Are we in a Titanic economy?

It’s a fair question with the populations of some countries continuing to expand, record unemployment of 10 to 30 per cent

It’s a fair question with the populations of some countries continuing to expand, record unemployment of 10 to 30 per cent in some countries, and increased demands on welfare budgets, we are all slowly sinking – what is the answer?

My suggestion is ‘gird thy loins’, prepare for a dip, take a lesson from the global financial crisis (GFC) where the world lost many industry leaders – and most economists had no idea that this dramatic downturn was becoming imminent. There will never be an easy answer to a looming crisis as every personal situation is different. I was personally hit a fair broadside by the GFC – it took the wind right out of my sails or rather ‘sales’.

I have been researching what banks and other financial entities are up to and it appears they are certainly ‘girding their loins’ and bolstering up their funds a good indication of how they are thinking. Love them or hate them bankers and similar organisations are smart, with teams of advisors.

If you own shares in corporations, get to their AGMs. This will give you a ‘feel’ for how they are trading – often you will pick up useful tips as usually the audience of stockholders will ask a lot of questions directed at office holders of the corporation.

It can be easy to adopt a defensive view and do nothing – my view is to be pro-active. Anything is better than leaving your future in the hands of strangers – people that you don’t know and most probably never met!

Should you adopt a pro-active approach? My feeling is now is a good time to start looking at business opportunities, though a word of WARNING: the internet is full of self-made gurus and so called entrepreneurs offering their “secrets” to success. Approach with great caution most are worthless.

Tips to starting your own business:

  • Draw up a list of your passions (never start a business with a product or service you know little or nothing about).
  • Select your biggest passion – business life is much easier doing something you love
  • Research your industry – find a ‘hungry crowd’ for your product or service
  • Draw up a business plan for the next three to five years – add value to your business
  • Start small
  • Pay attention to detail – never assume it will be right – test it!
  • For example I am in the over 50 and baby boomer group travel and events industry – an area that I am passionate about and clearly a demographic that can deal with a uncertain economy
  • Start a business that you can easily identify with

Originally published here.


Share your thoughts below.

  1. Stop overloading the top end with ludicrous salaries and pensions for the already wealthy. Make all prisoners who are in for serious crime be put to work in the war zones instead of cushie prison cells. Give people employment. Have free chesches for children to enable women to work and earn sufficient to bring up their families instead of grovelling on welfare because it is not lucrative to work and bring back $50 a week after paying for child minding.

    • Well said Ann, my god they talk about the age of entitlement, however some of the most wealthiest people including our Politicians EXPECT TO BE PAID PENSIONS, instead of providing for themselves. Life is not free and it’s about time that those who are capable of working instead of claiming the dole should be even if it is part time or casual work which from my experience seems to be available more so than FULL TIME WORK.

    • don’t agree with this dole thing, I don’t know where you live but I come from Newcastle it is a working town and the 6th largest city in Australia, we lost BHP, we Lost Sulphide, we lost Bradmills and hundreds of other small manufacturing places connected to those industries. Other small business around these big Companies like Sandwich shops closed, now the mines are laying off. We have the highest unemployment in N.S.W and people here want to work, there are no jobs. either part time or casual and as a matter of fact all the places to work for the dole are full so they can’t even do that. I know many many people who in their 50’s and 60’s who are unemployed and can’t get work

    • That’s why the gov bought in a amount u can hv . And u don’t get a pension. So these people are not mega rich . However in the uk u can hv a billion dollars and still get there pension . As you hv paid towards it by paying ur taxes. So who’s right and who’s wrong ..

    • What is a free crèche? There’s no such thing as a free lunch so why are crèches any different?

    • you want them to work, fine provide these people with a job, 800k unemployed..where are the jobs?

    • I’m sorry but I’ve seen young people turn down part time and casual work because they want FULL TIME WORK WHICH PRETTY MUCH DOESN’T EXIST these days. I would much rather see people make an effort to do any kind of work instead of being on benefits and getting bored then finishing up on drugs, which is getting worse!

    • Things must be different where you live and I sure the people from Woolongong could tell the same story I am..there is no work that is why so many are unemployed

    • There’s plenty of work to be done, plenty of jobs, a lot are not very glamorous and menial and that is why many young people won’t do them, they want a Rolls Royce before a Mini Minor!

    • The Gong is in as much trouble as Newcastle, manufacturing is dying and all those people can’t get jobs, it will be a matter of time before Bluescope Steel shuts down

    • what a load of twaddle ron whalan have you tried living on $280 per week? well try living it in Sydney it won’t even pay the rent

    • Trish the trouble with some casual work is its irregularity. To live people end up with several employers who all seem to want them to work the same few hours, you can’t go out and spend as you don’t know when you’ll get your next shift. Some part time work costs as much to work it as the person earns. One of my sons worked two hours a day on lunch shift, the cost of getting to the job took at least his first hours money. The experience from working is valuable in getting a better job later but unless people have enough confidence in their income source to go out and spend to create more jobs nothing will change. One of the ridiculous things that has been done is the privatising of some government businesses by successive governments. The big bosses salary skyrockets by about 800%, workers are cut back and some jobs are sent off shore some of those businesses actually provided income to the government.

    • Dear Ron, oh how U hate to write. I often have had free lunches and sometimes dunner. Ever heard of ‘soup kitchens’? No because you were obviously never in need of one.In Sweden they have have ‘free creches. It works. Of course the husbands and boy friends that desert their women have no problem. They often are not left ‘holding the baby’. If that is your attitude. I vote all single men pay an amount for child care. For the sprogs they leave others to bring up alone. Its a thing ‘called taxes’ which used to be for the people and the country.
      From my own experience left with three kids to bring up. By the time I paid taxes, child minders bus fares – not much left over. Please do me a favour and jump down off your high horse or one day you just might be ‘left holding the baby’.

    • Annette, if you read. Serious offenders sitting on their backsides on tax payers money to my mind is not right. Why not get them where a little of the terror they have put on others Their victims often struggle bringing up families – their actions do not deserve soft soap. Let their actions be put to use where what they have done to others come out to bite them. They would be in ‘gainful employment’.

    • Not expecting deserving people not to get the dole. That is not what has been said. There are many many women that can find the ‘menial jobs’ – Rob Whelan is talking about. They are the ones that will be hit with 15%GST – paying for baby sitters. If at least tgat was Government funded. Many women and in some cases men could go to work and live on the ‘menial’ wage.

  2. A dilemma of our time. I look in horror at consumerism and the incredible waste of resources with everyone having to have the newest and the best. End it unemployment increases. Automation increases unemployment but some of the tasks were mind numbingly tedious and often dangerous. How do you create employment without adding to the drain on our natural environment, no idea.

  3. The funniest thing I have heard is to raise the GST, they will have to compensate those on benefits to cover their cost and that will push the welfare expenditure way upwards. Meaning the Government will then have to pay out more. The States will only agree to a rise in the GST if they get the money, that means the Federal Government will be footing the bill for compensation. I don’t think This Liberal Government has a clue as to what is is doing

  4. Stop paying out huge amounts to people with children, give only those who need it help, start taxing the rich and leave the poor alone they are in enough of a mess as it is, pay Politicians less, no more wage rises and cut past Politician’s off their huge payouts and money for offices and staff they don’t need. How much money could be saved per year if they cut the allowance to Politician’s to a sensible level ? They live a life of luxury fits for Kings at taxpayers expense. Tax Churches, they should be paying tax

  5. Population increases, the need for all goods and services increases. However technology improves therefore less people are required to make these goods so therefore high unemployment. Less taxes being paid, more mouths to feed not enough money to go around. We will be like the Titanic, sinking fast.

  6. how about manufacturing does the government know what that word means these days

    • no they killed it and when the car Industry ends, there will be another 2 hundred thousand on the dole line

  7. The answer is for each to look after their own first. If every country stabilised their own back yard first then maybe we might end up with a world that then has the ability to help others. It’s admirable that some countries want to help others in the first instance but not at the cost of their own stability…….!

    • The problem with that argument is that most of the wealthiest countries built their economies upon the exploitation of the people and resources of the poorer countries. Do you really expect that those countries would just take the end of aid lying down. Much of what now is seen as terrorism has been the result of some people perceiving the system, or specifically the the West, as unjust, greedy, and using up more than their fair share of resources.

    • Margaret, the wealthiest country in the world today is Saudi Arabia,” the” country that supports terrorism, they take in no refugees at all , regardless off religion. I dont know the answer to “our” tax problems but it is a bit unfair to blame anyone but our own current welfare weighted system.

    • Yes, I can agree about Saudi Arabia and perhaps a few similar type countries, I was under the impression you were referring to Countries that included Australia. The answer to Australia’s problems should include using our finite fiscal resources to best effect in Australia well before using it on other countries. We need to educate Australians not to have a hand out welfare mentality, we need to educate Australians not to be lazy, we need to educate our government to better target what welfare dollars we have instead of pandering to unproductive minorities, the list is endless, Australia is anything but perfect but we can be better than we are.

  8. UN are giving the jobs to the poorer countries and patting their self on their back . Now we are to become the poor as our jobs have gone. Our governments know as we signed away any rights we had and are to stupid or only care for them self. Wake up Australia

  9. Jobs have been sent offshore, welfare handed out too freely in the wrong areas for too long and harden up with penalties for crimes so as to stop building so many prisons at massive costs.
    Too many handouts in the wrong areas. Do gooders have ruined it all. …

    • what do you want these 800k people who have lost their jobs to do? many have lost them under this Government, we have the highest Unemployment in 20 years, there is no work and it will get much worse when the car industry ends

    • Joe Hockey dared the car manufacturers to leave the country – and they did. How is that the working mans fault? There aren’t enough prisons. Building them is called infrastructure and it employs people. This government would rather not build anything, leave criminals go free and spend money bombing another country than employ decent Australians to build any infrastructure like much needed prisons.

    • The deterrents re crime should be so tough they think twice about doing the crime ie as in Asian countries. It costs $1200 per week per inmate. Shouldn’t need much needed prisons deal to them harder do they are too scared to go there

    • Leone O’Sullivan The car manufacturers had already informed the previous ALP government they were leaving. It just wasn’t sustainable and the unions had turned the factories into highly paid sheltered workshops.

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