I just finished taping tonights segment for CNBC’s On the Money. The topic was, of course, today’s historic inauguration and the impact President Obama’s leadership can and will have on the economy - but more specifically as it relates to each and every one of us.
President Obama challenged us to embrace change…I am up to that challenge…are you?
Here are 4 things I think each and every one of us can do to make our lives better in the coming months as we battle through this economy.
1) Leave Your Ego at the Door
No job or salary is beneath you so get over it and yourself for that matter. It may suck having to start from the beginning, but that is what rebuilding and sacrifice mean. We are all on the same team (Team America) so step up and do your part.
2) Incredible Opportunity to Redefine yourself
Stop looking for the same old job you used to have and start to look for jobs in an entirely new line of work. My brother-in-law was a CPA for 10yrs. Got laid off. Now he is following his passion and in culinary school. That is what living the American Dream is all about - Freedom of Choice.
3) Stop Anchoring to “what you used to make.”
All that matters is what the current market value is for your services. If you made the mistake of anchoring to the old value of your house and investments, then please don’t repeat that same mental mistake and make it with your future employment.
4) Practice Reducing Expenses
Make a commitment to practice this week by living on 50% of what you normally spend. Reducing unnecessary expense will mentally prepare you for having to make sacrifices and then when or if you really have to, it wont be as traumatic. I recently got rid of the following: the second phone line and downgraded my cable service to save $50 a month ($600 per year). The $50 may not move the needle but it did make me feel more in control of my expenses.
Dr Doug
