The Economic Message of the Century: Bail Yourself Out
Yesterday, I posted an in depth analysis of how the Emergency (which really isn't an emergency) Economic Stabilization Act of 2008 is affecting "real" small businesses. After yesterday's failed vote on the Act, and after listening to President Bush speak a few minutes ago, the post is even more relevant today. Together, the Act, the vote and the President's morning message point inevitably to one conclusion: you can and should bail yourself out.
Neither you nor I can expect the federal government alone to protect and defend our economic interests. That's true now, just as it has always been. Each one of us must climb his or her own group of stairs, pause at the top and begin to fly under the power of our own economic potential. Here's why you are your own best bail out plan, and what you can do now to start soaring.
1. Don't Panic.
Wall Street is panicking. President Bush is panicking. Maybe even some of your friends and family members are panicking. Don't follow suit. If you have to retreat from the television pundits, debates and talking heads to keep your cool, then do that. Take a deep breath, call on your faith, assess your personal situation and potential and take reasoned, determined steps to move forward in your own life.
More than ever, this reasoned assessment must include starting a business of your own.
2. Start a Business Today.
In a segment on this morning's CNN program, the reporter cited a statistic that, between 1974 and 2007, the average income for American males declined 12%. No man, whether or not he has a family, can look at that statistic and bet his entire financial future on a traditional career path.
You have to have a business of your own.
I don't care if you start by selling old books out of your attic on ebay, and make a $2 profit. You have to start somewhere. Look around, there are tons of options. Farrah Gray started selling painted rocks to school friends when he was six years old. Today, he's a successful entrepreneur. And look at Oprah.
You can create your own brand of success, and you don't have to sell rocks. And you don't have to become mega-wealthy like Oprah to have more than enough financial resources to care for yourself and leave a legacy for your family. Why?
Because you have technology. If you don't have access to the Internet in your home, then your neighbor does, or your local library does. And yes, you may just have to take the bus there after you get off work. Remember, you are your own bail out plan. No one is going to do it for you. Use technology to use social media of all kinds to connect with others. You'll be amazed at the business opportunities that will come your way.
Want more options? Go down the street and offer to mow someone's lawn. Run errands for busy executives. Get a retail sales certificate from your state, buy some bagged potato chips from a wholesaler and sell them to executives downtown. These particular options may not be realistic options for you, but that's no reason not to examine your life and create some options that do work for you.
Think. Think about what is at your disposal. Think about friends and family members who will help and encourage you. And don't tell me you have no options. Farrah started with rocks, and no matter where you are, you can always find some of those.
3. Train Your Children to Be Entrepreneurs.
Part of responsible parenting today includes training your children to be entrepreneurs. Of course, we must also teach them to do well in school, graduate, go to college and get a job. But that's only the beginning. They have to know what to do if they lose that job, that is, if they are lucky enough to have one. Make it so that, when your child loses a job, she can come home, open up her laptop, check her shopping cart and make a plan to expand her own empire.
Does your tween have a cell phone of her own? A computer? A text messaging device? Make it a condition of continued use that she pay for it herself. If that doesn't encourage her to adopt an entrepreneurial spirit, nothing will. Believe me, she'll be selling homemade lip balm in no time.
Encourage your teen children to offer babysitting services more frequently and explain to them that the money goes in savings or to pay down any family household debt if that's an area of challenge for your family. The family that grinds together binds together. Train your children to use their skills, talents and areas of expertise to serve others in exchange for a fair sum of money. And then train them to be frugal with every penny so that, even if the financial world is collapsing, the adverse effects on them are minimal.
I'm not talking about becoming a loose canon here, and jumping at the first multi-level marketing opportunity you can find. I'm talking about investing your time and energy in something that you own. I'm talking about owning a brand of your own.
Every American simply must make it a point to have a stream of income that he or she controls. And we must wean ourselves off of using OPM to make ends meet. If we don't do that, we'll be at the mercy of the shifting sands of an world economy that is, frankly, not shifting in America's favor these days.
Regardless of whether a bailout law passes, the handwriting is on the wall. Don't panic. Start a business today. Teach your children to start businesses. This is the ultimate bail out plan, the one that you implement on your own terms. The one you control. The one you love. The one no one can take away from you.
What do you think?
I quit my very well paying job in a Fortune 500 company over a decade ago because working with large companies taught me that business ownership is the key to economic independence for all Americans. Thanks to technology, it's more accessible than ever. But you have to stop buying into the panic on CNN and everywhere else. We all know how bad it is.
Turn the television off and start bailing. I did it and let me tell you, my journey has been anything but a piece of cake. If I can do it, so can you. So, are you ready? I've got my bucket and I'm right here with you. Let's roll up our sleeves and start bailing together!
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This is a excellent post. We all have to stand on our own as our world around us is in a panic state.
This is a excellent post. We all have to stand on our own as our world around us is in a panic state.
I’m really glad to see folks digging into the details of what’s going on so that knowledgeable solutions will abound. Thanks for your work in helping us indies understand those details. I’m glad that Congress is taking the time to understand the situation as the best solutions have a chance to show themselves. Until then, I’ve plenty to do! 😀
I’m really glad to see folks digging into the details of what’s going on so that knowledgeable solutions will abound. Thanks for your work in helping us indies understand those details. I’m glad that Congress is taking the time to understand the situation as the best solutions have a chance to show themselves. Until then, I’ve plenty to do! 😀
I started my own “bail out” about six years ago after working for a Fortune 500 Company, a .com darling company and several small companies. After working for the small companies, I decided I could do what they did and work for myself.
I took a little money and opened an Internet store- ran it part time (with my wife) at first. Three years ago, I went full time for myself and have never looked back. In times like these I’m glad I started investing in myself, instead of someone else’s company, when I did.
I started my own “bail out” about six years ago after working for a Fortune 500 Company, a .com darling company and several small companies. After working for the small companies, I decided I could do what they did and work for myself.
I took a little money and opened an Internet store- ran it part time (with my wife) at first. Three years ago, I went full time for myself and have never looked back. In times like these I’m glad I started investing in myself, instead of someone else’s company, when I did.
You’re so right about opportunities right around the corner or at your neighbor’s back door. I for one could use a couple of teens to load and unload my Van when I vend my soaps at the Farmers Market. Hopefully I will find someone for next season because my poor hubby could use the rest.
You’re so right about opportunities right around the corner or at your neighbor’s back door. I for one could use a couple of teens to load and unload my Van when I vend my soaps at the Farmers Market. Hopefully I will find someone for next season because my poor hubby could use the rest.
Brian, your story sounds sort of like mine, right down to the Fortune 500 employer. Glad you found your bail out so long ago. The good news is that, with technology, everyone can put their natural talents to work as you have done. And for those who can’t for some reason, seasoned entrepreneurs like you set an inspirational example. Thanks for your contribution here! Hope to see you again.
Brian, your story sounds sort of like mine, right down to the Fortune 500 employer. Glad you found your bail out so long ago. The good news is that, with technology, everyone can put their natural talents to work as you have done. And for those who can’t for some reason, seasoned entrepreneurs like you set an inspirational example. Thanks for your contribution here! Hope to see you again.
Regina, Delores, Margaret, you ladies are such good examples of what I’m talking about. I hope people here click on your links and see what you are doing at your sites. Event planning, soapmaking … the possibilities are endless! And Delores, do check out those teens in your neighborhood. I found my first family helper at the neighborhood ice cream parlor. She was 15 and worked with us until she was 21 when we moved and she got a “real” nanny job. She credits her experience in our home with: (1) making her think twice about having kids too soon; and (2) paving the way for her nanny job with a family that provided benefits and travel perks. You never know the impact you are having on a young person. Go girls!
Regina, Delores, Margaret, you ladies are such good examples of what I’m talking about. I hope people here click on your links and see what you are doing at your sites. Event planning, soapmaking … the possibilities are endless! And Delores, do check out those teens in your neighborhood. I found my first family helper at the neighborhood ice cream parlor. She was 15 and worked with us until she was 21 when we moved and she got a “real” nanny job. She credits her experience in our home with: (1) making her think twice about having kids too soon; and (2) paving the way for her nanny job with a family that provided benefits and travel perks. You never know the impact you are having on a young person. Go girls!
dM, you are always so on point. I turned off the TV because my faith says that no job is the source of my supply. My supply is abundant always and in all ways. Have you read “The Dynamic Laws of Prosperity” by Catherine Ponder? Very good read regarding how to become and remain prosperous even in these so called downturns.
dM, you are always so on point. I turned off the TV because my faith says that no job is the source of my supply. My supply is abundant always and in all ways. Have you read “The Dynamic Laws of Prosperity” by Catherine Ponder? Very good read regarding how to become and remain prosperous even in these so called downturns.
Thank you for your words. They are very comforting and encouraging. They come to me at a very confusing and difficult time. This morning, I felt like the talking heads were out of control and, as you suggested in your blog, I turned off the outside noise and tuned into my faith. I enjoyed plain and absolute silence as I once again listened to my own voice and intuition. Today, I decided to stay away from the “media noise” so I could regroup, refocus and regain my Indie spirit. Now, more than ever, I am renewing the commitment that led me into this wonderful entrepreneurial journey. I listen to NPR on a daily basis. In March, I listened to The Faith Middleton show featuring a high school course to help teens become entrepreneurs. I thought about this show for a while and wished these types of programs tailored to young people were widely available in schools nationwide. When I read here your statement to “train your children to become entrepreneurs,” I immediately remembered the high school course and thought: Donna Maria is on to something! I searched for the show and found a link to it: http://www.cpbn.org/program/faith-middleton-show/episode/jack-mitchell-william-boughton Once you open the link, there is an option to download the whole episode. Hope you find it interesting.
Thank you for your words. They are very comforting and encouraging. They come to me at a very confusing and difficult time. This morning, I felt like the talking heads were out of control and, as you suggested in your blog, I turned off the outside noise and tuned into my faith. I enjoyed plain and absolute silence as I once again listened to my own voice and intuition. Today, I decided to stay away from the “media noise” so I could regroup, refocus and regain my Indie spirit. Now, more than ever, I am renewing the commitment that led me into this wonderful entrepreneurial journey. I listen to NPR on a daily basis. In March, I listened to The Faith Middleton show featuring a high school course to help teens become entrepreneurs. I thought about this show for a while and wished these types of programs tailored to young people were widely available in schools nationwide. When I read here your statement to “train your children to become entrepreneurs,” I immediately remembered the high school course and thought: Donna Maria is on to something! I searched for the show and found a link to it: http://www.cpbn.org/program/faith-middleton-show/episode/jack-mitchell-william-boughton Once you open the link, there is an option to download the whole episode. Hope you find it interesting.
Fantastic. I’m all about personal responsibility, so this stuff is right on dM! I’m afraid we can’t stop listening to the circus though. How else would we know what to rant on about to our congresspersons each morning? I tell ya, conversation has never been livelier at the soap shop! Our family has been bailing themselves out for over 25 years now and we see this as an opportunity for the smart guys to come out on top. Hang tough indies! We can make it if we try.
Fantastic. I’m all about personal responsibility, so this stuff is right on dM! I’m afraid we can’t stop listening to the circus though. How else would we know what to rant on about to our congresspersons each morning? I tell ya, conversation has never been livelier at the soap shop! Our family has been bailing themselves out for over 25 years now and we see this as an opportunity for the smart guys to come out on top. Hang tough indies! We can make it if we try.
Maggie, I’m so glad that you came and took the time to share your thoughts. Your business is one of the best examples I know of intentional “bailing.” Well planned and executed. Plus, you’ve been flexible and nimble, made changes when necessary over the years. Working with your sons, husband — and amazing example of “the family that grinds together binds together.” Click on Maggie’s name to see what hard work and determination can accomplish in a family. Go girl!
Maggie, I’m so glad that you came and took the time to share your thoughts. Your business is one of the best examples I know of intentional “bailing.” Well planned and executed. Plus, you’ve been flexible and nimble, made changes when necessary over the years. Working with your sons, husband — and amazing example of “the family that grinds together binds together.” Click on Maggie’s name to see what hard work and determination can accomplish in a family. Go girl!
Your post is on point. How encouraging. Keep making a difference!
Thanks Kristina!
Your post is on point. How encouraging. Keep making a difference!
I really enjoyed reading this blog post! It’s great to find others questioning the panic! I actually questioned my thoughts of money to the max! I asked myself “Who would I be without money?” It really wasn’t that bad!
I then thought that in response to what I saw to be an overwhelming negativity and panic over the finances in the US, I would set up a blog. It’s a cross between a pray and a petition. I felt if enough people would take the time to contemplate the truth to the panic, that we could make a collective shift on our views!
I welcome all to make a post!
http://whowouldyoubewithoutmoney.com/
Peace to all!
I really enjoyed reading this blog post! It’s great to find others questioning the panic! I actually questioned my thoughts of money to the max! I asked myself “Who would I be without money?” It really wasn’t that bad!
I then thought that in response to what I saw to be an overwhelming negativity and panic over the finances in the US, I would set up a blog. It’s a cross between a pray and a petition. I felt if enough people would take the time to contemplate the truth to the panic, that we could make a collective shift on our views!
I welcome all to make a post!
http://whowouldyoubewithoutmoney.com/
Peace to all!
Hi dM,
Your words are exactly what has been on my heart for a long time. I have been training the kids to be young entrepreneurs. It maybe as small as selling some of their toys at the flea market, but they do it. They earn a couple bucks and save it. They love doing this and they feel they have a purpose and part in the family. I don’t want them to think they have to work for someone. They have a mind, they can use it.
I also believe in the American Ideal of the ability to build your own dream and independent business. But doing so smartly.
Again thank you for this post. Going to work with the kids now 🙂
Dawnaurora
Your kids are an inspiration. How wonderful that you are pouring an entrepreneurial spirit into them. What a super example you are setting. I’m so pleased for you — as a mom, I know it feels good! Keep it up, and pass it on …