July 22, 2009 The Reset Economy
Every week I read lots of articles and process a lot of information just like everyone else. One particular article that I thought was interesting was in Business Week (July 13 & 20 issue) on page15. The opening paragraph quotes Jeff Immelt, the CEO of General Electric (GE) as coining the term “The Reset Economy – the notion that business needs to adjust its expectations and behavior to a new, post-recession world.”
Well, this really struck me as the most elegant way to describe the times we are living in now and it applies to individuals as well as businesses. Over the last year we have all been literally forced to reevaluate everything we do in our work lives as well as our personal lives. I believe this idea of The Reset Economy is spot on and we need to apply it to how we think about our personal goals, wants, dreams, and reality.
Now, more than ever, I hear people talking about how things are changing: spending habits, work, careers, business, lifestyles, expectations but they are not necessarily sure what to do or whom they can turn to and trust. As a financial professional and a regular person I can really empathize with the fear and concern that we are all facing. These are tough times for people of all ages and backgrounds: college graduates can’t find work, mid career folks are being laid off, pre-retirement folks have to rethink all of their retirement plans, and retirees are being forced out of retirement to supplement their incomes, benefits are being cut, companies going under, the list goes on and on.
There are a couple of generations of people who have grown up with nothing but prosperity and are now seeing the harsh realities that their grandparents and maybe great grandparents dealt with during the Great Depression.
So is it good for us to be in The Reset Economy? My answer is a resounding YES. I think that it is an opportunity for everyone to really take a close look at whatever aspect of their lives they want to address and really Reset behaviors and expectations moving forward. I also believe that people need a good framework and process in which to make decisions based on facts and fundamental principles. That’s what I teach and counsel people to do. I’d love to hear your stories and comments on the idea of The Reset Economy.
Well, this really struck me as the most elegant way to describe the times we are living in now and it applies to individuals as well as businesses. Over the last year we have all been literally forced to reevaluate everything we do in our work lives as well as our personal lives. I believe this idea of The Reset Economy is spot on and we need to apply it to how we think about our personal goals, wants, dreams, and reality.
Now, more than ever, I hear people talking about how things are changing: spending habits, work, careers, business, lifestyles, expectations but they are not necessarily sure what to do or whom they can turn to and trust. As a financial professional and a regular person I can really empathize with the fear and concern that we are all facing. These are tough times for people of all ages and backgrounds: college graduates can’t find work, mid career folks are being laid off, pre-retirement folks have to rethink all of their retirement plans, and retirees are being forced out of retirement to supplement their incomes, benefits are being cut, companies going under, the list goes on and on.
There are a couple of generations of people who have grown up with nothing but prosperity and are now seeing the harsh realities that their grandparents and maybe great grandparents dealt with during the Great Depression.
So is it good for us to be in The Reset Economy? My answer is a resounding YES. I think that it is an opportunity for everyone to really take a close look at whatever aspect of their lives they want to address and really Reset behaviors and expectations moving forward. I also believe that people need a good framework and process in which to make decisions based on facts and fundamental principles. That’s what I teach and counsel people to do. I’d love to hear your stories and comments on the idea of The Reset Economy.
