It’s that time of year when we traditionally reflect on the past year and set plans for the upcoming year. Well, collectively, 2020 challenged the world in a tremendous magnitude then imagine. As horrible as it was and still is, it’s an opportune time to consider establishing new personal habits and financial goals from the learned lessons of 2020.
In the Wall Street Journal this weekend, they published an article by Jonathan I. Shenkman, “ 15 Personal-Finance Lessons We Can All Learn From the Year of Covid-19.” It’s a refreshing reminder and a checklist for organizing your 2021. I took advantage of my Covid year writing a Family’s Planning Guide for Organizing Your Essential documents for Life-Changing Events; watch for a publication date soon.
Here are a few topics addressed in “15 Personal-Finance Lessons We Can All Learn From the Year of Covid-19”:
Emergencies Do Happen
We can be financially disciplined
Buy when others are scared
Manage your risks
You need a will
Your personal finances reflect your values
Retirement plans need flexibility
Things won’t stay bad—or good—forever
This time is different. Not.
Markets always fool us
You should have a three-bucket strategy
Rebalancing pays off
Have a side gig
Yes, bonds are still important