Hello again! Long time, not really. It has only been a short few months.
Much has occurred since then, but in terms all good things. As an optimistic would say.
Since our last communication, we rang in the new year and with that a new so-called virus – COVID.
Hope that everyone is well and safe, adjusting to new ways of life or new adaptions which could be construed as many different things.
The first inclination that we as humans have is that when things get tough or uncomfortable our first resort is to go back to our comfort zone our area where we know that all is well and safe. Many right now, are asking, “when are things going back to normal?” Shopping, entertainment, travel, leisures, etc.
What if things don’t go back to normal? What if this becomes are “new” normal? What impact would that have in your life, your finances, your ways of investing?
I always think of the worst. Yes you read that right. I always think of the worst. I’m not a depressed, pessimistic person – truly. But, in thinking the worst it allows me to prepare and hope for the best. The worst, 99% of the time does not happen, but I am prepared. This provides stability and a comfort level in which I am o.k. to work with.
It is just like assessing risk and learning how to mitigate or avoid certain scenarios.
If there is an important lesson that I have learned while operating an assisted living operations is that you MUST have an Emergency Management Plan. With the EMP, one must outline all the potential threats and dangers involving or potentially involving your ALF. This could range from natural disasters to man-made disasters. This plan must be approved before you are licensed (the change arose after Hurricane Irma). The research, design, and implementation was extensive and required the collaboration of multiple organization in order for the plan to be effective and efficient.
Much debate surrounding the origins of COVID-19, that at this stage in the game, does it matter?
What should matter are all the infrastructure entities that the virus has impacted whether directly or indirectly.
The workforce has definitely taken a hit simply by the unemployment claims report. Recently, reported that 4.8 million jobs were added in the month of June. While it is great news, I am skeptical (again, thinking of the worst). Do the added jobs report include those employed not working, but receiving PPP’s from their employer? How about those that are currently receiving unemployment assistance? I’m not here to debate one or the other, or all as a whole.
The point here is that there will always be a virus or something else to cause some sort of set back, do you have enough passive coming into your financial structure to keep you and your family sustained and completely independent from governmental stimulus or 9-5 ordinary income?
In these times of many uncertainties and unknowns, do you have a plan on how you and your family are going to navigate through to prevail at the end?
You are the only one to answer honestly.