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Steve Forbes and John Schlifske on
"Econo-ME: Redefining the Rules of Financial Security”

Northwestern Mutual hosted a speaker series with Steve Forbes, chairman and editor in chief of Forbes Media and John Schlifske, Northwestern Mutual chairman and CEO. The three day tour saw over 3,500 attendees and included panel discussions in Baltimore, MD; Birmingham, AL; Los Angeles, CA; New Orleans, LA; San Francisco, CA; and Washington, DC. In New Orleans, where there were 1,000 in attendance, Steve and John shared their perspectives on the economy, the markets, and how individuals and business owners must redefine the rules of financial security during times of market volatility. Key insights presented at the events were:

Now more than ever, consumers must make financial decisions based on their short- and long-term needs, not their emotions, and stick with it. Schlifske affirms the need for individuals and business owners not to forget proven principles, such as cutting spending, saving in addition to investing, and dollar-cost averaging for the long-term.

We cannot spend our way out of this recession. Schlifske and Forbes agree that pouring more money into the system, and increasing the debt, will only make the long-term solution that is needed more painful. Unless we are willing to endure years of austerity measures, more pro-growth policies need to be considered.

It will take time for the economy to get back to a more stable state, regardless of the outcomes of upcoming elections. Schlifske and Forbes believe that periods of bull markets take years to unwind, and Americans should prepare for a long period of retrenchment.

For more thoughts on these and other business topics, visit the Northwestern Mutual Special Feature on Forbes.com.

To view photos from this event, click here.

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