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Overcoming Obstacles and Maintaining Personal Growth During the Pandemic

Post Covid19
Post Covid19

The COVID-19 pandemic has altered almost every aspect of our lives. Now a year into the pandemic, we have witnessed the devastating effects that sickness, death and job loss have had on society. Though society slowed down, life during the pandemic did not come to a halt. It is important to keep progressing, setting and achieving goals in times of trial.

Take Control of Your Life

You are the captain of your ship! You chart the course and decide where to drive yourself. If you are unhappy with the way your life is unfolding, there is no one to blame but yourself! Always remember to take the blame and responsibility for yourself.

COVID-19 has thwarted many people’s goals and has made many goals seem unachievable. If you find yourself in a situation where the carpet’s been pulled out from under you, remain calm and pivot your priorities.

When my children reach adulthood, I like to sit them down and have them map out where they want their life to go. I ask them questions such as “what type of neighborhood do you want to live in?” Or, “What salary do you want to make?” Or “Do you want kids?” “Do you want a college degree?” Etc. These are all questions you should plant in a young adult’s mind. (If you’ve never asked yourself these types of questions and are now in your 40’s or 50’s, that’s okay! It’s not too late.)

I asked one of my sons the question: “What type of neighborhood do you want to live in?” He responded, “I want to live in a $2 million house in an upper-class neighborhood.” He told me where the neighborhood was he aspired to live in. I happened to know people that live in that particular neighborhood, so I replied, “Most people that live there have graduate degrees, many are entrepreneurs or doctors, do those professions interest you?” He said he’d like to be an entrepreneur. I told him that we now have a basis for where you want your life to end up. The steps now are to figure out how to get there. First steps would be to go to college, get a bachelor’s degree, then a MBA.

As you dive deeper and deeper into what you’re passionate about and where you want to end up in life, you’ll see a clearer and clearer picture of your path in life unfold before you, giving you a road map to individual success.

If you have been financially impacted by the pandemic, the course of your road map may need to change. The loss of a job may alter goals, such as putting a down payment on a home or saving up for a new car. Your goals should not be let go of and forgotten, but rather put on a temporary hold.

Your Crisis Plan

Not many companies had crisis plans before the COVID-19 pandemic, but I am sure this will become a priority for organizations in the future. You too should draft a crisis plan for your own life that incorporates your life’s goals and aspirations.

This plan should include hypothetical economic disasters for your life, such as how you will survive if you are unexpectedly let go from a job. You have a medical emergency and are left with thousands of dollars in hospital bills or the market crashes and you lose much of your savings. Thinking about these type of crisis before they happen And having a game plan will give you the upper hand and lessen anxiety in stressful times.

Today is Your Day!

Without goals and a road map for life, you end up wandering aimlessly. Having aspirations and goals for where you want to end up not only triggers and drives you to your goal destination, but also gives you much needed peace of mind. 

We hope you found this article about Valentine’s Day helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us through our “Contact Us” form or visit www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.

The post Overcoming Obstacles and Maintaining Personal Growth During the Pandemic first appeared on Advisors to the Ultra-Affluent – Groco.


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