On a surface today’s economic troubles can be described only in negative terms. However the crisis has a strong potential to change the way we think and live in a very profound and positive manner.

1. Good bye instant gratification

For many years we followed “If I want it and can’t afford, I will get it anyway” philosophy. We borrowed heavily, then refinanced and borrowed some more. Money was something to be spent, never saved. Vastly overpriced houses were called investments. Taking a second mortgage to pay off credit card debt was considered a smart move. It couldn’t last forever like that.

Our fairy tale became a nightmare. However we are going to become smarter and stronger as a result of today’s economic struggles.

People will save more, invest wisely, and put a meaningful down payment on cars and houses. Customers will actually think in terms of “Do I really need it?” and “Can I afford it?” lines before making a purchase. We are also going to do some financial planning. In other words, we will use something called brain, and it can’t be a bad thing.

2. Business climate

Not only big businesses will stop mindless lending and borrowing, but they are also going to invest more in worthy and economically viable projects. In addition, they will do something unthinkable – watch their spending and pay less to their executives. We are going to see less “grab it all CEOs” and “VPs of get a lot and do nothing”, and more upper management types who actually contribute something to the business.

Some companies will start paying more attention to a strange bunch of people called customers. Mind-boggling concept, isn’t it? It is happening already in fact. I experienced a pleasant surprise when I visited some big stores recently. I was approached by customer service people and salesmen asking if they could help me. When I asked for assistance, they were very friendly and helpful. I hadn’t seen something like that in years and got used to “If we have it, it’s in a third row on your right, sir” attitude.

In other words, big businesses and banks that will survive present day economic turmoil will go back to basics and become more efficient, customer friendly, useful and productive.

3. Changes in society

We used to know most people who lived in our neighborhood. Neighbors talked, enjoyed mutual visits and even helped each other to get through difficult times. Let’s fast forward to our virtual era. We are barely acquainted with a person living next door. People know more about someone they chat with on line who lives somewhere in New Zealand than about their neighbor from across the street. It’s not always this way and there are some examples to the contrary, but we are increasingly becoming society of isolated individuals connected to each other through the Internet.

In my view, one of the positive changes this economic crisis is going to bring will be a stronger sense of community. People tend to pull together during difficult times, and hopefully this crisis won’t be an exception.

Are changes described in this article going to be temporary or long lasting? I think latter is the case. While the crisis itself might last only a few years, a sense of shock that individuals and business community have experienced as a result of economic problems won’t go away soon.