Financial Coaching Blog,  Healthcare Professionals

Open or Closed Economy?

So much of what you read online these days presents arguments for either keeping the economy closed to prevent the spread of COVID, or opening the economy to prevent Americans and businesses from going bankrupt or without income.

Arguments ‘for’ or ‘against’ aside, who else has used this time to plan, dream, and discuss changes to your financial landscape once we all can safely move on from COVID-19?

Good. We have too. Truthfully though, we always discuss plans even when day-to-day life was “n̶o̶r̶m̶a̶l̶“̶. Anyone else feel like over the last 1.5 months you’ve done just fine purchasing only what you NEED? Additionally, for those who have invested in supplies for your home and completed those projects you’ve been putting off, doesn’t it feel great having them done? What about those who’ve been working from home…not missing that time wasted commuting to work everyday, right?

In contrast, who’s missing ‘shopping trips’ to the mall? What about social gatherings at restaurants? Missing those vacations?

Think about this for a second…economists are calling for an economic collapse ‘𝐼𝑓 𝐴𝑚𝑒𝑟𝑖𝑐𝑎𝑛𝑠 𝑑𝑜𝑛’𝑡 𝑔𝑒𝑡 𝑏𝑎𝑐𝑘 𝑡𝑜 𝑤𝑜𝑟𝑘’. What they really mean is this, ‘𝐼𝑓 𝐴𝑚𝑒𝑟𝑖𝑐𝑎𝑛𝑠 𝑑𝑜𝑛’𝑡 𝑔𝑒𝑡 𝑏𝑎𝑐𝑘 𝑡𝑜 𝑠𝑝𝑒𝑛𝑑𝑖𝑛𝑔 𝑡ℎ𝑒𝑖𝑟 𝑚𝑜𝑛𝑒𝑦 𝑜𝑛 𝑡ℎ𝑖𝑛𝑔𝑠 𝑡ℎ𝑒𝑦 𝑑𝑜𝑛’𝑡 𝑛𝑒𝑒𝑑’. In all honesty, we’re ready to get back to earning income to continue chasing financial freedom and buying only what we need. We aren’t in a rush for the flood of consumerism commercials or advertisements on our smart phones. Has anyone seen what some car companies are offering these days? Mercedes for example says, ‘buy a new Mercedes with a 60 month financing plan and skip the first 4 months of payments’! Gross. What about these large companies getting approved for the PPP assistance and taking money from actual small businesses? (Wᴇ’ʀᴇ ʟᴏᴏᴋɪɴɢ ᴀᴛ ʏᴏᴜ Sʜᴀᴋᴇ Sʜᴀᴄᴋ). How about the banks approving those large companies getting PPP? Disgusting, right?

Maybe as Americans we should strive to change the financial and consumer outlook moving forward? After all, it’s our HARD EARNED money that we work for, spend hours away from family for, miss certain events in life for, etc. Call it a financial revolution. This Pandemic and past recessions has taught us one thing. C͟A͟S͟H͟ I͟S͟ K͟I͟N͟G͟.͟

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