The Economic Storm: Action & Big Boy Pants Required!
I love finding deleted scenes of the classics, here's one from the Godfather.
Wartime Consigliere. War times are not peace times. Excuse the theatrical metaphor, but brutal economic conditions are far different than expansions. So here we go....
Taping the Hustle or Bust Podcast has been a project management challenge.
Mike, Dominic, and I taped about 20 episodes over the summer, and all of them were in person at PAVERART. So with one episode a week we built up a little inventory, knowing that this annoying little thing called High School will pull Dominic out of the mix for in-person taping.
Last week Dom came in with a couple of days from school, and we talked about the Economic storm we are right on top of. And then we did a recap of a day with a friend inside PAVERART. So two podcasts taped and moved to the top of the published list, included below.
It got me thinking......
There's a large portion of the population that has never seen 8%++ unemployment
Mortgage rate north of 6% (housing market challenges)
Inflation >3% (consumer spending challenges)
Stock markets that actually go DOWN -20% beyond an economic shock (ie Covid Sell off) (investor/portfolio challenges)
And maybe MOST important? Unemployment rates that threaten anything north of 6%....(labor market challenges)
We've already experienced #1-3. Most think #4, rising UN employment is right around the corner.
Reminds me of the clip from the GF when Michael replaces Tom.
In short, wartime is different than peacetime.......pardon the metaphor.
So a major sector of the economy (housing, representing nearly 20% of economy) softening, rising prices straining the consumer's wallet, and wealth effect declines of falling asset prices..........and potentially MILLIONS loosing their incomes, not exactly a fun crystal ball! So what's a person to do?
We taped 2 episodes back to back.
Episode 17 deals with the current situation:
Episode 18 gets brutally tactical.
A great friend of mine (Angelo) had a great day. Why don't each of us spend a 1/2 day in each other's business, give it a critical look, have some tough convo's and see if we can learn something?
He hit the nail on the head, and we did part one with Angelo coming down to PAVERART and spending some time with us. Mike & recount the day, lessons learned, and what this accelerated process for advisors can mean for the small business. It's tough, eye-opening, exhausting, and exhilarating, all rolled up into one.