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Q: Where does one get information about the economy and economic forecasts that’s clearly stated in everyday language? I just read our local economic report (Emerging Trends in Sacramento’s Economy) and it uses terminology that reads like a foreign language . . . and comes to conclusions that are discouraging to me as a homeowner with family members still dealing with the negative job situation. I would like your take on this.
A: First of all, understanding the terminology was a challenge for me as well! Specifically, the chart about the positive and negative drivers in our economy didn’t give me what I wanted – information or news that I can use -- as I plan my own next steps in personal and business life.
Image by: Kaushik Ranchod But asking further questions about these unknown factors did help me in my search for answers to my questions about how I can respond wisely to the economic facts we face.
For instance, I asked the question: “how pent-up demand is related to growth” by putting that query in my browser. And it yielded some articles that not only explained the concept of “pent up demand”, but gave me some new perspectives and interpretations about my personal economy. Other people had thought through the dilemma we all find ourselves in and had written out well-stated ideas and plans to improve our situation.
In the process of searching, I came across this quote from Ernest Hemmingway: “Now is no time to think what you do not have. Think of what you can do with what there is.”
This gave me encouragement and a direction: what if the questions I have are more valuable than answers? To experiment, I began to think up more questions that might yield empowering answers. Here are a few:
“What lessons do the Olympics teach about success?”
Brief Answers: athletes teach lessons; triumph over adversity is result of hard work; learn more from failure than success; the power of dedicated teamwork.
“How can there be success in the local economy despite forecasts?”
Yields other headlines: “Economic outlook survey indicates favorable perspective on local economy” “Prospects for favorable economic conditions”
Now perhaps we are both ready to re-read the local economic report.
The summary link at http://www.sacramentobusinessreview.com/ or the entire report at http://www.cba.csus.edu/sacbusinessreview/Sacramento_Business_Review/Archives_files/SBR_Mid_Year_Report_12_full.pdf
As you read the experts report, you can ask yourself three questions:
1. What is the perspective of this report and is it the only one available?
2. What is the interpretation I create from this report, and what others are available?
3. What is the action plan I already have in place and how does this report add valuable information?
Perspective, interpretation, action: by taking action and moving forward you are creating your own financial future despite the economic weather storms.
Kaushik Ranchod practices bankruptcy law and immigration law in Sacramento and San Francisco. To learn more visit our websites http://www.california-bankruptcyattorney.com/ or www.ranchodlaw.com, or email him your financial legal questions at email@example.com for next week's column.