“The first rule is to keep an untroubled spirit. The second is to look things in the face and know them for what they are.” - Marcus Aurelius
Many people have been discussing how awful this year has been. They point out the death, the disruption of lifestyle, the lost jobs, divorce, addiction, bankruptcy, and stress, just to name a few. All of these are certainly true, but there is another side to look at, as well.
We often, look at the carnage of things and fail to see the other side. The lesson learned. There is good that arises from the chaos. As the saying goes, every dark cloud has a silver lining. What could the silver be in this crazy year? Let us take a step back and take a look…
1. Family Time - With less options available, many people have had to spend more time at home. I have a good friend of mine, who has 3 daughters, and said he has enjoyed having dinner as a family every night. There were no sports or other distractions that pulled them in different directions.
2. Mobility - People have been forced to utilize technology to sustain and keep connected. Many have been able to do their same job, without having to go into the office. They can work from home, or abroad. They can maintain close proximity to their family, while still doing the work they love. Pinterest, the social media photo sharing company, decided to reduce their office footprint and allow their employees greater choice and flexibility going forward. Pinterest terminates office lease
3. Self-reflection - COVID-19 has forced people to look at their life to realize what is important. I have hired two wonderful people, without COVID-19, would not happened. Dan Johnson, a Certified Financial Planner with 25 years of experience, was working for Fidelity in Pittsburgh. he was then forced to work from home, so he and his wife decided now was the time to relocate…any play a little more golf. Susan Kane, moved from NYC, after working for a hedge fund, to enjoy the warmer weather and southern lifestyle.
4. Reduced Work Travel - We have used Zoom and many other meeting applications, instead of in person meetings. Think of just the drive time saved by this. Many are realizing that much of their travel is no longer needed. I know many people who used to travel for work. They are now using this time to spend more quality time with their families and focus on their children’s lives.
5. Innovation - People sometimes have brilliant ideas and only work on them when they are forced to. I have a friend of mine in Charleston who started Freeman Boatworks. He did this, only after he had some downtime from a 9-5 job. Freeman has become one of the most sought-after offshore fishing boats in the world. Other companies that were started in recession, Apple, Microsoft, GM, IBM, just to name a few.i
There will be tremendous innovation in medicine, technology, and so many other areas we have not yet realized, that will help all for us for decades.
Finger Financial Five - 5 points in 5 minutes or less - is to provide you with a weekly shot of useful financial information. My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.