What we can Learn from the Economic Troubles
I
n his new book, “Hot, Flat and Crowded”, Tom Friedman shares the following thought:
In some ways, the subprime mortgage mess and housing crisis are metaphors for what has come over America in recent years: A certain connection between hard work, achievement and accountability has been broken. We’ve become a subprime nation that thinks it can just borrow its way to prosperity – putting nothing down and making no payments for two years. Subprime lenders told us that we could have the American dream – a home of our own – without the discipline or sacrifice that home ownership requires. We didn’t need to save or build a solid credit record. The bank around the corner would borrow money from China and lend it to us – with a credit check no more intrusive than the check you get at the airport when they make sure the name on your airline ticket matches the one on your driver’s license.
This quote can remind us of some simple success principles.
1. Hard Work is Key -
Society has become fixated on easy ways to wealth. People everywhere are looking for quick fixes to their problems. The lesson in this is that hard work is key. That doesn’t mean you need to spend time doing things that aren’t important, or that you can’t be more productive at times working less. What it means is that achievement is contingent on working hard (and smart).
2. Debt is not the Answer –
The focus on using debt as a form of leverage has failed. Corporations leveraged to the max have failed. Individuals intent on turning the realestate boom into instant wealth are now stuck with properties they don’t want and can’t afford.
3. Wealth and Success do not have to be Instant –
In a society focused on speed we have grown to cellebrate and admire the instant success. For most succes doesn’t come in an instant. It comes as a result of hard work and determination sustained over a period of time. We need to move away from an instant society and reward cellebrate those who persevere.
The good news is that we can use this time as a wake up call. We can work on cutting uneeded spending, getting out of debt, and committing to worthwhile goals. By working hard and persisting towards the worthwhile we can all achieve true success. It might not be in an instant but it will come!
The Success Professor – Danny Gamache
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Tags: Debt, Economic Trouble, Friedman, Hard Work, Hot Flat and Crowded, Persistence, success
