We’ve got two bank accounts in life.
Our financial bank account may be the one most people focus on but our emotional bank account is far more vital.
That’s because most people’s emotional bank accounts empty long before their financial ones do.
As surely as there are well capitalized businesses who crumble after a string of minor setbacks, there are those with an iron will and experience at handling reversals, who can pull themselves from the brink almost every time.
But today’s environment poses an extra challenge both personally and professionally.
If you even half pay attention to the news, you’re inundated with a dozen stories a day about the latest bank failure, corporate downsizing or some entirely new wrinkle of stagdeflation (stagnation/recession and deflation).
But the question we should be asking ourselves is: How does this apply to me as a marketer or entrepreneur?
After all, our job is to continue to find new avenues for generating leads, making sales and finding new markets for selling our products and services.
Unlike the numerous convoluted, high-leverage instruments of the financial services industry, ours is a wonderfully accountable profession. Because at the end of the day, we can quantify to the penny how much we’ve spent marketing our widgets and how much we’ve taken in.
Sealing the leaks in our emotional bank accounts
There’s no shortage of doom and gloom news.
About ten years ago, I was able to exorcise the habit of watching television news, thanks to a suggestion from the Grizzly Adams lookalike of alternative health, Andrew Weil.
Dr. Weil made a dare that any conscientious person who attempted a news fast for several days would find himself abandoning the habit. The claim seemed more than unlikely to me at the time.
Like many New Yorkers, I was unwittingly addicted to the nerve-jolting news, in a city where it’s served as gory and horrific as you can take it.
But I had nothing to lose, so I tried it for a few days.
The difference was noticeable and immediate. I felt calmer and more focused. I was now setting my own agenda instead of allowing a television news anchor the push-button privilege.
What started as an experiment has become a cornerstone of mental health.
Enter the latest bugaboo: recession related news stories in the New York Times Online.
And I don’t mean the standard fare about the latest bank or insurer to go under. I mean the insidious series of articles with titles like: “The Debt Trap” or “The Reckoning.”
The fact is, bad news sells more newspapers and gets more banner clicks than good news, but it exacts a heck of a toll on our emotional bank account.
Every time we read about or watch the latest news about a new failure, downsizing or bankruptcy, our subconscious minds conclude there are that fewer dollars, pounds or euros in the universe.
The solution is to just stop paying attention to it. You’ll gain valuable time and energy.
Because the world financial system will probably only get worse in 2009. Ultimately, people can only go forwards or backwards. Will you sell them the products and services that help them move forwards?
If you’re selling the right information products, you may be able to profit like never before.
Because if you’re privileged enough to live in the First World, this is still the best time ever to be an entrepreneur. Our counterparts from just twenty years ago would give their eyeteeth to be able to generate leads and sales so cheaply via the Internet and enjoy the borderless commerce we do.
Lawrence, Here is proof your “news fast” idea works wonders. About 5 weeks ago I disengaged from my nightly addiction to CNN. This was the same time I embarked on my new fitness program. It’s been 35 days since I watched an evening of CNN (or even 10 minutes of any news) and I don’t miss it one tiny bit. In fact, I rarely think about the current economic issues any longer. They say the best way to stop a bad habit is to replace it with something else. In my case it’s been a new healthy eating program, daily exercise, writing a new book and setting and planning for ambitious goals in 2009. What a difference it makes to fill your mind on self improvement and exciting plans for making millions instead of being dragged down by the news negativity.
Bill
Bravo!! Great article. American news is a bad news for profit business. Rarely is it news for our benefit or our service and well being. It has become drama. Watching it too much or daily by habit, will drain your creativity, making it harder to move forward with your ideas. That’s bad news.
Great article. But if you think the news in the US is bad, you should watch UK television for a one week. Designed specifically to scare people half to death, each week they push the boat out further and further. But… it suddenly occurred to me that the news could actually be a great source of new ideas. And with that came the new appeal for a product I have been working on for some time. The news keeps harping on about how low interest rates will evaporate the income savers rely on from their savings. Which obviously would feed into the consciousness of the relevant demographic. And with that, we radically restructured our product to meet this need. Now I make it a point to watch the news and read the press. Simply because if more people are watching the news – regardless how miserable – then it is easy to tune into the psyche of the mass market to develop new appeals etc that truly resonate with your target market. In fact (for me anyway), it seems that an economic downturn illuminates more then a boom, what most people fear, desire and want. And surely as marketers, this is intelligence we always try to latch on to? So watching the news can be bad for one’s attitude. But… if you watch it for the specific purpose to discover ideas for new product and service appeals etc, then it is great – in my humble opinion.
Good article. If you want a 30 second daily read that will inspire you to abandon the negative news, google “The Man Who Sold Hot Dogs”. A friend of mine had this posted in his auto repair shop 15 years ago and it still rings true to this day.
Attitude is everything, and a true capitalist is one who adapts to changing market conditions when the cashflow unexpectantly dries up rather than flying their corporate jets to Washington, DC or Ottawa, ON and holding out their gold plated cups for a bailout; otherwise, everyone is a capitalist until they stop making money.
Illegitimi non carborundum.
Gerry Shand
Lawrence,
Spot on! I remember the first time I tried this out, I was amazed at the positive difference it made. Saved a heap of time and meant that my “emotional bank balance” wasn’t needlessly being depleted.
Particularly important in these times. Time for “Operation Money Suck” on steroids!
Thanks as usual for a great post and excellent blog!
Kevin Francis
Well Said!
Lawrence – as usual you have hit the nail on the head. I first discovered this technique in college, and have used it for at least 10 years – I’m here to tell you “It Works!”
Bad news in quantity does nothing for your creativity and saps your energy as you waste time worrying about events over which you have no control. A news-fast is the perfect remedy.
Keep up the GREAT work!
It really is a case of “no news is good news”.
We each need to work on our personal economy, our personal lifestyle, and our personal outlook. Anything else borders on gossip…which doesn’t help anyone’s bottom line.
THANK YOU!!!
I don’t watch news/media info, but I was listening to an
online watch dog who has got good advice, and he has been spot on about world events, he has even provided information I found would be – great to have if or when???/ a recession/ depression or what ever they want to call it, comes…
BUT EVEN SO, listening too much to him has drained my mojo!!!
left me feeling deflated, and thinking that something will go wrong in my world, well there have been other issues that made me stress too….personal family ones, so the combination hasn’t helped!!!!
TRUST ME THE MORE YOU REMOVE THE MORE YOU’LL IMPROVE!
Dropping the daily listening just from the first day has made
a world of difference, I still have personal issue to sort out, but shifting the rest of my attention to positive stuff has/is making a world of difference, even leaving me with strength and energy to focus on destroying stressing issues.
Guess Energy Does Flow Where Attention Go’s
All the best, be blessed.