Friday, November 14, 2008

Things will get better... trust yourself..

Having financial troubles is not a great story to hear but it does happen and I can tell you from my own experience back in the early eighties that it can be very depressing, stressful and can shake ones confidence. I had started my business in 1980 and worked really hard but interest rates shot up to 21% and the economy took a twister and it wasn't long before I was up against the ropes. In my own case I can remember many a night without sleep worrying about losing everything (which wasn't much) or how I was going to hurt some of my creditors because I couldn't figure out how I was going to be able to get out of financial hawk? I was embarrassed and humiliated at how it was going "to look" to my friends, family, lenders, neighbours, etc... and it was really want to dodge start making up stories that become lies... you don't know what to tell people and soon your financial troubles take on a life of its own and you begin to blame yourself totally for all your troubles.... in my case I was very lucky. I had an Uncle and other family that helped me with some financial support that I'll never forget... I was living with a partner who supported me emotionally (she's now my Princess)... I had some great friends, employees and sub contractors who had to be very patient... for the most part when I had to face my creditors and the banks they were very reasonable. The economy eventually came back and things got better and I’ve tried to be very loyal to those who supported me during this period. When I look back at it I now realize that sometimes you get so absorbed in your own troubles and you tend to blame them on yourself when in fact had I looked around I would have seen that a lot of other things beyond my own control were happening all around me... not unlike what is going on now with our economy. There doesn't seem to be anyone who can tell us where this current downturn is going to go but the thing I've done in the interim is as opposed to lay off staff I've asked our team to be more focused on service and be more frugal on how we operate as a business and in their own spending. I've asked each and every one of them to be conscience of their family, friends, co-workers, sub trades, and if they see any of them under stress or having trouble then encourage them to talk about it, give them support and try and help in whatever way they can... remember the world is not going to end and we need all these people with us... so believe in yourself, stay focused and don't forget we all have someone we can ask for help... things will get better.
Bankruptcies up 19% in P.E.I.
Friday, November 14, 2008
CBC News
Personal bankruptcies are up 19 per cent on Prince Edward Island, as the economy slides closer to recession.
In the first three quarters of 2007 there were 315 bankruptcies on P.E.I., but to the end of September this year there have been 374.
Robert Powell, vice-president of A.C. Poirier and Associates, one of several Island companies working with people who are going bankrupt, said job losses on the Island have made it difficult for some people to meet their daily needs.
"They are just financially stressed. They are carrying a lot of debt," Powell told CBC News Friday.
"We don't see very often people that are going on vacations, et cetera, and having a good time at the expense of the creditors. It's more attempting to meet the basic needs of themselves and their families."
Powell does not expect the situation to get better any time soon. His office has had to increase staffing recently to deal with the extra workload.


Anonymous said...

Great Post Tim ! There is definitely a shift happening. Service is even more important to the consumer and we have to review how we all spend. Good leaders manage by heart and mind !Not just by bottom line. As stated the ones you meet on the way up are the ones you meet on the way down.

Anonymous said...

I don't know who authored this piece, but it is one of the most down-to-earth, human oriented articles I've ever read.

As pointed out, sometimes problems and situations take on a life of their own and the results are tragic.

Hopefully the advice provided to 'reach out' to those in need will resonate with readers.

Anonymous said...

as one of the 374 mentioned in the article, i can attest to the stress and embarassment it can cause. The rising oil prices/electricity/waste watch etc sunk the small rental business we had the end we called the banks and said take the buildings back...they didn't want them at first...but we were insistent.

Since the process started - the stress level in the house has been much better - we kept our house and our car and hopefully if we play our cards right - we hope to be debt-free in 10 yrs. I'm surely not the first 40 yr to start over..hey at least i didn't have to move back in with Mom and Dad !!