10 Reasons The Global Financial Crisis is a Good Thing

Every time we turn on the box at the moment it’s all doom and gloom headlines like; “XYZ Company Lets Workers Go” or “Homeowners Foreclosing in Record Numbers” or “Board of Directors Give Themselves a Great, Big, Dirty Bonus for Buggering Up Big Time.”

Without diminishing the challenging situations quite a few people are now finding themselves in, it is possible to be thankful for the Global Financial Crisis (GFC), challenging situations or not.

“What?” I hear you say, “Thankful for the GFC? Do you have kangaroos hopping around in the top paddock?” Well, yes, it could be said that I do have a tendency towards lunacy and do perhaps have the odd kangaroo skipping around up there, however, I believe I have a sound argument (and all the voices agree).

1. Tighten your belt. The GFC has resulted in many people having to reduce their spending and learn how to budget. Knowing how to manage your finances, understanding your financial situation and making sure that the money going out is less than the money coming in seems common sense, but clearly it’s not common practise. The GFC is forcing people to get conscious about their money, take responsibility for their situation and start new (and improved) habits.

2. What’s important. When you’re in survival mode you quickly learn what’s really important to you and it generally doesn’t include the hot pink, leather sofa imported from Bahrain or the promotion to Vice Assistant Manager of Management of Vice. When the job, the title, the status and the material possessions are stripped away (metaphorically or literally) you’re left with; you, your health and those close to you -ie, the really important stuff.

3. Chance to invest. I’m no financial planner but it seems to me that now is a great time to invest if you have the funds available and assuming you have a very good handle on your financial situation. House and stock prices are lower, interest rates are lower, building and renovating prices have come down and there are sales aplenty.

4. Exposing cracks. The GFC is not only exposing cracks in our own financial management but that of big business and governments. Transparency can only be a good thing. In my opinion, the public are becoming tired of greedy, uncaring, environmentally unfriendly and dishonest practises and they are starting to vote with their feet (and their cash). I have noticed a shift with many of my friends, family and people I meet (both online and off), away from big business and towards the more socially and environmentally conscious local guy or smaller companies. Vote 1 David over Goliath!

5. Lessons to be learnt. As with any challenge, the GFC is teaching us (and importantly, kids) many lessons; Financial management, learning to do without, understanding what’s important, patience, strength, courage, persistence, asking for help, helping others, being resourceful, authenticity over image. This list could go on.

6. Reduced consumption. Tightening of belts means less consumption. Whilst this isn’t great for the economy, it is great for our environment. There’s less production, manufacturing, transportation, etc and therefore, less burden on resources.

7. Family as a priority. Along with number 2 is making family a priority. As the focus shifts from spending and stuff to what’s important, those we care about take more of the spotlight, which is how it should be anyway. Instead of dinners at a restaurant, home cooked meals are had around the table at home. Instead of holidays away, families experiences camping in the backyard. Instead of the latest video game, kids learn other ways of having fun. Instead of going to the movies, conversations take place, etc, etc. 

8. Opportunities. With hardship, also comes opportunities. When a job is lost or a house taken or money is running out, could it be time to look at a different career, a different place to live, a new start, a new way of living, different priorities, new experiences, new lessons? If you look past the fear and pain, there are always opportunities waiting.

9. Practise having faith. This too shall pass. Have faith. It’ll work out even if there’s seemingly no immediate solution. You just never know what’s around the corner or what can be gained from the experience.

10. Getting back to basics. The GFC is teaching us all, no matter what situation we’re in, the art of getting back to basics. We’re learning to enjoy the simple things in life, to be grateful for what we have, to live more simply, to help and support others where we can and to stop keeping up appearances and get real.

As challenging as it is, maybe, just maybe, the global financial crisis is just what the world needs.

What are your thoughts?

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