November 24, 2008
The New Rules of Money
The old rules of life and money were the same for everyone: get a job, work hard, retire. If you followed that path, you were guaranteed a comfortable life, at the least.
This is no longer the case…
Fortune senior writer Betsey Morris explains, “Once upon a time, there was a route to success that corporate America agreed on. But in today's fast-changing landscape, that old formula is getting tired.”
Market fluctuations don’t guarantee jobs or continued demand for products. Take, for example, the steep rise in fuel costs mid-year 2008 that seriously damaged the demand for fuel-guzzling SUV’s and put American auto makers in financial jeopardy. What was hot yesterday is old news today.
Technology advancements have increased access to more markets by more people. With the Internet and communication barriers at a minimum, access to information and distribution is so much greater.
Social opinion has increased its marketing influence. The power of money doesn’t lie only in the hands of the big corporations anymore. More individuals have the opportunity to make it big. A number of successful entrepreneurs continue to emerge in today’s economy.
The new rules of money are individual: Follow your passion, find that niche, be flexible and open to change, diversify your income streams…
The new rules of money are all up to you…