One consequence of the economic challenges facing so many families is that people are getting back to the fundamental principles for living. Citizens are shifting their focuses back to basic human needs like food, shelter, and transportation. The stark reality confronting a lot of people is that they have spent far too much time accumulating debt and purchasing things that were superfluous. Most of the accumulated stuff has not produced one tangible or real benefit in the end. People’s lives have not been enhanced nor have they attained greater levels of personal satisfaction. Instead, these unfortunate tendencies seem to have negatively impacted family stability in economic and personal terms. As they overleveraged themselves, families failed to invest in those areas that matter the most like education, healthcare, and other rainy day emergencies. The undisciplined spending frenzy has essentially created all kinds of stress as people tried to keep pace with the costs of maintaining lifestyles that they could not afford and probably should not have been chasing in the first place.

As the financial markets collapsed in ways not anticipated by many, the effects on people’s lives were real and devastating. The loss of homes, jobs, businesses, and retirement savings has left many in shock and shambles. As people realized that their lives had shifted permanently and dramatically, they developed solutions to their personal and financial dilemmas that have led to the downsizing of their lifestyles. For example, families have made accommodations in their living arrangements that are bringing generations back together under one roof. We are witnessing the reemergence of the extended family concept as a very effective means for cost sharing and cost reductions. My sense is that the larger economic challenges across the marketplace have given all of us opportunities to reevaluate who we are and what our values are. We have been given a platform to rebuild families and communities in ways that do not require government intervention, only personal commitment. The current economic climate can teach us that we need to help each other more, share scarce resources, and live within our means. We all need to be grateful for life, health, and family -- things that may seem simple but they form the basis for who we are essentially.