Economic crisis - there is a silver lining
by Justin Hooper
Over the past few years, South Africa has been going through many other challenges besides the stock market. One of these is that power (i.e. electricity) has become limited, something that we in Australia may find hard to comprehend. In simple terms, there is just not enough power to go around and a system of power sharing has resulted. Suburbs are cut off at periodic intervals resulting in “blackouts”.
Many of the people are unhappy about this inconvenience and frequently complain about the “incompetence” and lack of planning of the government.
There have however been some interesting and positive repercussions. First, families now enjoy each other’s company more when TV is just not available. Second, neighbours have learned to help and share with each other. Third, there are far more candle lit dinners (and that has its benefits!).
Besides these more personal benefits, new industries, new companies, and innovations have benefited the economy. Suddenly a whole sector producing generators has emerged. People have to some extent become more self sufficient and those that have been open to it, have actually appreciated the “power outages”.
Life is so much about your focus becoming reality.
So what could possibly be the positive benefits that may occur from this current economic crisis?
The list below is not exhaustive, but over a quick cup of coffee at Sentinel, here’s what we have came up with:
• People will become more aware of their spending and eliminate some of the wastage
• There will be a greater appreciation for real value in work performed
• A move back to “old school” principles
• Young people will appreciate having a job (maybe that will create greater understanding between generations)
• Ridiculous executive remunerations will be eliminated
• A move away from “short-termism”
• The financial service industry will be “cleaned up”
• Quality financial advisers will emerge as clients will be able to differentiate
• People will revaluate what’s really important to them
• We may take the election of our leaders more seriously
• Money will have more “value”
• Real investment opportunities will emerge
• Potential reduction in global emissions
We would love to expand the list so please send us any thoughts you may have.
Justin Hooper,CEO, Sentinel Wealth Management, www.sentinelwealth.com.au