Tag: economy

The current crises with the novel coronavirus may cause you to ask, “How can I improve my financial outlook during the COVID-19 outbreak?”

We’ve been through economic hardship before. When I drew this cartoon, we were going through the last economic crisis thanks to the housing bubble and junk mortgages. Many people found they owed more on their homes than they were worth. It definitely affected the 2008 election.

That felt overwhelming. Now we face a new economic crisis. According to The Wall Street Journal, this may be the worst downturn since the 1940s. Many businesses have been shuttered for over a month. There cautious talk about opening businesses. Yet, the virus that has dominated our thoughts for weeks is far from conquered. While some governments are allowing businesses to open, some business owners have chosen to stay closed because they feel it is too soon.

How can I improve my economy when everything feels so uncertain right now?

There are a few lessons I learned from the last financial crisis.

• Focus on the things you can control
  • You can control your attitude
  • You can control your outlook
  • You can practice safe distancing and hygiene to prevent this virus from spreading
  • You can control how kind and helpful you are to others
  • You can plan for the future
  • You can change tactics even if it feels uncomfortable
  • You can make a situation worse or better by your actions
  • You can limit your news consumption so you’re not listening to the same doom and gloom for hours on end
  • You can listen to positive, uplifting music, audiobooks or podcasts
• Let go of the things you can’t control
  • You can’t control nature
    • today’s weather
    • the novel coronavirus
    • that skunk on your biking trail
  • You can’t control another person’s actions or reactions
  • You can’t control governments and politicians (though you can make your voice heard by voting and calling those who represent you)
• Start brainstorming of what this makes possible today
  • Can you learn a new skill?
  • Can you launch a new business that thrives in the new reality?
  • Can you volunteer in a position you always wanted to do?

Putting a bandage over a dollar isn’t going to fix the economy. Individually, we may not be able to fix the macroeconomy. However, each one of us can affect our microeconomy. Each one of us is an economy unto ourselves. It may be difficult while negative events are still unfolding. However, our attitude, combined with faith, hope, and a plan, can get us through the other side of this crisis. And remember: there will be another side of this. Keep the faith, and keep looking up!