RAPID CHANGE 3 Things to Keep in Mind as the Economy Shifts in 2020
Everyone has questions about what’s next for the economy. Over the last few days and weeks, the markets have taken a hit, and the daily headlines are often grim. Some days, it can be hard to find the silver lining. You may be asking yourself, “What should I do to protect my money? My savings? My accounts?” While we don’t know how long COVID-19 will impact the economy, there are steps you can take to protect your wallet and your accounts. Here are a few important things to keep in mind: 1. Don’t stock up. You don’t need to spend hundreds or thousands of dollars stocking up on things like toilet paper, meat, dairy products, or canned goods. While some supply chains will experience a few hiccups because of a surge in demand, in reality, most supply chains remain intact. Stick to a shopping routine that takes you to the store no more than once or twice a week to minimize contact with others. If you want to save some dollars, cut out extravagances and shop for basic ingredients. If you’re not a home cook, now is a great time to learn. Browse YouTube, watch cooking tutorials, look up recipes, and give cooking a try. 2. Don’t panic sell. The stock market has taken an unprecedented hit, which can be tough to watch. Your first impulse may be to act on emotion in order to save what you can. However, selling investments based on an emotional response can do more harm than good in both the short term and long term. For one, you are now selling low rather than high. When the stock market recovers — which it will — you’ll no longer have those investments because you sold them. Stocks are a great long-term investment and should represent part of a diverse portfolio. Think rationally before selling. 3. Do consider buying. As Warren Buffett said, “Be fearful when others are greedy, and be greedy when others are fearful.” While the stock market may have taken a turn, now can be a good time to think about adding stocks to your portfolio and investing in your business. Most machinery and raw material suppliers are looking to unload inventory, and there are good deals to be had. Call your raw materials suppliers to discuss what deals or opportunities they have and take the appropriate course of action that makes the most sense for your situation.
How to Get Outside Safely
SOCIAL DISTANCING DOESN’T MEAN YOU’RE TRAPPED
Many people think that to observe social distancing they have to stay inside, but that’s not always true. In most countries and communities around the world, people can leave their homes; they just have to be cautious when and where they do. In fact, getting outside to get some fresh air and stretch is good for your health. Dr. Roy Buchinsky, the director of wellness at University Hospitals Ahuja Medical Center, says that getting outside for a few minutes “increases serotonin and dopamine and makes you feel good.” During this time when anxiety is running high, taking a few minutes to step outside is incredibly beneficial for you and your family. Here are our favorite ways to get outside while practicing social distancing. STAY HOME FOR BACKYARD FUN Your backyard is a great place to get outside without coming in close contact with other people. Put up the family tent for a staycation and enjoy a few camping activities, like roasting marshmallows for s’mores, telling stories, and watching the stars. For a fun daytime activity, plant a vegetable or flower garden. If you don’t have a backyard, take yourself or your pet for a walk around the block, just be sure to maintain the proper distance — 6 feet — from anyone who has the same idea. HEAD TO A PARK If you live near a park that is spacious enough to allow social distancing, get outside and exercise. Taking a walk and riding your bike by yourself or with others in your immediate household are great options, but you should not travel in large groups. Also, keep in mind that many provinces have closed playgrounds in an effort to stop the spread of COVID-19. Keep in mind that while you’re outside, it is absolutely essential to use caution and practice recommendations from the Public Health Agency of Canada, which can be found at Canada.ca/en/public-health/services/diseases/ coronavirus-disease-covid-19.html. Be careful and be safe.
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