It does not matter to the Covid-19 Pandemic if you’re careful with money or a spendthrift. Its virulent impact reminds us of things we know and forget and relearn. What are some things we are discovering or relearning about ourselves, our lives and our money?
Enjoying your own company. People who live alone may have an advantage here. A friend I spoke with today described with delight the tiny leaves and blossoming of the tree that takes up most of the view out of her window. The rest of the view is the parking lot. She’s physically on lock down in her small apartment in assisted living, but her spirit is open and free to take in the awesome start of spring. Encourage the dialogue in your head to talk about wonders.
Talking with loved ones. How much of what you say to your loved ones is about the tasks, logistics, and scheduling of the day? In which conversations do you explore all the non-practical stuff that knits our personalities together? What might you learn about the person you love if you asked questions like: tell me about people who made a big difference in your life? What matters to you so much that you would give your life for it? What is it about that movie you watched ten times that makes it such a favorite?
You get my drift and no doubt you have better questions than these. How I wish I had been aware enough to ask my beloved parents more questions so that my view of them was not boxed as a child’s view. I wish I had asked them what tough decisions they faced; what they feared; what gave them strength; what got them through the Depression and the WWII years? How little we really know about the people we love.
Spending time and money. We do say “spend” in relation to time and money because they are limited, and we must calculate their use. We can kill time, and waste money or we can be purposeful in using both. Because of the pandemic, many of us have been told to stay at home and not go to work. Money is tight and time is loosened from orderly schedules. Free time is nice, but it doesn’t feel like a vacation when you’re afraid you will run out of money and get sick. What to do?
Ask this question: is this the highest and best use of my time and my money? To stretch your money, be sure that what you are buying is a need, not a luxury. Medicine and food are needs but redecorating the living room is probably a luxury. Spending time with people you care about by phone or Skype or Facetime is a need. Another best use of time is to declutter and organize your home, and your financial records. What you do with time or money especially now should improve your relationships, and skills, or discover and express the values that make you you.
Ignoring your portfolio. Many investment accounts have paper losses. They are not actual losses until you sell an investment at that low price. It takes historical perspective to be patient and not panicky about market declines. Market recoveries are a bit like the full recovery from knee replacement surgery. They take daily working at it. Ignore your portfolio unless you think this is the time to buy into the market at bargain prices. If you see an opportunity, spend your time researching, and asking questions, then make your investment.
Each of the suggestions has the merit helping you feel more in control of the intimate part of your life, the part that matters to you and those you love. At the same time, we acknowledge what is beyond our control as we mourn the loss of those taken by the pandemic. Our tribute to them is to learn from this heart wrenching time and to live more fully, more consciously, more attuned to the best in us for their sake.
What to do?
Enjoy your own company- find what is special in your life and celebrate it.
Talk with love ones- pull closer to those you love and know them more deeply.
Spend your time and money purposefully – what will make your life better when you are on the other side of this pandemic?
Ignore your portfolio- keep an historical perspective and learn more.
Our county and the world are full of people of good will, intelligence, creativity, courage and determination. Together we will get to the other side of this.
[email protected]. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPCShe is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful