I was surprised to realize the SVB event had reached beyond the banking/tech world,
Arriving at my family dinner table last night.
My wife, a healthcare worker, asked me about SVB.
Because she saw the subject mentioned in a social media chat by a friend, who is also outside the banking/tech industry.
I seized the opportunity to give my family a quick explainer and share a few thoughts.
📌 Having a lot of money is not a good thing, unless you know how to use it.
You need to find a purpose for your money, otherwise, it is a liability, as it is literally called for a bank.
📌 Risk management is important. Things will go wrong, in many ways.
Having proper risk management plan or not - means life vs. death.
📌 Your value is demonstrated the most in the tough time.
Consistently providing values to those around you and carrying everyone through will be greatly appreciated.
📌 The faster world raises standards.
Information flows faster. Money flows faster. You could find yourself in a storm overnight, warranted or not.
You need a stronger core to deal with the faster world.
📌 Learn from mistakes.
Humans are not perfect. We make mistakes. What is important is to learn from them, so you can make less and smaller mistakes.
From the look of my 11 year old, I knew it was overwhelming. I am sure he will have his own learning from the future events at his time.
I wish all the individuals impacted by the event the very best. The crisis will be over and you will come out stronger.