Here are a few things I’ve learned so far during social distancing (not all directly having to do with personal finance), in no particular order:
- People still can’t spell quarantine.
- Confirmation bias is rampant. It seems to me that so many people read a news article or see something on TV and immediately take it to heart rather than researching the other side of the story and then coming to a conclusion. I believe it’s important to seek out and consume information that contradicts your beliefs (no matter how much it pains you to do so – have an open mind) so that you then can come to a more educated conclusion. Don’t take everything for face value. Confirmation bias is prevalent in everyday life as well as in personal finances.
- Those of us who have not lost our jobs, been furloughed, or had our wages cut should take some time to reflect every day on how blessed we are.
- We need a lot less than we think. I’ve experienced it in my own life by spending less while social distancing and I think (I hope) this time will allow others who spend a lot of their money on “stuff”, things they don’t need, and status symbols to see that they aren’t necessary and don’t provide that much happiness.
- A properly funded emergency fund is even more important than I thought before.
- Those who aren’t affected by something can become jaded by the constant news about it pretty quickly. If you haven’t gotten the virus and don’t know anyone who has, then you’re probably not as concerned about it as someone who has gotten it or knows someone who has. If you haven’t lost your job, been furloughed, or had your wages cut, then you probably don’t think about the record unemployment figures when they come out and how all of those people have been affected. If you haven’t had to dip into your emergency fund, then you may not understand why it’s a topic that’s stressed in personal finance so often.
- The fortunate are saving money during social distancing and the unfortunate are hemorrhaging it, trying to survive, and becoming even more marginalized.
- Some people do very well at adapting to change, some do poorly, and some innovate during uncertain times.
- The outdoors are amazing. Find a new park to explore, no matter how close or far away from your home it is. This is a great source or free or cheap entertainment and exercise.
- I’m definitely an introvert. While so many others are struggling with not being able to be around others, I’m fine with it.
- I love only going to the grocery store once per week.
- The market and the economy are not the same. While the economy has been giving us worse and worse information, the market has continued to recover. This is one reason why your focus should be on time in the market, not timing the market.
- You can still network and meet awesome people virtually.
- We’re finally recognizing who the real heroes are – healthcare workers, teachers, grocery store workers, blue collar workers who make the world go around, and military members, among others. Not sports figures (although many have still been placing them on a pedestal during social distancing).
- I’m lucky to have the “problems” that I face.
- I should take time each day to be grateful for all that I have.
I hope you found something on this list useful or interesting.
