Show Notes for this Episode:
We are now heading into the second half of 2020, and my what a surprise the first half of the year has been. The COVID-19 virus continues to linger and is spiking in some states at this time. The economy has been improving, and the stock and bond markets are holding up pretty well.
However, how the economy holds up over the remainder of the year is a function of the virus. At this stage, it appears that will either develop herd immunity if the current rate of spread continues, and that means many more lives will likely be lost. Or, we will see more effective medical treatments come to light and ultimately have a vaccine.
In either scenario, there doesn’t appear to be a short-term solution. The next six months are likely going to be challenging. The goal of this podcast episode is to help you prepare for the possibilities in your own life. Even if we can’t predict or control our circumstances, we can certainly prepare.
In this episode of the podcast, I share 3 P’s that can help you prepare for possible outcomes that you may encounter: Protection, Planning, and Preservation.
Protection – Please wear a mask and practice social distancing. This is not about politics, it’s about health science and economics. Doing your part to protect others and yourself can help contain the spread of the virus. It’s just that simple. You also cannot control what other people do. It is best to let that go.
Planning – Consider all of the possibilities for what could take place in your own life over the next six months with your work, your family, and your finances. What will your plan be if you or someone in your family becomes ill with the virus? What will your plan be if you lose your job or take a pay cut? What financial steps can you take now to help curtail any hardships down the road?
Preservation – There are two areas of preservation I focus on here; preserving cash for the unexpected, and preserving your energy so that you can remain as healthy as possible and reduce stress.
Finally, I share my thoughts on minimizing news intake from your life as much as possible. There will be some positive headlines to come, but also many negative headlines. Why add to your mental stress with headlines that are usually designed to trigger fear and uncertainty? Save yourself the emotional energy.
Overall, the best thing you can do right now is prepare for the unexpected. Planning can mitigate negative outcomes in advance. Think through all of your options and make some notes!
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