Lessons Learned from the Great Recession

The majority of Americans have been affected by the financial crisis that nearly brought a Super Power to its knees. The U.S. is slowly recovering. Even if you are blessed to still have a job/career, and the possessions you have acquired over the years, chances are you know someone who has suffered some type of loss. Who would have thought that the excessiveness in America would give way to a financial tsunami? Actually, the warning signs were there for a long time. Unfortunately, many did not heed the signs and continued to live lavishly and rack up a mountain of debt. I must admit, I did not expect the level of damage many families have sustained.


Now, I do not suggest that everyone who is facing financial turmoil did not plan and prepare for a rainy day. I could not make such an assessment because I do not know everyone’s story. There are those who did prepare, but the storm lasted longer than their funds. An unexpected layoff in the midst of a tight job market can leave you in a quandary, uncertain if planning and preparation truly makes a difference.

The political battle du jour is financial reform for the markets that remain unregulated. Lack of regulation leaves the financial system (and American jobs) vulnerable to another attack. While Congress calculates political moves, I believe it is incumbent upon every American to reassess his or her financial position, and determine a path for a stronger financial future.

I always told my daughter that the worst mistake is the one where you do not learn the lesson. And surely, there are many lessons learned from the Great Recession. There are several lessons that I appreciate which I believe will serve my household well. Now, some may consider these all a part of becoming older and wiser. True, but the external conditions are ensuring that my actions follow what I know to do.

I have definitely learned that I can do more with less. Without enforcing my faith on any reader here, I know that God’s Hand has been there, providing, leading and guiding me. Even when I believed He wasn’t. The Lord was not absent in His silence, but rather, He was working behind the scenes sustaining me. How else could I still have a roof over my head, food in the freezer, no utilities turned off – without a job and steady income? God’s favor. Budgeting principles are also important; I cannot save if I am spending money; and, delaying gratification is not painful.

Please share what you have gained during this period when so much was lost.

"Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forward is a step toward achieving something bigger and better than your current situation."  Brian Tracy