Compensating Balance by Jim Stovall

My late, great friend and mentor, Paul Harvey, often reminded me, “No one knows enough to be a pessimist.” What Mr. Harvey meant by this was that opportunities often come disguised as problems. The solutions to these problems often create more problems but propel us toward more solutions.

The great author and thought leader, Napoleon Hill, may have said it best, “Every adversity, every failure, every heartbreak, carries with it the seed of an equal or greater benefit.” The power of constantly reminding ourselves of Dr. Hill’s wisdom allows us to create an attitude of expectation around any challenges or barriers so that we can begin identifying opportunities and benefits.

While I would never minimize the devastating impact that the worldwide pandemic has had on individuals, families, and businesses, we can clearly see some benefits beginning to emerge. Many people have experienced a new depth of connection with family and friends that they never had before, as well as an appreciation for events and activities that may have been taken for granted. We have taken quantum leaps in the ability to conduct business, school, and social events virtually. As the world slowly returns to a pre-pandemic state, many of these benefits will remain with us.

If you are one of the many Americans who lost your job or experienced a severely diminished income over the last year, you will want to talk to your accountant about converting traditional retirement funds to Roth accounts. The advantage to this strategy is that within a Roth retirement plan your funds grow tax free as opposed to a traditional plan where you would owe taxes at the time of withdrawal. This may not have been feasible in previous years because taxes are required to be paid on all retirement funds that are converted. But in a year where you’ve had little or no income, you can convert much of your retirement at no cost to you.

Think of every element of your personal and professional life that has been altered or changed in some way, and explore the possible benefits going forward. The whole world is looking for a great idea, and it only requires you to go through your daily routine, wait for something bad to happen, and consider how you could have avoided that event. Furthermore, the only thing you need to do to turn your great idea into a great business opportunity is to consider how you can help other people avoid those problems. The world will give you fame, fortune, and success if you merely help other people solve their problems.

As you go through your day today, look at problems as opportunities.

Today’s the day!

Jim Stovall is the president of Narrative Television Network as well as a published author of many books including The Ultimate Gift. He is also a columnist and motivational speaker. He may be reached at 5840 South Memorial Drive, Suite 312, Tulsa, OK 74145-9082; by email at Jim@JimStovall.com; on Twitter at www.twitter.com/stovallauthor; or on Facebook at www.facebook.com/jimstovallauthor.