The world is not gone crazy, some government entity just dropped the ball and let a dangerous germ out into the world. Now we, the people have to deal with it. The good news is it’s not the end of world. The bad news is we have a lot of extra time to spend in our homes. Like it or not over 23,000 retail stores are closed. No shopping, no bars or restaurants to go to. No sports (dang). The right thing to do now is simple: Stay home…It’s okay.
So, what do you do with all this spare time? Here are a few tips:
1. Think of the things that are important to you. If you have not thought of what’s important, now you have time to make a list of those things. Make a “To Do List” and follow your heart.
2. Remember those long over due projects you’ve been putting off. You can start them!
3. Review your household budget. Now you can focus on all of the things that you have avoided, the Dreaded Financial Statement:
-The Income and Expense Budget = Net cash flows (where you money comes from versus where your money goes).
-Net Worth: The Assets and Liabilities (what you own versus who you owe).
4. Reassessing your life plans:
Where you work, how you work, how and what means will you use to get there.
Vacation and Recreational activities (where you go and how you get there).
Retirement Planning. With the current state of the financial markets you have to decided when you want to retire. I know, I know, young people think they can get to that later. That would be the biggest mistake of your life. Reason: Everyday you are spending and not investing (it’s a great time to buy stocks) you are losing the magic of Compounding. Studies show that just waiting three years to move from spending to saving can cost you $300,000+ when you reach retirement age (60 years – 65 years).
5. Practice mindfulness: Things to do and not to do.
We are social beings and our need to go out and doing things are a part of our human nature. Being locked up in your own dwelling can be a big deal. It can drive some people crazy (don’t go out and scream)!!!
-Do not use the Television or Social Media to keep you entertained. If you do need your electronic device to help you from being bored to death, pick a yoga program (yep, I’m not crazy) or an exercise program to keep you in shape.
-For those of you have a need a burning desire to go outside, do non—person contact activities. Go for a walk, run, ride a bicycle.
If you can’t go outside, play games either on-line or with your in-house family.
6. Plan your meals for three weeks. Only shop for things you need (veggies and perishables) and plan your meals a week in advance.
Stay safe during this time. We will get over it and adjust to the new normal. That’s my two cents. Enjoy and stay safe.
R. LaMont W.