When most of us hear the word “economy” we think of the national economy…and somewhat despair as we daily witness the news of its perilous state. Things are bad to be sure, however, even on the national level, the fixes are EASY to start if we but had the will to do so. For example, consider this essay on Five Things the Prez Can Do To Save Our Country…then start demanding that he (or your governor…or your mayor…..) do so.

More importantly, though, we need to reclaim that word “economy” and recognize that it is NOT some large, nebulous, mystical thing largely outside of our control, but rather something intimately connected to us and within our power to change.

What is the meaning of the word “economy” after all? Simply put it is the thrifty, frugal and savings-oriented use of money and resources. “Economical” still connotes the essence of the word “economy.” Only in a secondary sense does the word “economy” refer to the management of the resources of a community. In short, if you and I practice “home economics” (remember those courses!), then the state will have a sound “economy.” Truly it is INDIVIDUAL PRODUCTION and SAVINGS that matter. And that is well within your control.

So many people I counsel today are “salaried with benefits personnel” of a company who live in mortal fear of being laid off due to a downturn in the “economy.” At least partly the answer to their fear is for them to become entrepreneurial and economical. By becoming a producer of wealth and a good manager of resources, they will free themselves from the mistaken notion of their dependence on the national “economy” while simultaneously improving it.

Finally, lest I be mistaken, I am not advocating that everyone go out and start a business (necessarily…though that may come), but rather that you start something…anything…that brings real economy right into your back yard. It could be a hobby farm, a specialty service or maybe a lifestyle change, but the point is that you are in control, are only limited by your imagination and will be learning (and teaching) the values of a real economy: hard work, productivity and savings!

For my clients, I advocate having separate, business income as one of four parts to a sound financial plan. Why not go and start your business, back-yard garden, sideline service or helpful hobby today?