| In case you're among the .001% of the population | | | | choice. I'll offer you three suggestions about how |
| who might not have noticed (who knows? | | | | to react to a crisis: 1) do only whatever's |
| perhaps you've been in a coma for the past six | | | | immediately necessary to preserve the life and |
| months), the world's financial institutions are in | | | | limb of yourself and others; 2) stop, breathe, |
| meltdown. Commentators the world over are | | | | think, gather information, consult experts, assess |
| using the term 'unprecedented' to describe what's | | | | your risks, plan; 3) only act if and when a) you |
| happening. That means, of course, that there are | | | | have contingency plans already in place or b) your |
| no precedents to guide you and me in our | | | | proposed course of action carries both a |
| attempts to figure out what our options might be. | | | | reasonable level of risk and a reasonable chance |
| Do you shift what money you have left around | | | | of success. Keep in mind that reactive decisions |
| to stop the erosion, or do you sit tight and do | | | | have a very strong tendency to make a crisis |
| nothing with the conviction that eventually things | | | | situation worse. Doing nothing very often proves |
| will turn around and improve? Do you act, and | | | | to be the best course of action. |
| lock in your current condition, turning a paper | | | | Most people experience an overloading of crisis |
| financial hemorrhage into a cash loss, or do you | | | | experiences (and, consequently, a lot of reactive |
| do nothing and risk your remaining assets in a | | | | decision-making) during midlife. The reasons behind |
| world market that seems to be spinning out of | | | | this become clearer once you stop and think |
| control? | | | | about what's going on in your life. On the inside, |
| For anyone who's a Douglas Adams fan, I want | | | | you're experiencing a highly emotionally-charged |
| to share with you the very best advice possible: | | | | period of reevaluation. It often happens that all of |
| as it says in big letters on the front of the | | | | your assumptions and presuppositions come under |
| Hitchhiker's Guide to the Galaxy, "Don't Panic!" | | | | scrutiny at some time or other during midlife. As |
| (and, of course, while you're at it, always know | | | | a result, your long-standing decision-making |
| where your towel is). The sage advice you've | | | | processes have come to a grinding halt. New |
| been offered in regard to panicking - don't - can | | | | values are intruding into old habits. It takes more |
| very easily be forgotten, especially when you're a | | | | time and energy than ever before in your life to |
| guy going through the midlife transition. Since your | | | | make an authentic decision. |
| inner world tends already to be in turmoil, a global | | | | Meanwhile, on the outside, your life is in full-gear |
| financial crisis is sure to throw fuel on the fire. | | | | and highly committed. You face critical challenges |
| When your life is in turmoil and you feel like you're | | | | (and choices) having to do with your relationships, |
| hanging by a thread, there's nothing quite like a | | | | your family, your social involvements, your |
| suffering a direct hit to both your career and | | | | career, your finances, your health, and so on, |
| your financial future to send you over the edge. | | | | seemingly forever. In point of fact, you're 'at the |
| The collapse of the financial markets represents | | | | top of your game.' Also, the stresses and |
| only one extreme example of the catastrophic | | | | concerns that face you are both broad and deep |
| events that could (and often do) occur during | | | | and carry with them some very serious |
| midlife. What do you do? How do you recover? | | | | consequences for your future. At midlife, more |
| What's the best plan? If you're asking me to | | | | than at any other time before or after, your |
| provide you with an effective, safe and secure | | | | responsibilities are maxed out, your resources |
| remedy to your woes, you're asking the wrong | | | | stretched to the breaking point. |
| guy. Everybody suffers - including me - when the | | | | This is no time to be handed a catastrophe, yet, |
| catastrophe effects the global economy. I have | | | | because of where you are in the course of your |
| to make exactly the same kinds of decisions that | | | | lifetime, this is exactly when catastrophes are |
| you're faced with right now. Furthermore, I'm | | | | most likely to occur. This time in your life most |
| neither an economist nor a financial adviser and, | | | | requires good contingency planning - exactly the |
| as I mentioned earlier, this situation is | | | | skills that younger men are most reticent to |
| unprecedented. What I can offer you are | | | | develop. You need to have an emergency |
| suggestions regarding the mentality you need to | | | | evacuation plan, and you need, if possible, to |
| adopt toward the crises that you're bound to be | | | | conduct personal 'fire drills,' so you won't have to |
| facing during midlife. | | | | react blindly when the unthinkable does happen. |
| First, let me remind you about catastrophe | | | | You don't have to produce a catastrophic |
| theory. I've been using the term 'catastrophe' | | | | response plan for every possible eventuality: that |
| liberally because it has a particular meaning apart | | | | would be both silly and impractical. But, you do |
| from the connotations of 'disaster' and 'tragedy'. | | | | have to have in place such plans for your critical |
| Technically speaking, a 'catastrophe' doesn't need | | | | relationships, your financial security, and your |
| to be something horrible. 'Catastrophe' refers to a | | | | health. |
| watershed point or a point of no return, beyond | | | | Obviously, you can't put a response plan into place |
| which events are governed by a certain | | | | once the catastrophe has occurred. Yet, |
| inevitability. People often call it 'the straw that | | | | remember what I've said many times before: pain |
| broke the camel's back.' It's the one too many | | | | is simply the universe trying to get your attention. |
| that collapses the house of cards, or the drop of | | | | There's a lesson to be learned from every crisis; |
| water that causes the container to overflow. The | | | | midlife mastery consists in responding to these |
| financial markets have reached their 'tipping point,' | | | | crises by doing the possible, learning your lesson |
| and now you have little choice but to ride the | | | | (the first time), then moving on with the |
| catastrophic results back down to their point of | | | | resources that remain. Since you're reading this, I |
| equilibrium . . . unfortunately, there's no telling | | | | can only assume that you're concerned with your |
| where that point may be. | | | | future. That, in itself, proves that you're on the |
| You need to understand that, whenever | | | | right track. If the Second World War - and the |
| catastrophe hits, you necessarily go into reactive | | | | incredible suffering of millions of innocent people - |
| mode. The almost irresistible need to do | | | | has anything at all to teach us, it's that where |
| something proves to be a far greater threat than | | | | there's life, there's hope. So long as there's breath |
| the catastrophe itself. Chances are very good | | | | in your body, no matter how damaging the |
| that a knee-jerk decision in reaction to events | | | | catastrophe, you can always do better tomorrow. |
| outside your control will prove to be a poor | | | | |