CEOs Say 'Tough Times Ahead' but show Hope for the Future of US Economy

Despite consistent statistics about the economic downturn and skyrocketing unemployment rates, CEOs Steve Forbes and John Schlifske, told Howard University students yesterday that is completely possible to survive and maintain financial security.  

"This stuff happens. It's happened before, and it will happen again. But the good news is that we're gonna get out of it. There's reason for optimism," Steve Forbes, Chairman and editor in chief of Forbes Media, said yesterday afternoon in the School of Business auditorium.  

Forbes and Schlifske--the Northwestern Mutual Life Insurance chairman and CEO--shared their thoughts on the current economy, reflected on their journeys in business and offered advice to students. The event was the first university stop in a nationwide tour titled, "Econo-ME: Redefining the Rules of Financial Security" presented by partners Northwestern Mutual and Forbes Media. 

The students, mostly majoring in the School of Business, that filled auditorium seemed genuinely engaged in the conversation, Forbes said.  

"For them, the economy is not some extraction, but something that they're going to have to go out into soon. It's going to at least initially pose barriers," he said.  

Life after graduation, entering the workforce was touched on frequently, including a question by Sonia Jones, a junior information systems and analysis major. Jones asked the featured guests how important her field would be in the future.  

Schlifske stressed that for a life insurance company like Northwestern Mutual, information security that protects hackers and breeching of the personal information the company's systems hold is a "huge priority."  

Like information systems, the healthcare industry, despite its controversial base in the country, is "going to do very well, too," Forbes said.  

Regardless of one's major, though, today's economy should not be met with timidity, both said. Now is the time for initiative, Forbes said.  

"There are going to be changes. If you're on the cusp of those changes instead of responding to change, you're going to do very well," he said.  

One way to stay ahead of the financial turmoil is to build personal wealth. It is never too early, Schlifske said, even it that's putting away five dollars a month from your pay check. The key is savings.  

With those savings students should be saving in college and pursue business ventures after graduation, Forbes said, even if there is risk involved.  

"Take the risk," Forbes said. "If it doesn't work, so what. You're young enough so that if it doesn't work , it's a good experience. You learn from it. Go a little out of your comfort zone."  

Though the event was received by students who were mostly involved with business or finance fields, Schlifske--who was a liberal arts major in Carlton College, Northfield, MN--said business just requires brainpower. 

"At the end of the day business is about critical thinking," Schlifske said. "It's about solving problems. It's about thinking of different ways to solve things."