I get a lot of emails at TaxLoopholes and over at DKTaxServices. I have a rare opportunity to see what is really going on for many business owners and investors.
I see real estate investors in all stages. Some are in areas that haven’t been hit much at all by the recession. In fact, in Menlo Park, Palo Alto and surrounding areas in Northern California, people are still bidding up the prices of houses for sale. Real estate down? Not here!
Others are just hanging on. Most of them have businesses and or jobs that are pretty recession proof. The real estate they owned was for the long haul, and so the value decrease is just temporary. They know their net worth is down, but it really doesn’t matter.
But for many, the real estate downturn has been brutal. Many have walked and, in fact, have already gone through the process so that they are back buying again in the short sale market. Others are still trying to figure out what to do. And still others are motionless, as if the shock was just too much.
It’s the same for business owners who have seen their particular niche change. Many are modifying and changing to meet the new market. Others are still looking for those new clients or customers to replace the ones that left, figuring that if they just hit the right message, everything will come back again.
Where you are in this current economic time, it undoubtedly means change for you and your family. Families seem to be closer and more appreciative of each other. I know that’s true for my family. When the business was slow (and it was for a few months at the beginning of the year), we just took advantage of a family saying, “I could go fishing and not get paid.” In other words, if the business isn’t there, don’t drive yourself crazy looking for it. Might as well take some time doing something you enjoy doing.
I’m also taking this time to learn new skills in the Internet world.
If your business or investments are slowing, what is your action plan to start over? How will you reinvent yourself this time? What will you keep? What will you change?
I hope you all have a great weekend and take some time doing something that brings you joy.
Tags: Business • economic recession • starting over