How many of you remember Secretary Clinton's meet-up with her Russian counterpart a few months ago? The gift she brought made the news: a "reset" button. You know, one of those big red buttons like the ones a certain office supply chain's been selling. Apparently the Secretary of State felt our relationship with the Russians needed a do-over, and what better way to send that signal than to "hit the reset button," quite literally, on the relationship?
I found that interesting. Given that we are just coming out of a recession, I wondered what other things in our lives might need resetting? Shouldn't we all be having a conversation about what needs resetting in our own financial relationships? How do we get reset to grow our wealth, to put new cash in our pockets, when we've gone through such a prolonged period of financial loss? To get that conversation going, here are some of the ways I think we can hit the "reset button" and prepare for our own financial futures.
First, reset your life. We want to learn from the past, but only so we can live for the future. The world as it was before the recession and even going back further in time is not coming back. Don't wait for the new manufacturing plant to open, or the old ways of doing business to return to vogue. They're not, and they won't. The way we insure our health is going to reset, one way or another. The way the stock market works is going to reset. Real estate markets are resetting all over the place. Now is the time to hit the big red button, and reset yourself along with everything else.
It may mean relocating, or reinventing how you do what you do. Maybe the place you live is no longer a great place to do business. So move! On October 14 CNN released a report of the top places in North America to launch a new enterprise. Who was at the top of the list but Billings, Montana (among small cities), Huntsville, Alabama (for medium-sized areas) and Oklahoma City. Live in an area that's hard on business? Reset somewhere else. You've done something before to make money. You can do it again. But don't let the way you've done it before keep you from finding a new place to start over.
Revisit your goals. What's your plan? What do you want most? Are you set to get, or are you on a cruise to lose? Why are you doing what you're doing now? Believe it or not, a new decade - 2010 - is just weeks away. Have you decided what you will do to put more cash in your pocket next year?
Reeducate yourself. We've just lived through the worst recession since the Great Depression. If you've taken a financial hit, you're probably a little shy about getting into the game again. You may not know what's hot and what's not. So find out! The Wall Street Journal's readership just passed USA Today's, making the WSJ the most read paper in America. That's a sign that people are resetting what they know about the economy, filling their mind with facts, not fluff. Get in a conversation with people involved in business, and reeducate yourself about how this post-recession economy can work for you.
Once you've revisited your goals and started reeducating yourself, reinvest! Get off your lazy assets and put your money back to work. Will you invest in your own business or someone else's? How will you take advantage of the resetting real estate markets? What's your cash machine going to be for 2010? Resetting your investments is a must. Yes, it can be a little scary to jump back in the pool of working capital when you've seen the frigid waters of the last few months. But that's why you've reeducated yourself, right? Get your money making money by reinvesting now.
Lastly, refine. Refining means to make finer, and what could be finer than being wealthier tomorrow than you are today? Refine your goals, refine your investments, and refine your team. You have a team, don't you? Your accountant, your tax adviser, your lawyer, your business planner - whoever has a hand in helping your money grow, they are your team. Get reacquainted with them as a part of refining your plans for the future. Know who's who in your zoo. Don't have a team? Get one! The folks at liveoutloud.com are waiting to coach you on how to reset your life for the future.
The next few months are sure to be an interesting time. Reset, revisit, reengage, and refine your financial self to be ready for whatever comes.
Learn to earn more here. And share your thoughts by calling into the Loral Langemeier Show at 877-777-7713, Monday through Friday, 7 a.m. Pacific, 8 a.m. Mountain, 9:00 a.m. Central, 10:00 a.m. Eastern. Or listen to the podcasts.