In these economic times... It seems like everywhere we turn an event, a thought or theory is prefaced with “in these economic times.” It’s as if our world exists solely for economics and money. We are faced with the reality that there may not be enough money for the “things” our world has created and that ultimately, money is no longer enough.

Each day we are met with depressing economic news and are told of yet another sign that tough times are still here, that “all things glorious” have ended, and that economic times have changed. We listen to the gloom and doom of today’s media, read about major companies asking for bail-outs and/or failing and we know this is for real. All around us “the sky is falling, the sky is falling” and whether or not our own sky has crashed, we know that the financial world has shifted. And, like it or not, our financial life and values are demanding that we shift too.

For years we have been hurtling forward, gathering speed as we accumulated more and more. Acquisitions grew bigger and bigger and our thirst and hunger for more and more was never quenched. There was always a new gadget, a better gizmo, a bigger car, a bigger house. Consumerism and credit grew to where we could not be satiated.

For some of us, we acquired more and more debt as we bought into the idea that we were only as good as our possessions. And, as we burdened ourselves with this debt, we found ourselves in a vicious cycle of needing more debt to continue in the lifestyles we created.

And others shook our fingers at our debt-ridden friends and neighbors and we didn’t stop to examine our part in this global mess. It wasn’t us – it was them. They were heading for trouble and we were glad we weren’t in their situation. But now we find out we are all in this together. For what happens to one of us, happens to all. We are finding out, they are not alone in this – and neither are we.

For in truth, we have built a world around the almighty dollar and our worth is tied to our wealth. Our country is powerful because of our riches. And, we are told our future is at the mercy of “these economic times.” But, is there another way to look at this?

Can it be that we have been brought to this time and place to stop and re-evaluate who we are in relationship to money and finances?  Is it time for us to ask, “who am I without money, without possessions, without accumulation?” Could it be an opportunity for us to stop, reflect and change course? Should we be looking at our situation not as one of gloom and doom but rather one of growth and even gratitude?

When money’s no longer enough, we must reexamine our standards for real value in our lives. Do we find value in terms of what we do and what we own? Do we find value by comparing ourselves to our friends and neighbors? Is value determined by how much we earn and how much we’ll have when we retire? Is the accumulation of more and better goods and larger and larger bank accounts the barometer of our value? And, most importantly, are these values our values or someone else’s?

I believe that we are in “these economic times” so we will examine our money beliefs and find the real value in our life. It’s not about working longer and harder for the sake of buying the latest and greatest consumer product. It’s not about the size of our retirement account when our health many not even see us to retirement.  And, it’s not about the size of our car or home when we live in lonely isolation from our neighbors and community.

Losing sight of what feeds our souls; we have blindly pursued consumerism at the expense of our freedom to choose more time for relationships and community. We have bought into today’s economic times because we tried to put value into our lives with things rather than each other. We exist on credit because money is the most valuable thing in our life and we fear that cutting our consumerism will mean loss of jobs, loss of goods and the loss of our former financial life.

But, what if these economic times are about us finding a new path; a new power in our world – an alternative to the powerful dollar. Because, the truth is, the only value and power money has is what we humans give it. Money is man-made and we alone give it power by using it to assign value to things in our world. Of course, there is a need for a form of currency to operate our world. But, we have lost sight of the initial purpose of money. Instead of giving it economic power for the exchange of goods and services, we have increased its worth to where just the mere possession of money gives the possessor value and power.

Over time, our society has rearranged itself to exist for the accumulation of money. And, consequently, the concept of “enough” has become bottomless. We have watched individuals, companies and governments operate based only on the bottom line and the amassing of great fortunes. The human factor has been overlooked and decisions are made solely from the perspective of financial value and power. Schemes in financial markets have been developed not for the value or strength they give the general public, but because these products increase someone’s bottom line.

And, consequently, focusing on the accumulation of money has caused the gap between those who have and those who have not, to widen until it is almost impossible to see across this great divide. And with the widening of this gap, misleading beliefs have strengthened so that we begin to see them as truths that can never change. These “truths” have resulted in us choosing sides on that great divide.

One side believes that nothing good comes from money – while across the gap, we believe that if you don’t have money, you’re no good. One side believes you did something dishonest or “bad” to get money, and the other side believes if you just worked or tried harder you wouldn’t be in the financial mess you’re in.

And our media helps fuel these beliefs. We are either bombarded with “you don’t understand, let me help you figure it out” or “come with us and be one of the lucky ones.” We hear slogans like “don’t leave home without it” or “priceless” all tied to finding value and joy through money and what it will buy.

But, could we re-examine these beliefs and reconstruct them to reflect the real, intangible values of our life and use this man-made resource to put real value into our lives? Can we ask “How do I find and/or add value to my life?” And, answer with our real, individual, personal values and not those that our society and world have chosen for us?

When I work with people in my money coaching and workshops, they are often surprised to discover what they value most doesn’t require a lot of money. A woman frantic with financial worry about retirement in 3 years discovers she loves her work, doesn’t need or want to retire and the life she ultimately sees for herself in retirement doesn’t require the accumulation of great wealth – only her gardens and family around her.

And, conversely those with great wealth discover it makes no difference having riches if there is no peace of mind and acceptance of their abundance in non-monetary things. Money is just the illusion of value in their lives and not surprisingly there is never enough of it to “fill them up.”

I like to dream that “in these economic times” we find our way back to real value—the value of ourselves and those we are connected to. When listening to a story of the dismantling of tent cities sheltering the new homeless, I dream of each of us letting one family or just one individual pitch a tent in our backyard. Or, instead of throwing out our leftovers we share them with another needy family or invite them to dinner to get to know them, really know them. How much value could this add to our lives?

Can we find value in children playing in the great outdoors, climbing trees, building forts and discovering the wonders of nature instead of in expensive computers or game systems or large screen TV’s? Can we find value by inviting friends over for dinner rather than having an expensive night out? Instead of seeing value in the “mansion” down the road or the big and better electronics or long work hours for a bigger promotion, can we find value in the eyes of our loved ones and even strangers?  

Could “these economic times” be all about us finding real value in our lives?

Jane Honeck, CPA, PFS is President and founder of Honeck-O’Toole CPAs. She developed Cent$ible Living Money Programs to help you “manage your money and liberate your life.” The program helps you examine core beliefs around money to see how they impact your financial and life choices. For more information call Jane at (207) 774-0882 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it , www.honeckotoole.com.