Panic

The one thing we desire more than wealth is peace of mind. Whenever there are people involved, unpleasant surprises are bound to happen.

Throughout history, the financial system has experienced many panics. Although we may experience financial panic, we wear patches to forget and ornaments to remove the scar. A panic is essentially a loss of control, which creates an intense surge of fear and anxiety.

In her book, The Many Panics of 1837, Jessica M. Lepler wrote that even the whisper of rumors contributed to the crises in 19th-century financial panics. She stated that speculative lending, lofty expectations, and political tension caused business owners like Theodore Nicolet’s deaths. The key takeaway was the unnecessarily high amount of debt.

Throughout history, debt has been the leading cause of business failure. So, how can one avoid having debt when conducting a business? Without debt, businesses miss opportunities for competitors. And this situation becomes the fading candle.

The balancing temperament is an optimal choice for businesses to limit the risk of panic. Leverage is crucial for business success, but a company uncomfortable with it may be better off in the long run. While the economic cycle contributes to business success, predicting the current and subsequent cycles for businesses to bet on success is hard. All people who predicted the future eventually realized they were incorrect.

A good company culture stands out better, especially during a crisis. It’s like having a decent immune system. When a disease is about to spread, it will defend itself because of what it is made of and survive for the future on whatever cycle it may be in.

It is good to understand customers, better understand the market, and best to know the world is imperfect. In this way, when fear covers the land, one can stand with less panic.

Individuals can explore history, unleash their imagination, and focus on sharpening their minds and bodies. Remember, true wealth lies not in material possessions but personal growth and development. Therefore, they have less fear and anxiety because they know more about themselves and understand what is enough.

In the practice of being in control, one’s experience is the best teacher. However, the balance of leverage and value extends the business’s life, and the same applies to personal life. Hence, it may add peace of mind and less panic.