What should your attitude be towards a recession?

Benjamin Franklin, one of the founding fathers of the United States, once taught a remarkable lesson about the correlation between financial prospects and attitude in times of a depressed economy. In the face of perceived economic doom and gloom, should we surrender to despair, or do we dare to be optimistic?

This brings to mind a story from 1729. Franklin recalled an encounter with an elderly man who questioned his decision to set up a new printing house in Philadelphia, a venture involving a considerable amount of resources. The elderly man projected his vision of financial ruin for Philadelphia, predicting bankruptcy for its people, and viewed Franklin’s establishment as a doomed venture in a decaying environment. For many years later, the despondent gentleman refused to purchase a house in what he saw as a failing city, further validating his gloomy economic outlook.

Franklin, however, refused to surrender to such a bleak perspective. Despite the pessimistic projections, he chose to remain hopeful about his business and Philadelphia’s economy. His decision reaped rewards years later when the same gloomy gentleman was forced to pay five times the initial price for a house in the now-thriving city. Franklin, setting his affairs in a place the old man dismissed as ‘sinking’, carried on and witnessed Philadelphia’s prosperity, while the pessimist paid heavily for his lack of optimism.

Franklin’s tale serves as a pertinent illustration about the importance of fostering a positive outlook, particularly in the face of an uncertain or gloomy economy. A recessive economy is undeniably challenging and brings considerable stress and hardship, but when approached with an attitude of optimism, one can see beyond immediate difficulties and identify opportunities that are often missed by others.

Believe in potential growth and expansion, even in a gloomy economy. Economic conditions are cyclical, and the ebb will inevitably be followed by a flow. Those who prepare and make smart, informed decisions are normally the ones who benefit when the tides turn again. This is not to downplay the real and acute challenges that come with economic distress. Rather, it is to offer a perspective of resilience amid these challenges, an echo of Franklin’s insights, emphasizing that optimism should remain our compass during times of economic storms.

Practicing such optimism could mean gearing towards long-term investments at times when prices are low, or exploring new lines of industry and innovative methods that can flourish despite economic downturns. It could also involve investing in oneself, acquiring new skills and knowledge that increase employment opportunities and personal growth.

Optimism – an attitude embodied by Franklin – is more than just wishful thinking. It’s an actionable life strategy that calls for adopting a positive outlook, making informed decisions, and staying focused on potential opportunities despite present difficulties. So, even amid a gloomy economy or recession, let optimism light your path.