Today (May 11 as I write this), marks a significant stage in Governor Holbomb’s Back On Track Indiana plan as restaurants are allowed to reopen at 50% capacity and personal services may reopen with restrictions. At the same time, Seoul, South Korea has ordered bars and clubs closed due to the highest coronavirus case infections report in a month with over 50 cases linked to one man who visited many bars and clubs, according to the Wall Street Journal. This is after that country had previously been praised for controlling the outbreak.
Will you be ready if a second wave of coronavirus cases hits Indiana and we’re asked to return to more strict social distancing?
What if infections of the coronavirus pick back up in the fall and we’re forced to go back to strict social distancing measures then?
Will you be financially ready? Have you taken time to reevaluate your personal finances and work on strengthening them in case you’re faced with a job loss, continuing to work from home, or an unexpected emergency?
Something Will Happen
While so many have been put in the unfortunate position of losing their jobs or businesses due to the consequences of social distancing, most people have not. I wonder if those who have retained their jobs, and who have potentially even been put into a batter financial position due to less spending, have been proactive about strengthening their personal finances and preparing for what could come.
Business owners and employees of companies who would be negatively affected by long-term social distancing should be especially diligent in proactively finding ways to create financial lives that can carry them through turbulent times and/or identifying resources that can help them if the time comes. In April I provided a list of 30 financial wins that I hope helped some people in this area and there are many more resources available to help those in need.
In addition to these resources, you can take some time to consider how you can adjust to life at home whether that’s working remotely, running a business, taking care of your family, or all of the above simultaneously. Taking time to consider how you can be more intentional with your money and your financial life as a whole will benefit you in both the short-term and long-term.
Even if there isn’t a second wave of coronavirus outbreak that causes us to have to go back to social distancing, unfortunately, you will face some sort of emergency or financial adversity in the future that you can (need to) begin preparing for now.
Be Prepared
Maybe you won’t be compelled to go back to social distancing if a second wave of cases comes, but as long as many other people are willing to do so your employment or business could be impacted if people aren’t paying for what the company provides. As a financial planner, I’m not supposed to make guarantees, but I do play in probabilities and they say that something is highly likely to happen to you at some point that will negatively affect your personal finances.
Prepare yourself financially and mentally for a second wave as well as any other emergencies that you may face.
Will you be ready?
