It’s hard to find a person not impacted by the economy. And I am no exception. Although my husband and I are blessed to both have small businesses that have been doing very well, we have family members who have experienced the ups and downs of this economy. If you’re wondering how layoffs, the housing slump and drooping retirement accounts could have a positive side, keep reading. Here is a personal look at how some of my loved ones have been impacted by the economy. I’d love to hear how yourfriends and family members have been doing, too.
The Positive
My sister lost her job last summer which could have been a big negative. But it prompted her to start her own business which has turned into a big positive. She’s doing something she loves, living with more freedom, experiencing less stress and enjoying the fruits of a successful small business.
I have several close friends who have been able to buy homes that they wouldn’t have otherwise been able to purchase. One friend bought her first home a few months ago. It was a foreclosure that would have been way out of her price range a few years ago.
The Negative
Some relatives of mine have not been able to afford their mortgage for the last few months. While I don’t know all of the details, it’s likely that the economy had some role in their situation. It looks like they’ll be filing bankruptcy and possibly lose their home.
Many good friends and church members have been laid off this year. They’ve faced unemployment unexpectedly. On the positive side, I have seen them respond with optimism and resilience as they trust God during this tough time.
A Little Bit of Both
My mother founded a no-kill animal rescue program in Iowa. While the economy has forced many people to give up their pets, the outpouring of care and willingness to adopt animals in need has increased significantly.
Another friend’s small business lost several huge clients at once, bringing his income down to a fraction of what it once was. He eventually sold his pricey condo so that he wouldn’t end up losing it in the future. He’s now renting and has a new plan to pay cash for a moderately priced home next year. There’s no denying his life was dramatically changed by the economy and as he experiences the freedom of living debt free it will all have been for the best.