Thursday Morning Update: Today I want to focus on how each & every one of us can play a crucial role in rebuilding our communities, once the abject horror of our currently reality subsides. We need to understand the importance of buying local & the trap of convenience. 1/

I don't know exactly when we'll be able to rebuild, but I'm starting to get a clearer picture on how each of us can play our part in the rebuild. And the answer I keep coming back to is -- From the inside out. We need to trap money in our local economies. 2/

Before we get too deep into this, a mea culpa. I personally need to get better at what I'm going prescribe to you today. I do a reasonable job at being an intentional consumer, but not to the level I'm proposing today. The stakes are too high for all of us. 3/

I happen to live in the Indianapolis-area, so many of the examples I'll provide today will be hyper-local to Indianapolis, which is the whole point. You have places like I'm going to describe in your area, so the concept will easily translate. 4/

You've heard the phrase "Buy local" before, but like me, it's likely gone in one ear and out the other. I mean, you need stuff, but who really cares whether you buy it from a locally-owned business or a national chain? Well, it matters. Buying local is about trapping money. 5/

As we covered a couple weeks ago, one person's spending is another person's income. And if you want your spending to have the maximum impact on your life, you'll spend those dollars locally. Because when you shop online and buy from chains, your money leaves your community. 6/

I want to introduce you to @Sullivan_HandG. It's a locally owned home and garden store in Indy. And oddly, it's a pillar of our community. I say oddly because, well, I take my kids to Sullivan's to sit on Santa's lap every year. That's how entrenched Sullivan's is Indy. 7/

They spend thousands and thousands of dollars each year so Hoosier families can experience holiday joy together at their Santa Train experience. And while Lowes and Home Depot certainly are great & employ lots of people, when you spend money at those chains, the money leaves. 8/

Profits are sent out of state, distributed to people out of state, and spent out of state. If you shop locally, those profits are kept in your community, taxed by local government, and spent in your community. Economies grow when you trap dollars within them. 9/

If I buy a grill on Amazon, I miss a giant opportunity to serve my community. Which brings us to the trap of convenience. Typically I define financial convenience as exchanging money for time. Don't want to spend time making food? Pay money to have someone do it for you. 10/

That's pretty basic stuff, and you understand that. But our buying habits, and how we employ convenience, have evolved way beyond exchanging money for time. We're sending money out of our communities, in exchange for the ability to personally save a dollar here or there. 11/

Believe me, I understand ALL the benefits of online shopping, free/fast shipping, and crazy low prices, but what I'm suggesting is there's a giant cost you haven't accounted for yet. That money leaves your community the second you choose convenience. 12/

Let's look at another example -- @BigLugCanteen and @EdSahm. You may not be able to tell by their twitter handles, but this father and son duo own several Indy restaurants. They employ a TON of people, help generate a ton of tax money for the city/state, and keep money local. 13/

As of the last 30 days, they've turned their restaurants into grocery stores, to continue to serve the community during these nutty times. Do I love Kroger, Trader Joes, and Whole Foods (Amazon yet again)? Sure. But I'm buying my groceries from Ed and Eddie. 14/

Because Ed and Eddie will go buy mulch at Sullivan's. And Pat Sullivan will then call @hopeplumbing to get his water heater replaced. And then Jack Hope will go have a cup of tea at @TeasMeIndy. And then Tamika Catchings ( and owner of Tea's Me) will spend locally. 15/

All the while, every transaction generates local tax revenue. Buying local isn't just about supporting neat people who have a small business, it's about keeping money in your community. Those dollars provide jobs, services, and economic growth. 16/

We have gotten so caught-up in what serves us, alone, in the moment, that we've neglected to see the impact our consumer decisions have at large. Believe me, local business owners know how important trapping money is. Need more proof? I'm glad you asked. 17/

Back to Sullivan's. When Pat Sullivan advertises, he advertises on local media outlets and local papers. Those dollars support local news. Without those ad buys, there is no local news. How do I know? 18/

Because ad revenue is way down right now, and many local media outlets have furloughed employees. Those employees are struggling to make ends meet, & don't have money to spend in their own communities. But if they did, & they bought a grill on Amazon, the money leaves again. 19/

Then Pat doesn't have the revenue to make ad buys, he doesn't have money to hire Hope Plumbing, who doesn't have money to grab a cup of tea from Tamika, and then she doesn't have the ability to consume local news about her community. 20/

For years when people have called me a "local financial expert" I've bristled internally about their omission of my national footprint. But you know what? That's just stupid. LOCAL IS NOT A DEROGATORY TONE. Yet many of us, obviously myself included, act that way. 21/

Buying local is a savvy financial strategy which accounts for the economic realities of our time. It allows us to support specific communities, including the Black and Latinx communities, in a targeted and purposeful way. Sending money out of your community can't do that. 22/

Clearly you need more. Let's take a look at @VisitIndy, the organization which helped make Indy one of the greatest convention/event cities in the world. I'm not kidding. What is Visit Indy REALLY doing? They're getting people to spend money in Indy. 23/

And then we have an opportunity to trap that money here. Because when Visit Indy goes to @EmmisComm to print their visitors guide which features a local restaurant like @UkiyoIndy, visitors will bring their outside money in. 24/

And Neal Brown, who owns Ukiyo, will go spend that money at Longs Bakery on 16th street. --- You have to help trap the money in your local community. It IS the way we rebuild. Scrutinize your buying habits & your relationship with convenience. Your community depends on it. 25/25