We’re in a global financial crisis. The pundits think it’ll last for 20 years. What happened? Conspicuous consumption. If you couldn’t afford it, just take an equity loan on your appreciating house. Well, we all know this life model.
Madison Avenue’s messages over the last ten-year’s stressed the virtue of accumulating stuff. How many flashy clothes do you need and fast cars can you afford? How many gadgets do you need?
Professionals used to speak about the forty-hour week. One company gave its engineers and managers an option. You can retire. Alternatively, you can work 4 days a week and still get your normal job done. Well, this means that folks just got a 20% cut in their salaries. And, what does this person do, when he or she was working 50 hours or more a week just to get stuff off her desk?
Things are not as they seem. You think you can downshift. You’ve paid your work and life dues. I’m entitled. I’ve got a guaranteed pension. I’ve got a 401 (K). I’m set. Watch out. Things just changed – 401 (K)s are diluted, pensions even guaranteed can evaporate, houses have depreciated, and you are about half as solvent as you were this time last year.
I think that the ‘less is more’ ethic is becoming more important. Experiences, travel, creativity, free time, balance, control, values, and family will today’s become status symbols. More people are leaning to a simpler life.
Life Lesson Earned: So, what should you do? It’s simple. Learn to live within your means. Start saving. Develop a less is more attitude. Start thinking of family and personal sustainability. Lower your blood pressure. Plan on working longer. Plan on living longer.