Thursday, December 4, 2008
Who emptied the piggy bank?
I received my statement today from Cap Trust. I use these folks for my SEP plans and IRA's. I looked at it.....shook my head .....and I placed it in my Cap Trust file. I decided not to open it. I have what they call a "diversified" portfolio. I decided that i did not want to be depressed so in the draw it went. Who knows how long this free fall will continue. I am thankful that my wife has a good job with benefits (no i did not marry Barb for PSU tickets.....but health benefits is another story) and my business is still strong. Almost every day i get questioned, "has the economy affected your events?" Good question. Our beach races were down 20% this summer. For two good reasons. One is of course the economy and the cost of gas over the summer. Many of our participants come from the DC area and they just did not drive to the beach every weekend. Secondly, my three biggest events in Dewey had horrible weather with heavy rain and lightning. A double whammy. My other events have been very strong. Both the Turkey Trot and Thanksgiving Day events had record crowds. What has effected my events the most is sponsorships. It is getting more and more difficult to get companies to help sponsor our events. I leave sponsorships up to the organizations that hire us. So what will 2009 bring? I don't have a crystal ball but i doubt i will be opening my financial statement in the months to come. See you at the races.