The world economy is a little shaky right now. The politicians are throwing bail-out packages around like treats at Halloween (all you have to do is come to the door of government and hold open your pillow case and magically that pillow case will be stuffed with cash).
Personally, I believe that some businesses can actually turn things around by offering a helping hand during this tough economic time and I am willing to support some of them being helped. But I will never go so far as to say that government should just blindly give money away. I think there needs to first be a trade-off. Here’s what I’m thinking: before money ever gets doled out to a company, there needs to be a caveat in place that requires that the senior management team that lead the business to the point of needing a bailout must first resign and a new management team be put in place or there will be no forthcoming bailout package.
Why would anyone reward any senior management’s poor performance with more free money? How will anyone ever be held accountable if a CEO is allowed to make poor decisions and poor choices and recklessly lead his company to a state of financial turmoil while at the same time being given bags of free money to do it all again? No, no, no. If the money is to save workers’ jobs, then the guys at the top need to go so the workers can be spared.
It’s the same idea as one company buying out another company. Senior management of the company being purchased is usually sent packing in a buyout. The same rules should apply here. Since the new investor is government (technically that means you and I), then we should have the right to remove poorly performing managers before we invest our money. Einstein said it best: “We cannot solve our problems with the same thinking we used when we created them.” So the guys who got their companies this close to bankruptcy need to go before any more money changes hands.
Other businesses and organizations are restructuring, re-tooling, re-thinking, re-adjusting and sometimes regretting not putting enough away for a rainy day – and guess what? It’s raining today.
But the point of my writing today isn’t so much about whether or not there is a need for bailouts. My point here today is to discuss the almost certain onslaught of shady individuals and businesses who will attempt to cash in on scared workers and those who fear for their livelihood. When people begin to fear losing their livelihood then without fail, along come those despicable individuals who will offer the “overnight millionaire” scam. They will make grand promises of quick money, easy riches and millionaire lifestyles if you would only purchase their “sure-fire” program. They will sell that program with grand promises of easy money and openly lie to you that if you would purchase their program, you will be able to quit your job and live the easy life - if you would only part with several hundred or several thousand dollars (usually the last of the savings for families hovering close to poverty).
The problem here is that most of these “overnight millionaire” scams claim to require little or no effort. Look, if a program or scheme promises you won’t have to work, won’t have to make any effort, just part with hundreds or thousands of dollars and follow a “simple” 1-2-3 step program, you’re getting cheated.
Attitude Adjustment: This is not a time for rash decisions and depending upon wild hopes and dreams. Anyone who promises you overnight riches with little or no effort is only after your money. Don’t be a fool. Don’t get taken. Don’t buy the “overnight millionaire” scam. Look, you didn’t get where you are financially overnight. It took a lot of years to get to exactly where you are today. No “1-2-3 program” is going to solve your problems overnight. Don’t buy in. Resist as much as possible. If you want to help yourself right now and you don’t handle money very well, find someone (a financial planner for example) who can help you do better with what you have. Read. Learn. Study. Become better informed about you, your money and how you handle it all. Please. Please. Please. Don’t get sucked into the get-rich-quick schemes. The only one who gets rich is the one who just took your money.
1 comment:
"Why would anyone reward any senior management’s poor performance with more free money? "
I believe the same applies to government officials. Why re-elect them when they failed miserably.
Clever business men have "correctly" turned to the one group of crownies that will lend a hand to the most fortunate.
We need to hammer away atthe image of the CEO being kept in his/her office and the homeowner being evicted for their failures.
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