How to evaluate the lessons we are learning from this year

Changing plans does not mean changing your outlook. At the end of each day of hiking the Continental Divide Trail with the Boy Scouts, each of the boys would discuss the thorn and rose of the day. The idea was to learn lessons from each day that we could bring back to our normal lives. One of the questions that I asked the boys was, “who here has fallen down during this hike?” All of the boys and all of the Assistant Scout Masters (including myself) smiled and acknowledge they fell down.

After asking this question, I thought of the expectations of this year, and how the reality is far different than the expectation. As a presidential election year, I expected volatility. As most of you are aware, I did reduce risk on my clients’ portfolios prior to the beginning of 2020. However, I did not expect the Coronavirus to affect the economy as it did. Now, I know a lot of people were effected by the change in our country.

The big question is when you talk about how you are affected by this change, are you smiling or frowning? Can you find a positive in the current times to help you cope and excel?

Before the most difficult hike, we met with an amazing individual who helped us coordinate the entire trip. He asked the boys to think about three life lessons that help guide him. The first lesson is to be truthful to yourself and others. The second lesson is to live with integrity (always do what you say you are going to do) for yourself and others. And the third lesson, is fix your mistakes (as you are bound to make them). These life lessons help him cope with his daily decisions.

As he discussed his truths with the boys, I thought of all the lessons I learned in over 20 years of financial planning. The question you might ask yourself is what new lesson is the Coronavirus teaching me about how I want to retire?

As the summer continues to heat up in South Florida, please stay cool and safe.

Also remember,

Plan Today. Protect Tomorrow.

©Copyright 2020 by Peter Blatt. All rights reserved.

Peter Blatt

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