Lessons From the Field #5:
There Are No Shortcuts
Being a family fiduciary, it is important to realize when you are in the middle of a recession. While watching today’s 55 seconds, you may want to ask yourself:
Periods of prosperity, recession, and recovery each have their own brand of dangers and opportunities. As your family’s leader, it is up to you to take your stand accordingly, and make the best moves possible.
It is not yet official, but we are likely in a recession…
Since 1980, the United States has had one about every ten years.
The challenge is…though recessions only last a few quarters…it usually takes five to seven years to recover and get back to where we were.
There is a lot of talk about a quicker than normal recovery this time because a vaccine will speed things up. That may well be…but how can you plan on it?
If past recessions have taught us anything, it is better to be prepared for a long climb out…than to be caught short with nowhere to turn.
As the old parable goes, there is a time to reap and a time to sow.
How ready are you for a long climb out?