Financial Crisis in America

By Lynn D. Spencer

Financial Services Editor

It seems like everywhere we turn these days we see and hear more and more news that makes us wonder; is America in a financial crisis?

Fueled by the mortgage meltdown, thousands of loans going into default, people losing their homes at an unprecedented rate, and skyrocketing oil prices, it seems there is no good news in sight. So what is the real story? How will all of this affect most of us? Should we be in panic mode?

Well, the first thing we need to understand is that there is “cause” and “effect” in everything, including the financial markets. For the purpose of this discussion, I will not go into the “cause” so much as the “effect”. For the most part, everyone understands what caused the beginning of our current financial situation starting with 9/11 some 7 years ago. The American financial markets have been on a roller coaster ride ever since, and the effects have been far reaching.

Is it time to panic? In my personal and professional opinion: absolutely not. Not even close. What is the real story? The real story, in simple terms, is that America’s financial markets are different than they were in the days of the great depression. Now, more than ever in the history of our country, we are seeing immediate global consequences to the changes in America’s financial system.

Such was the case on 9/18/08 when the European Central Bank, the Swiss National Bank, the Bank of England, the Bank of Canada, and the Bank of Japan all joined together with our own Federal Reserve Bank to pour $247 billion into the global financial markets, easing the fears of the credit crisis worldwide. (CNN - http://www.cnn.com/2008/WORLD/europe/09/18/world.markets/index.html )

Not only is this move unprecedented in history, but for the first time ever it is not just the U.S. government working to stabilize the financial market, it is the world.

So, how will all of this affect most of us? I believe the answer lies in what we as individual citizens have learned from all of this, and what we do with that knowledge. I believe we can each, individually, determine how this will affect us and what our outcome will ultimately be.

Here’s what I mean by that. People like Warren Buffet, Donald Trump, and other famous billionaires all understand one very important thing; “cause” and “effect”. I remember hearing a Paul Harvey news broadcast when I was young where Paul quoted a bumper sticker sent in by one of his listeners. It said “if bad things are coming your way, you’re probably in the wrong lane heading the wrong direction.”

In a recent survey in the 25^th anniversary issue of Forbes Magazine the 400 richest people in America were asked “what is the most important key to building wealth?” The answer may surprise you. 75% stated that becoming and staying debt free is the #1 key to building wealth. Perhaps it’s time to analyze what direction you’re currently heading.

You see, while most people are looking at the negative side of the economy, the truly successful wealth builders in the world look at the positive “effect” side, and determine how to capitalize on the current situation. In other words, they look at the situation and determine what the positive side “the effect” of the market will be, then act accordingly.

What could possibly be positive about this current financial so-called crisis?

Every market has opportunity somewhere within. In reality, there are many companies and individuals who are thriving in this so-called financial crisis. Especially those who are well networked and helping others gain from these rough economic times. You just need to know where to look. For some real life examples of finding the silver lining in the clouds, go back and read my article from a few weeks ago: http://thenationalnetworker.blogspot.com/2008/08/hows-your-economy.html

You see, what you really need to understand right now is that this current so-called financial crisis market also offers abundant opportunity. Those who understand and take advantage of what we have all learned from this market will thrive and flourish.

For example: I believe that now is the time to invest in real estate, buy foreclosed properties, start your own debt elimination and financial education business, etc. In my opinion, now is the time to start any “niche” network marketing business that has emerged strong from this market and proven they are the right product at the right time and the right place with strong income potential.

Again, I strongly urge you to go back and read my article from a few weeks ago, and you’ll see exactly what I mean. http://thenationalnetworker.blogspot.com/2008/08/hows-your-economy.html

Those who seize this unique time of opportunity will be much better off than those who wait. In fact I believe that we’ll see equally as many new millionaires, if not more, emerge from these current economic conditions as we did post 9/11.

Call me an eternal optimist if you wish, but I’m choosing to take action, invest more now than I ever have before, help thousands of other become debt free fast and begin to create wealth, and come through this market stronger financially. Now is the time to network with, and mirror the success principles of, successful people. You can do the same if you choose, or you can bury your head in the sand and hope for the best. The choice is yours.

Lynn D. Spencer – www.lynndspencer.com
Forward/Share This Article With Colleagues And Social Media:

Financial Crisis in America