark and gloomy time, and maybe you personally know of people who have been affected by this failing global economy. Maybe you don't. Whatever the case, if you're like the majority of people out there listening to all this doom and gloom (and buying into it) then you're probably a little nervous about your own financial and life situation.
Did you know that some of the wealthiest people in the world today built their financial and business empires during the Great Depression and during other economic downturns in the past century?
There are people out there making a killing in the stock market right now as stock prices plummet and earnings announcements are being made public.
Savvy investors are snapping up property left and right because property values drop when over-leveraged people can't afford to keep their mortgages and are forced to sell just to survive. Did you know that?
It's true, and it's happening. There are people out there who are getting rich when the general public is focused on fear, anxiety and misfortune. This is not a case of some people being more lucky than others either. It all comes down to one critical factor, (you've probably come across this word before) - mindset.
As Napoleon Hill wrote it in his seminal work Think and Grow Rich, "Both poverty and riches are the offspring of thought. Education has nothing to do with it. Long before I was born, the secret had found its way into the possession of Thomas A. Edison, and he used it so intelligently that he became the world's leading inventor, although he had but three months of schooling."
There was a man born into middle-class Britain - some years ago, who was told he was dyslexic in school. Consequently, he dropped out of the academic path. He then went on to become a multi-billionaire and owner of one of the most recognisable brands today. Maybe you've heard of him. His name is Sir Richard Branson.
How is it possible that Oprah, who was from a poor African-American family in Mississippi, overcame the odds to become one of the most powerful and influential people on television, ever? Mindset.
Then there are those who gain substantial sums of money bestowed upon them in what appears to have been a stroke of luck (say playing the lottery), only to lose it all and end up in a worse position than ever before. You've probably seen a similar story on your local news.
It has been reported that approximately seventy per cent of people who become instantly wealthy lose it all within a few years. Isn't that interesting?
So what separates a winner from others that tried and fell short? What distinguishes a successful entrepreneur from a pretender? (i.e. Somebody who is living what appears to be the fast life but upon close examination, their bank balance would reveal that they are buried deep in debt and living out of their flashy rented car)
What separates the guy who loses his job, sits at home, tells all his friends and family how he can't get another job because the economy is bad - from the other guy who was also affected by corporate downsizing but sees the event as an opportunity and goes out door knocking, seeking another career opportunity?
The answer again, is mindset.
Call it faith, belief, certainty, anything you like. I'm not suggesting that mindset alone is the only thing that will get somebody the results they desire. Having a clear vision of what you want, inspired action, perseverance, a strong undeniable sense of self-worth, possessing or developing the skills required for success, surrounding oneself with like-minded people, and an attitude of playing to win are also important. All of that stems from your mindset.
As one of my inspirational teachers once said "what you focus on expands". Many people focus on doom and gloom, play the victim and give-up their personal power to other people and the environment around them. Those people get exactly what they focus on too - more doom and gloom.
Then there are those who focus on success, vigilantly looking for opportunity, keeping their eyes and ears open. When opportunity presents itself, they run for it and seize it with both hands. They don't sit by and make excuses as to why they will not or cannot succeed, even if they have no idea how they will make it work. They believe that it will work and go for it. Those who take action first are rewarded.
The choice is yours. If you're going to choose how you deal with the economy, regardless of whether it is good or bad, up or down, and you will choose, then why not make the choice that will get you the results that will work for you?
