Saturday, November 22, 2008

Lifestyles of the Rich in times of a financial crisis.

Call it a credit crunch or a recession or whatever you like: It is upon us and it is here to stay for a while. It is becoming clearer that the market commentators have had it wrong; this current market downturn might take a bit longer to recover from than originally thought. Some say that the upswing might happen only in three years’ time and that all will be back to former glory in about five years.

Cutbacks, lay-offs and tighter budget control is now on the cards and now more than ever, employees, the media and the public is putting the lifestyles of the rich under a magnifying glass. Given the public outcry over Executive’s numeration packages after the collapse of Big Banking in Wall Street back in September/ October, you can expect that the elaborate spending habits of the Executives leading multi-national, publicly traded companies would be frowned upon.

Please note that this is not another doom-and-gloom article about tough times that are awaiting us; no in fact this article is the exact opposite. I do not know about you, but I am tired of reading such articles. This article comes from my great believe that there is a beautiful rainbow awaiting us at the end of it all.

I am feeling quite optimistic in spite of all these headlines. The USA has got a new leader that tells us “YES WE CAN”. So let’s do it: Let us weather the storm and come out clean on the other side. If lifestyles change because of this, then so be it. It will only create new opportunities for new entrepreneurs that will create new ventures, new companies, new hope and a new economy with less risky debt. All you have to do is just to be smart or be smart about it.

Being ‘smart about it’ is what this blog is going to be about from now on: The Lifestyles of the Rich in times of a financial crisis. It is going to be about how you should go about weathering the storm, adapt and come out smiling on the other side. The next couple of entries will be about the times we find ourselves in right now and how to be smart about it.
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