Updated: Sep 12, 2020
Whether we like it or not, right before our eyes, in our careers, in our homes, the world’s economy is shifting.
The job that you previously HAD to commute to work for is the very same job that you are sitting on your couch doing right now.
The previously acknowledged and underlying issues that our economy has are all on the surface and exposed. So, what do we do? We can complain and be angry at our government and repeatedly to no avail tell and expect them to fix it. OR we can realize just how much we ARE the power behind the economy.
Actually, we exist in all roles and are moving parts that create the cycles of the economy.
We are the Consumer, Competition, Supply, Demand & Labor.
Just about everything as we have known it, including healthcare, the workforce, the value of the dollar, communication, human interaction, etc. Our entire society has been broken down and will need rebuilding.
So how do we do that? Where do we even start?
Here are some of my takeaways from this entire experience:
Home Based Employee/Business
I have been working from home primarily for the past 5 years. So, while this is a complete shock to some, I know firsthand the benefits of a home based business when we’re not forced to due so during a pandemic.
Some people may very well not be returning to their jobs in an office building.
Employer: Less overhead, less liability therefore lower insurance premiums.
Employee: The opportunity to better control the energy of the work space, more of work/life balance & no commuting
Business Owners: Less overhead & Tax deductions for home office space
As a consultant, already being established as virtual has been a huge pro.
If you possess a particular skill and have experience whether in the workforce or as a freelancer, you can become a consultant. Short term/project based or long term, you can offer your expertise and knowledge as a service to the same type of companies you were an employee of.
You can even take it a step further and create products based on your expertise. Like e-books, audio books, kits, courses & classes etc.
Often confused with Consulting yet very different. An individual can be both however, one takes technical expertise and the other is more support based.
If you are a person who is good at facilitating growth and providing relationship development and motivational support to individuals or businesses, than this may be the lane for you. We all can use a coach in our corner.
Industrialism & Manufacturing
If we have learned nothing else during this time, it’s how little we build, package & manufacture here in the U.S.
There was a time when factories were booming. Cars, engines, computers, clothing, etc.
Now, 70+% of our products and goods are imported.
Granted this keeps an exchange and trade between us and other countries, what if we did a little more of our own work. Especially with essentials and basic necessities.
There is no reason we should have ever ran out of masks or should be low on ventilators. Had we manufactured them here, we would have more and access to manufacturing more immediately.
Also, a lot more of our labor is outsourced. Why? Simply because it’s less expensive. The cost of living in these countries is way lower than the U.S. so rather than pay the wages that are required here, they save a ton paying pennies on the dollar there.
This is an area of the economy where we can start businesses that bring us back to industrialism. That bring trade and skill back into play. Providing good paying jobs and consistent, healthy environments right here in our own country.
Before there was money, Barter was the form of currency. Trading goods and services for goods and services.
I have come across a few of these digital forms of barter however, they have certain requirements and can be very cliquish.
Let’s say you’re a new business and you have a service that I need and I have a good or service that you need, We can exchange what we agree is of equal value, rather than paying each other. No money spent and we both benefited mutually from the exchange.
This is a way to build networks in different fields and industries.
Bartering at this point in time doesn’t pay bills… but in one way or another it could as it has before.
Besides, these large corporations barter ALL the time. When you REALLY comprehend the value of money, you understand how much it really isn’t needed for everything.
Maybe it’s something you can try among your affiliates and see how it goes.
Spending Benjamin, Abe, Tom, George n ‘nem are soon to be obsolete. The dollar bill as we know it, will cease to have value in our lifetime. I never thought I’d be around to see it, yet here we are.
If you are tech-savvy, now is the time to collaborate and create systems that facilitate exchange and do whatever we use currency for. It’s the time to get ahead of this by looking at what’s already out there, what is soon to be released and ***what is missing***.
We control the stock market. Not just as consumers but also as investors.
As consumers we are the buying power. When we stop spending for any reason, boycotting or financial issues, there is a decline in the books therefore a decrease in the valuation of a company.
Hypothetically speaking, if everyone decided to stop buying food from every single McDonald’s for one day, they would lose millions, about $70 million.
1 week… their books would decrease significantly therefore their valuation would change.
As an investor, when we buy stock and become shareholders of companies that are publicly traded, we are buying into the idea that they are currently or will at some point, be operating functioning companies with so many consumers that the profits can be shared AND/OR have other investors that will buy in.
If more of our businesses were supported by more of us… more of these businesses could go public and be supported on both ends by us, the way we do these major corporations.
There are some pros and cons of capitalism. There are some practices that are greedy and shameful, yet we support them every day. This is the opportunity to pick apart capitalism and use the methods that benefit everyone, not just a small bunch who are no where in sight during times like this.
If you didn’t know, NOW you do. You have the power to reshape our economy and you have options. So, what are YOU going to do with it?