Now What?
Rick Goldring B.A.,CFP,CLU,CH.F.C.
Providing Financial Leadership to Business Owners including Real Estate Investors by Maximizing Retirement Income and Legacy while Minimizing Risk and Tax
There is no way to describe the extreme nature of the surreal situation all Canadians; actually, all global citizens are facing. Never in the history of the modern world have we seen such an extreme response to a pandemic. Not since the market crash of 1929 has there been such a quick and precipitous drop in the global stock markets. All the increases in the markets over the last three to four years were wiped out between Feb 11 and March 12. It is unknown when the direction for all of us to isolate ourselves will ease up and when we can get back to normal. Our global situation is unprecedented and, of course, unsettled.
Even though it might not seem like it now, we will get back to normal. However, the definition of normal will change. Reflect on all of the changes that happened after September 11, 2001. One example is the tremendous changes concerning airport security. Once the current situation settles, there will be changes in health security to protect us and our travel destinations. We will do business differently. There will be more online or virtual meetings. The need to travel long distances for business will be less than it is now. The Cruise industry will have to adjust with improved health security measures, and quite likely, the number of people taking cruises will diminish.
Some companies will thrive in the new normal. For others, a reinvention will be required. And, realistically, some will go out of business. A silver lining, perhaps, is that new companies will emerge based on technology addressing future health care risks.
I’m sure you’ve heard the statement that when everything goes well, you don’t learn much. It’s only when we have challenges thrown at us, do we experience life’s lessons. To say the least, with what the world is going through now, we are learning a great deal.
Human beings have always been inventive, resourceful, and resilient. We see these traits on display every day in big ways. The world will survive, and we will get back to normal. It simply will be a new normal.
Senior Partner at Branded Productions
4 年Nicely said Rick. You make some very good points. Thanks for this.
Vice President at Enhanced Performance Inc.
4 年Great article Rick!!