Prepare for the Worst, Expect the Best

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This morning there is a brand new feeding frenzy on the cable news programs. Lehman Bros. is declaring bankruptcy. Bank of America is buying Merrill Lynch. All weekend long I got emails from clients talking about Washington Mutual.

A week or so ago I did a blog call “Prepare, Don’t Predict”. The same is still true. We don’t know how today will end up shaking out. Will the market go down? Probably. Will B of A be able to handle both Countrywide and Merrill Lynch’s problems without causing any new ones for B of A? What should you do with deposits at WaMu, or for that matter at Wachovia?

Those are the questions we’d all like to know the answers to. You can drive yourself crazy worrying about what could happen. No one will know until this day, and others like it, are over.

The one thing you can do is prepare. Instead of “What If?” ask yourself “What Now?” What action can take you today? Today I’m working on my personal returns for 2007. And today I’m going to put into place Sharon Lechters 2-2-2 rule. I’ll send out 2 cards, 2 emails and make 2 phone calls that are about the future of one or more of my companies. I’ll do that every work day, and make sure it’s done before I leave work.

Today, if panic starts to grab you, ask yourself, “What now”? to determine what action you can take to move forward.

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