Having counseled 6000 people over the years, I've received a lot of oddball questions.  Because, out of 6000 people, one is destined to get a share of oddball questions. 

Oddballs, too. 

However, being an oddball myself, I welcome questions from my fellow kind!

                  


One particular question that pops up time and time again is "Is this the worst case you have ever seen?"  In truth, I only lie to one person out of 6000 when I say "No, I've seen worse."  But the fact that so many people ask this question indicates that discussing their finances is taboo.

We love to talk about other people's money.  (Exhibit One: greedy AIG executives.) 

We love to argue about money but it's usually about the other person. 

And so, as our economy seemingly implodes around us, I search for the positive effects.

The media feeds a sense of doom that only fans the flames, making our current mess worse than it ever should have become.  Out of this doom has come a sense of urgency that I have never felt since I started helping people in early 2001.  
An urgency which has tested my sanity. 

My day is filled with back-to-back appointments from the moment I clock-in until the moment I am supposed to leave, save for an hour lunch.  Despite what seems insane on paper, this schedule works since over 40% of our appointments don't show for a variety of reasons (disorganization, forgetfulness).  Also, the vast majority of clients never summon the courage to sit across from me and spill their financial (and emotional) guts.

This newfound urgency has pushed more people through our doors, and our show rates are sky high.  However, many are worse off than normal with lesser incomes, mortgage fiascos, etc.  Not to mention that everyone was in the exact same situation 2 years ago except that, 2 years ago, no one cared that they were in overwhelming debt since riches were around the corner. 

The value of their homes would keep going up at double digit rates. 

Never ending lines of credit on their credit cards and homes would make up for living beyond their means.

What's different now?  There are no jobs.  The real estate market has tanked.  Optimism has turned into doom.  Banks are slashing credit lines and shutting down accounts at alarming rates.  And banks, although bleeding all along, finally had a mirror shoved in front of their faces, causing them to realize that they were bleeding.

The urgency goes beyond just showing up for an appointment, too.  People are actually starting to follow my advice.  For every client without an immediate solution, I create a detailed plan of action to get them where they want to be.  Then, in many cases, I never hear from them again.  But, recently, I was struck by 2 clients who followed my advice and even sprinkled in their own creative solutions to get to the point where we could assist them further.

The economy may suck.  But that does not mean that one's own economy has to suck. 

Ultimately, the silence needs to end.

And we, as Americans, need to reconnect.

I harken back to the days following September 11th, the day of a great tragedy.  One that I not only viewed on the news, but witnessed with my very own eyes from across the Hudson river.  As the first tower crumbled, hell rose onto Earth a mere 2 blocks away from my office, where I would've been on a normal day.  Digging deeper, I remember the looks on my neighbors' faces, a palpable sense of shock on each.  Beneath that layer was a level of connectedness that has since dissipated as the economic bubble got bigger and bigger... and people got greedier and greedier.

Today is our opportunity to face the reality of learning to live within our means.  To live with and appreciate less.  And in the process, perhaps we, as a country (and world), can learn that wealth means crap if it cannot be enjoyed with our fellow man.


-- Chris Dlugozima
financialloft@deborahsteinberg.com