In life you learn from bad times, when things don't go so easily. Back in the 70's a peanut farmer from Georgia, Jimmy Carter, was elected President and times got tough. Interest rates were 18%. There was an oil embargo. Dick and I took turns in early morning darkness waiting in line for gas while one of us stayed at home with the kids. The U.S. was in a nasty recession.
At the same time, we were building a new house and the stock market was dropping fast and furious. To top it off, Dick got a new boss and quit his job which he had held for 11 years. Bad economy, bad stock market, expensive new house, husband with no job. We were in a mess. It was just awful.
We were fortunate to be able to borrow some money from Dick's dad, and we started Uline. We vowed that when we pulled ourselves out of this, we would be more conservative financially. We put the credit cards away and largely adopted a "pay cash for it" lifestyle. The point is, we really learned from being in bad times.
And so today, I think so many people can have the opportunity to "reset" their lifestyle. It's painful but needed.
Uline has been managed as a private, financially conservative company. In times like this, Cash is King. I thank Jimmy Carter, who turned down the heat in the White House. We persevered. We will today.
|