Wiser Wealth: Personal Finance Lessons the World Has Learned After a Year with COVID

Ken Knickerbocker
By

Besides the health concerns the pandemic has sparked, the other major source of anxiety for many this last year has been their finances. So many of us were laid off, and many industries have ground to a halt due to the need for safety precautions.

It’s been a major wake up call for a lot of people to reevaluate their spending habits.

According to the Wall Street Journal, one of the most common realizations, thanks to COVID is the reality that emergencies are something you need to have a plan for.

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Nobody expects to suddenly get laid off from work, but you can bet even after life returns to normal that many workers will be much more conscious of their need for an emergency fund.

Another truth the pandemic has forced people to accept is the need to be able to earn an income from a variety of sources. Some who worked in shrinking industries may have procrastinated looking at other options.

Having the rug pulled out from under them via the pandemic will hopefully make them realize you can’t allow your career to stagnate. Everyone should always be asking what’s next and looking for opportunities to advance.

Perhaps the most valuable lesson from the pandemic is that planning for the future is not something you can postpone forever. Prior to last year, it would have been easy to make excuses for not taking a closer look at what your health plan covers, or when you’ll start the college fund for your child.

These are not considerations to put off, or the day will come when you’ll regret not having a plan. These are conversations everyone should have in 2021 if they haven’t already.

To read all of the financial lessons COVID has taught people, read the original article from the Wall Street Journal by clicking here.

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Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on DELCO.Today here.

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