27 March 2014

Recession is Good ! The Good Side of It

" Economic Recession, Global Meltdown, Tough Economy, Economic Crisis, Stock Market Crash..." all these terms which used to be economic jargons once has become common words for us today!
Everywhere we look, people want to know if we're in a recession. Turn on the nightly news or read the news paper, we get scary economic statistics one after another. Without doubt the main topic dominating the news is the current economic crisis, and it appears certain that it may be going to get even worse.

The Good Side of Economic Recession
1) It Makes Us Wiser : You'll be surprised how people start to lecture you about spending wisely, saving for the future, tighten your belts etc.! Seriously, in this world where consumerism is highly encouraged, the situation right now has made everybody wiser than before. I don't see people spending a lot of money like they used to. Don't you feel that's really good?
2) It Makes Us Think Out Of The Box : As I've said earlier, economic recessionmakes us think, which is the greatest thing. What different way have we thought of today that will earn us some extra cash? The beauty of it is that, the more we think of it, the more creative ideas we get. And that is our first step towards success.
3) It Creates a Decision Maker Out Of Us : Knowing that we have to act fast, it forces us to make quick decisions. It doesn't matter if we make a mistake, what matters is that we are doing something. Procrastination will get us no where, and that is what recession is saving us from.
4) It Makes Us Appreciate What We Have : A friend of mine used to always complain about the car that he drives, he wanted something new, a brand new Honda to be specific. But now I'm hearing him say how thankful he is to still be driving a car. How about rest of us? Do we still hate the car we drive? Do we think our house is too small? Don't you think recession really makes us appreciate what we have?
5) It Forces Change : This goes together with all the other benefits of economic recession. Change is a constant thing but recession accelerates that, it makes everybody adaptable. If we were used to eating at Five Star Hotels and Fine Dining Restaurants, I bet some of us might be at least thinking or started having it at a Fast Food Joint or even just eat at home!

6) Other Benefits of Recession : Economists say, during recession Interest rates which will come down which is good for Borrowers and Inflation rates will drop which is good for Savers. Sometimes difficult times can force us to reevaluate our financial situation. It can make us look for new business avenues and new ways to cut costs and spending. Although it may be temporarily unpleasant, the important thing is not to panic but try to make the best of any situation we find ourselves in.