I was down in South Florida for a short break, it was my first trip back to the West Palm, Boca Raton and Fort Lauderdale area in 8 years. It was interesting to observe all the changes, the airport had a makeover, with the car rental under one roof and the work on the I95 had been completed with more lanes, so while the traffic was heavy it flowed well.
South Florida has been hit hard from the real estate bubble, I noticed a lot of buildings for sale, empty or run down, as well as a surprising number of restaurants out of business too. Yet the traditional restaurants, that offered good quality food, service and good prices were still around. It was more of the trendy, high priced ones that seemed to be out off business, generally speaking and those spots where no matter which restaurant format they tried, it never worked. Lots of lessons there.
I was struck by the difference in conversations I was having with friends, acquaintances and random strangers. In the very wealthy area of Boca Raton, some people have cut back, some lost money in the markets and Madoff, yet the conversations were about what they were doing now, what their future plans were, they had let go of the losses and were moving forward, not too much complaining, it was mostly about Obama, which seems universal at the moment.
In West Palm and Fort Lauderdale, the conversations were, very different. It was about the losses, how bad it is/was, talk of the past and the mistakes, who is/was to blame, how it will never get better. There was for the most part (with some notable exceptions) very negative and very victim. Those people had not moved forward and were stuck in the past.
Now, you could argue it's easier if you have money to move forward and that is true to a certain extent. Most of the people I was with, were not broke by any means and were living quite well, they could pay bills and do and go away for fun times.
I feel the difference is in not letting go, or holding on to the past, the property value has gone, the market losses too,that is the reality and while it's not nice to experience,it still is reality. Holding on cannot allow you to move forward, if you cannot move forward how can you regain any wealth?
Is this one reason why the wealthy regain wealth so quickly? Or are they just lucky?
I was struck by the difference in conversations, it might be helpful to monitor yourself and see if your conversations are about holding onto the past or moving forward