My mother was the greatest business women of all time, and not by the heights that she ascended in the corporate world, but more by what she was able to achieve in the small conservative town in which we lived. She was a divorced mother with four boys. She organized a private club in an end run around the liquor regulations in the dry county in which we lived. It was such an astute exploitation of a loophole that the conservative members loved her government busting moves and let the establishment continue to operate. It did not hurt that many of the members were raised on her cooking from many of the successful restaurants in the area.
However, as the economy declined in the area, so did the patrons. Eventually, she closed her establishment. However, that was okay because we were beginning to all beginning to focus on college. I could not wait to educate myself and move up in life. When I first got into college, I understood really fast that being successful would take some adjustments and most of them would be social adjustments. The really obvious things were things that I could address straight away. These were minor things that having money in itself remedied, but the knowledge to avoid the pitfalls was only available to those that looked for the information.
This requires the forethought that many do not possess because it is not deemed necessary for success. We are only told when we are young that hard work is the way to success when actually, success requires thinking. The physical manifestation of this thinking is planning and executing, and all of these things must be curated with extreme vigilance. Before the economic downturn, many people dismissed terms like economists forecast dire consequences to the housing bubble. I did not dismiss this information because my economics professor was a moderately known economist in our small corner of the country.
He was insisting that the downturn was coming and outlined some financial moves for me to take to insure that some investments that I had out there in real estate were shored up before the crash occurred. He was citing a noted New York economists as his main source. This economist was Christian Broda on chicagobooth.edu. At the time, Broda was really outing the entire bubble, and the people and institutions that were instituting the issues that would topple our economy. Broda new better than most because he is also a noted investor, so his perspective was crystal clear on the subject. I thought back to my mom closing her business and wondered if we had the ability to consult an economist, would things have been different?