Wednesday, June 17, 2009

Making Money in Turbulent Times

I think when we go through a financial crisis the response as a society is "someone help us! Give us some money! Save our businesses or the company I work for! Save my house!" And so we see lots of government bailout schemes and stimulus packages to save the people from themselves.

The fact of the matter is the position of the economy is due to people's living outside of their means. At a national level and on an individual level. If we want to save the national economy, then we must take care of our personal economy.

Government Bailouts and Stimulus Packages do have short term results but they do not fix the underlying problem. It is people's lack of information about money, not knowing how to manage money and not knowing how to make money when they want or need to. Think about it, 99% of people are dependent on their boss for their income. If your boss doesn't want, need or can't afford you anymore, what happens? You have no income. You have to go look for another person to be dependent on for your income.

Of course, there is a place for employment, it is necessary in the post industrial revolution world, but if it's not the only source of income then when companies hit hard times, it doesn't matter, we can just go out and make more money anyway. We can weather the storm while we rebuild our reserves.

I think the real answer to situations like the one the world is in at the moment is education. We've all heard that "knowledge is power" but what does it really mean? I'm not talking about going and getting another uni degree so we can go depend on another employer for a slightly higher salary, who might not need us anyway, I'm talking about simple but effective training on how to really manage money. What options are there to really multiply our money? How can we increase our income without increasing our workload? How can we make money work for us?

The point is we have to be proactive as individuals if we want to make more money, and thrive in financial turbulence. When we become proactive as a community, as a country, then we will have a nation that prospers.

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