February 25, 2020-
It is evident that, the more people become accustomed to finery, wealth and relative comfort, the harder it is for many to accept when misfortune hits. We in the “developed” nations are now being asked to sacrifice a fair amount of our wealth, and possibly some of our comfort, as several countries, of both advanced and aspiring economies, deal with possibly the worst epidemic of disease since the Influenza of 1918-19. This is no random panic over who Tweeted what about whom. This is a phenomenon that is closing factories and schools, and keeping people isolated, in the affected areas.
There is a cost to any progress, to any advance, in any given realm, whether material or spiritual. This is the latest assessment made on a civilization that has experienced a goodly amount of growth, in the past ten years, but especially in the most recent three.
Yet after the cost is paid, there is a recovery. There will be growth and prosperity again. The world recovered from the Spanish Influenza, though there was an over-exuberance, coupled with unequal treatment of nations that had been vanquished in World War I, that largely contributed to the Great Depression. It is well that safeguards implemented, upon the recovery from that Depression, will serve to both temper any rush to exuberance, following the end of the current pandemic and to mitigate any long-term economic ill effects of the phenomenon. Add to this, the very fresh memory of the economic crisis of 2008-10, and it is likely that many have either set aside a sum of money they could afford to lose, temporarily, to a Bear Market or have established a network, on which people may tide one another over, in times of sacrifice.
So, we will learn, and re-learn, our true priorities; refresh our consciences about what truly matters, in a well-lived life. We will survive and thrive.
Planning for disaster is something that Americans are not accustomed to doing – we need to practice creating the emergency fund and cultivating a safety net of family and friends…
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I have had a healthy emergency fund, for six years now. It wasn’t healthy enough to purchase a new car, in 2016, but it is now.