We are all learning a lot right now – a lot about ourselves and our loves ones, how to operate Zoom, how to homeschool-ish our kids, and where our financial weak spots are. All bets are off. And as a result, a lot of scenarios are running through everyone’s heads. Things that seemed crazy a few months ago are getting some legitimate attention now. A layoff could leave you devastated… or dusting off that little business idea you’ve half considered for years. Sudden full time telecommuting could drive you bonkers… or have you imagining life sans commute forever and scheming how to make it happen. Getting involved in your kids’ schoolwork and grappling with the education uncertainties ahead might lead you to more wine consumption than you’d like to admit… or start your wheels turning about the benefits of homeschooling life and all its freedoms and opportunities. Doing extra store shifts to cover the needs of grocery shoppers might leave you feeling taxed and unappreciated… or like your role in your community is more crucial than you ever realized.
Even shortages of seed packets and yeast stands as evidence that a lot of Americans are thinking about doing at least some things differently. But part of these observations are people REACTING. Something terrible happens, we crave an equal and opposite reaction, our human behavior in unwitting compliance with the third law of physics. For example, I’d argue grabbing up every pack of toilet paper was a mass reactionary measure of many, not necessarily a calculated, strategic choice. Here I’d like to bring attention to your own choices… actions, as opposed to reactions, for yourself, your family, your future, your community, your money. A lot of awful stuff is happening. But a lot of good is happening too, heroes stepping up and everyday kindnesses to support and protect one another.
I’d encourage you to analyze the chaos in your bubble right now, and identify the opportunities there. Perhaps your wheels are turning about not trying to go back to your (used to be) job that’s been shut down and instead to homeschool your kids or pursue something else. I think that’s an awesome thought process to be having. Just be careful not to blame the circumstances and be pushed into new choices, ones that may be costly or not actually align with your core values or long term goals. The pendulum will swing back towards the middle of normal societal life eventually- where will you be then? Having capitalized on this wretched virus’s impact to make your life better by your own innovation, courage, and choices? Or left battered and victimized because the pandemic took away your job, business, childcare, etc? When it comes to your money, many are experiencing a sudden and sometimes complete lack of income. But the circumstances that caused this sudden loss will be passing, albeit slowly. Once we survive the losses, we must choose to learn and innovate from the experience and come out better.
For example, for me, this was a kick in the pants to diversify our income, a goal I’ve had for awhile now, but something that takes consistent action, even if they are baby steps and a lot of trial and error. In particular, it highlighted some weaknesses in my idealized plans for certain forms of seemingly easy-peasy future income in semi-retirement: rental income losses would hurt a whole lot worse right now if they were our sole source of income, and a country property running on the patronage of a tiny-house-style AirBnB and a pup boarding facility could leave us wiped out when an entire summer- or more- of travel and leisure gets disrupted. These are important lessons to learn to diversify, diversify, diversify our income now, to be ready for our desired future.
So what are your secret plans you’re weighing differently now? Are they looking better or worse in the light of a global pandemic? Another disaster, small or big, personal or global, is always on the horizon. Don’t let these things leave you on defense, scrambling and clinging to your toilet paper stash! Take conscious actions, even if they are tiny, in a deliberate direction… and when you do so, be careful to keep to your core values, be smart for the long term, and always remember to plan and re-plan your money as you go.