Thursday, December 18, 2008

Dealing with the Crisis by Ignoring It

The other day I e-mailed an old friend who I haven't seen in a long time. This guy and his wife own and operate an event planning and marketing promotion business. Naturally, I was wondering how their business was faring under the current economic conditions. He wrote me back saying, and I quote:

"We've heard about the global economic downturn, and we are choosing not to participate."

I was amused. That's the kind of guy my friend is. Now, I am assuming this guy was kidding me, but the question is whether such a response can be a legitimate strategy for coping with the situation. After all, the vast majority of us is gainfully employed and will continue to keep our jobs through the crisis. Those of us who were prudent and fortunate enough to build our cash reserves have a cushion to fall back on in time of need, and if you are willing to take a business-as-usual approach you can get some pretty fantastic bargains these days on anything from cars, to vacations, to homes, to luxury goods.

I am too conservative with my money to follow such a strategy, but I wonder if any of my readers out there are taking this kind of "business as usual" approach. Let me know.

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