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Financial Denial Blocks Prosperity
An Article By Joan Sotkin, Prosperity Coach
Financial Denial Blocks Prosperity
There’s an incredible disconnect between the movement of the stock market and the economic reality for much of the US population.
As I’m writing this, the headline on CNBC.com, just above the market chart, is “Stocks Gain 4% for Week Amid Earnings Optimism.” No doubt about it, the market has been going up, enabling those who are supposedly in the know to assure us that we are on the way to recovery.
At the same time, stories are dribbling out about the economic pressures faced by many people:
- There are over 1 million healthcare-related bankruptcies per year
- Over 47,000 people die each year in the US because they can’t afford health care
- 6.3 people are looking for every available job
- High level jobs are going unfilled because workers lack the necessary skills
- Foreclosure rates continue to rise in many areas
- Unregulated financial products are still in the pipeline
- States are cutting back on funding for education, safety, and other necessary services
Here’s a real doozy: If you count people who are no longer looking for work because they couldn’t find a job, plus those who are working part time who want to work full time, and you add those to the currently unemployed, the actual unemployment rate is almost 25%. That’s astonishing.
And there’s no end in sight. The term “jobless recovery” is now spoken openly. Those at the top are doing fine, the middle and bottom is sinking lower and lower.
What does this mean for you?
For entrepreneurs, you can not only survive but thrive this economy if you make some adjustments to your product mix and, perhaps, your pricing. You may find yourself going for higher volume, rather than higher prices.
The economic reality faced by your target market will determine what kind of adjustments you need to make. You may also have to expand or change your target market to assure your financial success.
If you are in the workforce, consider raising your skill set to meet the needs of the labor market where there is a shortage of workers in health care, certain tech fields, and engineering. Or start a part-time venture on your own in order to add to your income base.
I truly believe that there is a solution to every problem. However staying in a state of denial about the realities of the situation blocks you from finding creative, effective solutions.
Instead of worrying, take action. Understand that the economy in the United States, for the average person, is going through a long and arduous correction. This is the perfect time to focus on learning practical financial skills so that no matter how much money you’re dealing with, you will be able to make wise decisions.
And, of course, become even more conscious of your emotions in the midst of this downturn. It’s the perfect time to discover habitual feelings like abandonment, grief, shame, anger, and longing that often play out through your financial dramas.
No matter what practical steps you take, if you don’t deal with your internal issues, you are going to stay stuck.
In order to help you work through your internal issues and learn the financial skills you need, I have put together a very affordable program that requires a minimum amount of time commitment yet provides a maximum opportunity for positive change.
