Yes, it's time for the next step.
It's time to get a step ahead of what keeps coming at you from friends, your social media feeds, and cable news.
For sure, some things deserve immediate attention. If someone you know is not well, in need of food, medicine, life-sustaining support, or perhaps they've just been furloughed, those issues must be addressed. Right now. Go take care of them.
Without those immediate needs to tend to, our sheltered-in-place bodies can easily get overrun by our unsheltered minds running amok. It happens to all of us and serves none of us. It's easy to end up feeling like we're at the wrong end of a bull whip. It's natural to be scared, frustrated, impatient, angry, bored, anxious, and emotionally disoriented.
Let's go a different way.
First, expect the news to get worse.
- Parts of the country that are not locked down will get locked down. Or maybe they won't.
- The political blame game and snipping will ratchet upwards.
- Someone you know may die. Or you'll know someone who knows someone who is dying.
- People will become increasingly impatient with being unable to connect with each other in person. Zoom enthusiasm will wear thin.
- Medical professionals will struggle to cope. Some of them will get sick.
- There may be serious shortages of medical supplies.
- Unfounded rumors, gossip, and misinformation has a way of spreading faster than any virus.
- You either don't need a check from the government, or the one you get will be too small or too late.
- The recession will be deeper, wider, and take longer to recover from than we think.
- Financial markets and your portfolio values will gyrate in unexpected ways.
- The pandemic will accelerate and begin to recede at different rates in different places.
- Those working on the front lines- medical professionals, first responders, business leaders, and most government officials- are doing their best in a situation for which there's been no precedent or rehearsal.
It took me almost 15 minutes to write this. Now it's your turn. Think about your life.
- What will change in the next few weeks, few months?
- What is knowable?
- What is unknowable? When will it become knowable?
- What will you need?
- How will those needs change over the next few months?
- What will not change?
The point is to start peering around the corner. Chasing the catastrophe du jour and bad news only makes you feel helpless and hopeless. Right now we need helpful and hopeful. This will do two things:
- You'll be better prepared to take care of yourself.
- You'll be in a better position to help those who need help.
There's no need to wallow in past errors, misjudgements, or regret. And there's no point in trying to imagine how things will be by 2030. Just take care of right now in a proactive, helpful, and hopeful way-- whatever and however that is.
If we can help soothe your financial concerns, please contact us at:
Jim Cosgrove, CFP, Plano, TX jim.cosgrove@verizon.net 972-489-0262
Jim Cosgrove, Dir of Research, San Jose, CA jimcos42@gmail.com 408-674-6315
Hat tip, Josh Bernoff.
