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

Stay invested

Have a side gig

Yes, bonds are still important

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© Your Life Security, LLC 2021