All things have a natural cycle.
The sun rises; the sun sets.
The tide comes in; the tide goes out.
Jobs are easy to get; jobs are hard to get.
Whether we’re talking about cycles in nature or in the economy, there’s a natural ebb and flow to all things.
If all you’ve known is the sunrise, it’s hard to imagine that a sunset is even possible… simply because you’ve never seen one.
The same is true of economic cycles.
If all you’ve ever seen is an economic boom, it’s hard to imagine what a recession looks like.
If all you’ve known is price stability, it’s hard to fathom what inflation looks like.
The key is to recognize that cycles exist in everything. Some actions — like getting a job — are easy to do in an economic boom. Other actions — like keeping a job — are harder to do in a recession.
A lot of people assume, unconsciously or otherwise, that favorable conditions will persist pretty much forever.
This is not realistic.
It’s useful to prepare for difficult times when things are really good. This can be an emergency savings fund or cash reserves on the balance sheet. It can be putting a first aid kit in the car when nobody is currently injured.
Make sure your decisions, actions, and plans still work during both phases of any cycle.
Are you prepared for all phases in the cycle? Comment below with your thoughts.
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