March 15, 2018

Have you, someone you depend on financially, or the company you work for, filed for bankruptcy? It happens everyday as the economy is not what we think it is and times and trends change. Many believe they understand the dynamics of the economic world, but it is built on conspiracies and lies, as if a game, from the stock markets, to the value of the dollar, to our international relationships, and more. As with politics, the game is controlled but players we never see.

The best thing that ever happened for bankrupt people is the Debit Card where one can only spend what they have but can establish a line of credit if needed for travel, etc.

Many people have shopping disorders, gambling addictions (which seems to be exacerbated by online shopping), live in a fake reality about their finances, depend on others to take care of them, burn through things like inheritance, pensions, 401K's, and other back-up money thinking they can get a job later only to discover their skills are outdated, a younger employee has taken their job for less money, leaving them no recourse but to declare bankruptcy. Most businesses have their "15 seconds of fame" that one should embrace - financial gains respected, invested, or tucked away for a rainy day.

Through the years I've read many people who had extremely successful businesses but as the world changed, and ownership changed hands, generally from generation to generation in a family, eventually these businesses were sold or closed permanently replaced but new venues in a different timeline. The younger generations of these families often were at a loss as to how to create millions from the original business and though they want to create their own businesses in the same type of venue, they become a burden in a world were we want quick success with less effort. I have one client who had the opportunity to sell her business five years ago for $2M but chose to wait until retirement and wound up selling it for $75,000 in 2017. There are so many stories out there in a world where nothing is a sure thing even for the Trumps and other billionaires.

Today is about everything going tech and buying products and gifts online - easy and generally fast if you go through big companies like Amazon or eBay. This applies to the toy and food industries among those going through major changes. Every industry will be affected. You don't have to wonder why high school and college students are often confused about the future - too much money for school loans often with no financial results.

Currently filing for bankruptcy are Toys 'R' Us and iHeartMedia.

I remember when Toys 'R' Us first opened in Brooklyn on Flatbush Avenue and I took my children to explore this amazing new store. The years passed and suddenly my children were taking their children to Toys 'R' Us as another generation found a place for ideas, bargains, gifts, and more. And now Toys 'R' Us is bankrupt with liquidation events if you want a bargain. Large chain stores, as well as small local stores, are giving way to online shopping that often offer better deals.

Yesterday I stopped at my local convenience (grocery) store across the street. Featured in the front has always been the Entenmann's display and products. I noticed that the shelves have been empty for sometime. My friend who runs the store told me that Entenmann's no longer sells to small grocery stores. This is just one of many examples of how everything is changing.

Toys 'R' Us will close or sell all US stores   CNN - March 15, 2018

Amazon didn't kill Toys 'R' Us. Here's what did   CNN - March 15, 2018

Largest US radio company iHeartMedia files for bankruptcy   CNBC - March 15, 2018