Accepting Change in Negative Economic Times

Suzanna de Baca -- Expert Business Source, 11/5/2008 7:09:00 AM

With the markets down, the economy in the tank, and layoffs being announced daily across the country, I’ll admit that it can be hard to remain cheerful and optimistic. I recently spoke with a friend in publishing, a field particularly hard hit, and we agreed that after witnessing so many people losing their jobs it was hard to see our proverbial glass as half full. 

It seems like my half full glass has a slow leak these days and I have to make a conscious effort to keep refilling it. Are you finding it a similar challenge to remain upbeat and positive? If your business, industry, or net worth is taking a beating, it can be easy to fall headlong into negative thinking. If you are experiencing tough times with finances, have watched your hard-earned savings decline, or are worried about your company or your job, you may be feeling defensive, angry, overwhelmed or depressed. 

These negative emotions are certainly valid. Yet, even justified negativity can leave you drained, waste your energy, and prevent you from taking steps to remain financially and emotionally healthy. But how can you remain positive when everything seems so gloomy on the economic front?

I recently reread “The Quest for Wholeness,” a book on healing by Robert Brumet. While Brumet, a minister, does not focus on economic issues per se, he discusses the nature of conflict and how we react to change. Part of the challenge of this economic decline is that it forces us to think about the possibility of change or to deal with it directly; and the truth is, for most people, change is scary. I know it is for me. Yet change, as painful as it can be, can be very a positive catalyst for our growth and development as human beings.

”Many of us are conditioned to believe that change is bad,” writes Brumet. He continues that “Much of our challenge with conflict arises from the belief that ‘it shouldn’t be happening.’” It is easy to question “Why did I get laid off and not that other person?” or “Why did these stocks lose so much value when they were supposed to be stable?” Right now, much of the economic turmoil can seem unfair, like a problem that shouldn’t be happening. 

But Brumet points out that conflict and change are a normal, predictable part of the natural world. Often, external forces induce changes in nature. The change of seasons, one of the most natural cycles in the world, exemplifies this: in spring there is planting and the emerging of life; in summer crops and plants flourish, only to diminish and die in the fall and winter. Without the change and death of winter, renewal could not occur.

How does this relate to the economy or to your job or financial situation? It is easy for us to become accustomed to our world as it is and to avoid change. When change happens, especially change that appears negative (such as loss of savings or a job), we often become fearful, pessimistic and resistant.  Opening ourselves up to new possibilities, to new directions or new ways of thinking can be difficult, but it can prove very rewarding.

I had a boss tell me once that getting fired from a management job early in his career had been the best thing that ever happened to him. He had been devastated at the time, but eventually realized that he’d disliked and been ill suited for the job in the first place. He was doing what he thought he “should” be doing, and the termination forced him to take stock of what he really wanted and what was important to him. He opened his own business and became a successful entrepreneur, a career more suited to his independent temperament. Similarly, a layoff, a decline in net worth, or uncertainty about our future can be gifts to us, opening us up to new opportunities that we would not have otherwise considered. 

Of course, I’m not saying that it is simple to recognize these hidden opportunities and to immediately embrace change. It can be very challenging. However, developing an awareness of the potentially healing nature of change can be instructive and motivating. In some ways, these seemingly negative events may hold the seeds to exciting new future developments for you, and that is cause for optimism.

Suzanna de Baca is president of Private Capital Solutions Group. Securities offered through Broker Dealer Financial Services Corp. Member FINRA & SIPC. Investment Advisor Representative of Investment Advisors Corp., A Registered Investment Advisor.  Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal or investment advice. Although the information has been gathered from sources believed reliable, please note that individual situations can vary, therefore the information should be relied upon when coordinated with individual professional advice.