When I was 25 years old the bottom fell out of the market as the Dow Jones Industrial Averagelost 508 points (about 23%) in one day.
During the ‘80s, the savings and loan scandal hit and had a severe impact on the banking and real estate industries. During this time 1,042 out of the 3,234 savings and loans associations failed. In 2000 the tech bubble burst, driving the United States into a bear market. The 30-year fixed mortgage rate was 8.21%. In 2007 the real estate and stock markets collapsed again. Most now blame easy mortgage money, derivatives and general Wall Street abuse for the crash. Unemployment soared to over 10% on average and much higher in some areas.
I never gave a damn.
Today interest rates are poised to rise, homes are still underwater; new construction starts are unpredictable; the CFPB looms on the horizon and more.
I really don’t give a damn.
In every up market almost all of us in sales are making money. If you were in the real estate industry in 2004-2005 there was no way you didn’t rack up commissions and bonuses…big time. That was the bubble of all bubbles. But why is it there are always those who make money, and I mean a lot of it, in down markets? It’s simple: those people read very few of the headlines and they don’t buy into the doom and gloom. If what they were doing wasn’t working because external conditions have changed then they changed too. They are innovative, relentless and…well, let’s just say they’re winners. The only real “secret” to their success was that they just didn’t care that everyone was telling them about the end of the good times or that “things will never be the same again.”
I started NextDeal/DigitalDocs a few days after two planes crashed into the World Trade Center buildings, with all of the so-called experts telling us “the end of our way of life may be near..
Markets go up. Markets go down. Economies have their peaks and valleys. Unexpected events that have an effect on business happen. Often. Usually, these trends and events are cause for endless rounds of prediction, discussion and debate.
I just don’t give a damn…and neither should you