I am writing this post in the afternoon prior to the first Presidential debate. This is an exciting and less obvious time in everyone’s life . It’s 44 days until the Presidential Election in the United States. Never in America’s history has there been a more disjointed, if not dysfunctional, election. Unrelated to this, during the weekend, I watched a video while searching for ‘international business news’. I watched the Former IMF chief economist, Ken Rogoff, indicate how the slowdown in China represents a big threat to the global economy. From another perspective, I recently returned from visiting Europe where I heard how several bigger economies, societies and political landscapes are in a state of transition.
Earlier this morning, back home in my office, I noticed a post on CNBC and interview with Bill Gross re: the decision last week by the Federal Reserve to leave interest rates unchanged. In the interview, Gross said the Fed has, “…chosen to defer once more a necessary hike and provide savers with at least a bit of thin gruel to work with to provide for education, retirement and health-care needs.”
We all know change is inevitable, but with all that is going on in the world what’s a person supposed to do? Please consider the following:
– Markets like predictability. Historically, markets do not perform as well during periods of uncertainty.
– If markets correct, the abundance of jobs and promotions present during times of prosperity usually become more scarce.
– When opportunities for jobs decrease, education rises and becomes more valuable. Which means the value of the time you spend working goes down or becomes less valuable. And opportunity costs, in terms of time spent furthering your education, go up.
WHAT TO DO
Along with the “thin gruel” Bill Gross offers above, please build the following foundation of values:
– Face the fact that change is inevitable.
– Believe that change creates opportunity.
– Be a contrarian.
– Don’t believe naysayers.
– Make no excuses. Never let anyone or anything prevent you from giving your best performance.
– Find ways to standout and make yourself indispensable.
In closing, I would suggest that you supplement knowledge by reading Antifragile and watching The Big Short. None of which is to say we are in for this kind of change. But, nevertheless it’s smart to be prepared just in case.
“Be the change that you wish to see in the world.”
– Mahatma Gandhi