I don’t know about you but sometimes I need to take a break. The world is currently caught up in a pandemic – a very bad thing. The news outlets are constantly issuing new articles – another very bad thing. It’s impossible to know who to believe, who to disbelieve, what’s true, and what’s not so true. Part of me suspects that the drive for ratings is still deeply driving the amount of pandemic “information” that is being spewed at us from all directions all day long.
Following the media from sun-up to sun-down is a recipe for anxiety and stress, so I’m going to tell you that it’s okay to take a break. Put down your phone or turn off your TV. Trust me when I say that your mind will appreciate a few hours or days of not being forced to think about the pandemic. Sadly, the bad news will be around for a little while longer.
Do something very different with your mental energy. Think about how you want your life to be structured when the pandemic is over.
Over?
Yes, over. This pandemic is not like the rising sun, which will always be there tomorrow morning. Nope – this pandemic is a global yet temporary circumstance. It won’t last forever. And every new day brings the world that much closer to a vaccine or a shot that will turn COVID19 from something to be feared into something that can be tamed.
So, again, what do you want your life to be once this pandemic is over?
And since this is a blog about personal finance, I suggest that you reflect on how this pandemic has changed your perspective on money.
- If you had an emergency fund, was it enough? Do you want a bigger one for the next unexpected emergency?
- Did a reduced paycheque forced you to re-assess your needs vs. your wants? Will you go back to how you spent before once if your paycheque goes back to its former size?
- Are you as risk-tolerant as you thought you were? Or has the recent & extreme volatility of the stock market caused you to lose sleep at the same rate that your portfolio has lost money?
- When the pandemic is over, what will you do to repair or bolster your financial buffers?
- Will you seek out employment in “essential” industries? Or will you stay where you are because it’s what makes you happy?
Now’s the time to think about these kinds of questions because we’re staying at home to flatten the curve. That should give many of us Singletons plenty of time to make some tentative money plans for our future.
At the very least, figuring out the answers for these questions should take our minds off of COVID19 for a little while at least. The pandemic is going to cause a lot of sorrow for a lot of people. It’s impact will be deep, widespread and long-lasting.
That said, it shouldn’t force you to stop dreaming and planning for your future. The game isn’t over until it’s over.
Never forget that this too shall pass.
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Weekly Tip: Read books – as many as you can. Libraries are a treasure trove of information and entertainment. And in today’s digital world, you can download books to your e-reader.