Tough Economic Times

Let’s face it, times are getting pretty tough. We’re officially in a recession, the current “Economic Stimulus Package” hasn’t helped anybody yet, foreclosure and unemployment rates are still climbing, and there’s no end in sight.

People like you and I are spending and traveling less, which hurts the bottom line of companies in every sector of the economy. These companies then have to react to stay in business. Lifetime Products, Inc., like many companies across America, has felt the pinch – and they’re adapting. But not like a lot of companies.

Sure, they’ve had to tighten their belts, but because of the philosophy of founder and co-owner, and the way the executives have structured the company, Lifetime is in a lot better fiscal shape than a lot of other companies: it’s privately held (and has been in the 1970’s) and it’s not “highly leveraged” (which is economic lingo for “deeply in debt”).

imageBut it doesn’t stop there, Lifetime’s founder believes that a company is made up of quality people, and those employees are feeling the pinch, too. So as part of Lifetime’s “streamlining” initiatives, the owner is buying each and every employee a copy of Dave Ramsey’s Book, The Total Money Makeover: A Proven Plan for Financial Fitness. I can only imagine that his purpose behind this is that employees that are in control of their own finances are better employees.

Anyhow, my wife and I have decided to follow Dave’s advice and have already started down the path.

Anyone else out there on Dave’s plan?

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