It is hard to fail, but it is worse never to have tried to succeed.

-Theodore Roosevelt

It really is the “dog days” of summer these days–temperatures pretty sweltering all over the place! We have clients spread around the country, so we keep getting reports of intense heat all over.

Well, this economy is pretty “hot” too.

Unfortunately, though, not quite in a good way. It’s “hot” for families and businesses which are facing a sudden change of circumstance, whether it’s through job loss or revenue decrease. Those are the simple facts on the ground for many people.

But even with these realities, you can make things much worse for yourself  if you’re not careful about your most precious possession: your state of mind.

So, for these dog days, I thought I’d pull out one of my most popular emails from a while back–because it’s just as pertinent now, as it was then (if not more pertinent).

Let me know what you think–and do act on it.

Your Mindset Is Everything In This Economy

How can you maintain your sense of personal peace in this environment…while NOT simply “ignoring” everything? I’ve got four suggestions for you.

1) Firstly, DO be very selective about (even, yes, choosing to ignore) certain media elements that have an agenda of spreading fear. 24-7 news would make no money if it stopped preying on people’s fear. (You realize the news networks are not a public service, right? They are in the business of getting ratings to sell advertising. Period.)

Have you ever noticed your feelings after watching just 20 minutes of CNN Headline News? Everything is going to pot. You’ll find negative stories on the environment, war, disease, crime, and of course… the economy. It’s laughable what they’ll come up with just to broadcast some bad news. A few weeks ago I spotted this “headline” story on the tube along with some sad-faced puppies: “PETS: Feeling the Foreclosure Boom!”

Everyone is selling crisis! This is true, from the media to the politicians. So stop watching CNN all day, refuse to participate in this circus, and instead start planning your first (or next) million. Seriously.

2) Look for the good news. Now, I’m very careful here, because I’m aware that some of my clients and friends really are feeling the pinch, but let’s ALSO look at the bigger picture, especially in comparison to the 30’s.

This was the topic of last week’s email, and, again, I can send to you if you missed it. Short version: We’re NOT in the Great Depression (by the numbers).

You can always find doom and gloom if you want to. So turn off your TV and focus on other activity. It will significantly help your inner peace!

3) Get out and do something profitable. That may mean actually starting that exercise regime you’ve been putting off. Take up a new hobby. ANYTHING to get your mind in a more “profitable” mode! Go do it.

These steps will NOT solve the problems in your wallet, and in the economy. However, how you choose to respond will affect your peace, and, actually…this WILL impact how you spend your money. Please, for your sake, tune OUT the fear, and tune IN to smart preparation.

4) Stave off fear by knowing actual numbers. A bit self-serving? Sure, but also grounded in reality. The great problems many businesses and families face when money’s “tight” is SIGNIFICANTLY compounded by not knowing. Any number of pessimistic scenarios play out in your head.

So here’s how to fix that. Sit down with an advisor, get the real facts-and if they’re bad, you can still come up with a plan. You’ll find that laying out action steps with somebody competent changes everything. Call our office to schedule an appointment to lay out these steps with us.

I’m personally dedicated to the success of your family–and to your finances! Can other tax professionals say that?