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Mindfulness and Covid-19

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Photo by Jen Theodore on Unsplash

Covid-19 can teach us about mindfulness by helping align our lives with our values.

What Covid-19 can teach us about mindfulness

Mid-March, 2020. States across the country announced massive economic shutdowns in order to slow the spread of Covid-19. We ran to the store and bought up toilet paper and canned goods, then we hunkered down at home, yelled at our children to get back to “school” (the kitchen table), and wiped down every package from the grocery store with bleach.

In the months that have passed since then, so much about our world has changed. Everyone wonders when 2020 will ever end. It’s been 7 months that feels like an eternity. Many people have been tragically affected by the loss of life and health. My heart goes out to all who have been affected in these terrible ways.

In the midst of this tragedy, there are wonderfully beautiful things that have arisen, if we just take the time to look carefully and mindfully. Here are a few reasons I have to be grateful over the past several very difficult months:

  • During March/April, American’s savings rates (link opens in new tab) increased significantly due to the lockdown. Some of my clients used that savings to make significant payments to student loans, pay off credit cards, and accumulate rainy day funds.
  • My business owner clients have shown resourcefulness that reinforces my view that an entrepreneurial spirit is one of the backbones strengthening our American culture. They gave themselves paycuts or paid themselves last. They offered work-from-home stipends to help their employees continue working, from home. They pivoted their business model and developed new ways of delivering their services – all over an incredibly short period of time. I asked some of my clients the question, What would it take for the pandemic to be the greatest thing that happened to your business? And they answered by making their businesses stronger and more profitable than ever. They figured out a need consumers had, and developed creative ways of meeting that need.
  • Some of my clients have expressed a strong desire to give back, beyond anything they had previously articulated. They gave loved ones meaningful gifts. They gave their time and financial assistance to specific causes or charities. In recognition of their own blessings, they want to offer up to others that blessing. Personally, I’ve given money to several organizations and causes during this time, including my local restaurant’s Go Fund Me, the Council for Economic Education (link opens in new tab) and Association of African American Financial Advisors (link opens in new tab).
  • Many people are changing their lives to align more with their values. My friend moved to rural Wisconsin for the space and outdoor recreation, after wanting to leave the city for years. Another family is moving to the south to be closer to her parents and sister. Still another family is making a retirement dream of living abroad their reality now while in their 40s. Personally, I spent almost 3 months this summer at our family’s lake home where my son was cared for by my parents and played with cousins every day, building relationships that I hope will last a lifetime.
  • More people than ever seem to be concerned about being good stewards of their financial affairs. They have old employer retirement programs; they have recently inherited money; they have a job that remains stable despite all the year’s disruptions; they are starting a business after losing their job due to Covid-19. The uncertainty caused by Covid-19 has prompted these individuals to reach out to a financial advisor to talk about their personal situation. Now more than ever it seems important to get financial affairs in order. And more people reaching out to me means more families I might be able to help.

It can be easy to get down about so many things happening in the world right now – the world can feel like a scary place, filled with uncertainty and hate. But if we look a little closer and deeper, beyond social media and attention-getting headlines, we can see the good.

My America is made up of neighbors who rake each other’s leaves and hold the door when my arms are full of groceries; daughters who move across the country to be closer to their parents; grandparents who give up their free time to help their grandchildren with remote learning; and good people everywhere. It just takes a bit of mindfulness to see it.

What has Covid-19 shown you about changes you might want to make in your life?

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Re-starting the Economy After the Pandemic

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Photo by Lukas from Pexels

What does the new economy look like as countries and states restart after the massive coronavirus pandemic shutdown?

It’s a new world

Six months ago, probably none of us would have imagined that here in the US, we would be required to stay home and limit our activity for the health and safety of our communities, the stability of our healthcare system, and to protect the most vulnerable among us – from what’s been called an “invisible killer”.

Almost every industry has been impacted by the pandemic – restaurants, retailers, gyms and spas have been shut down. But even companies which have done a lot of business during quarantine like Amazon (link opens in new tab) and major grocery store chains, have been impacted by paying higher wages to workers, spending more money on protective equipment, and dealing with supply chain disruptions.

The majority of people I interact with regularly, from clients to neighbors to family members, understand the importance of quarantining and are doing their best to keep themselves and their families safe by following the protocols in their states. But even the most compliant of them are starting to wonder, when will we be able to go back to some semblance of normal activity again? And even more concerning, what will “normal” actually look like in a post-pandemic environment?

It’s becoming more clear as time goes on that we will have to start re-opening the economy even in absence of any clear health-related breakthroughs in treatment, vaccines, or antibody tests available widely.

The consumer will have a major role in the success of reopening

I think the consumer will ultimately drive the success or failure of any individual state’s reopening plans. If the consumer isn’t comfortable going out, they won’t go out. If the consumer doesn’t feel safe going into one store and sees another store practicing measures that feel safer, the consumer is going to choose the store that’s perceived as safer. No one can force us to venture out before we are ready. And what ready means for each person will be different too.

According to this chart (link opens in new tab) from the St Louis Federal Reserve, in Q1 2020, personal consumption expenditures make up 68% of the US gross domestic product. So if the US consumer doesn’t feel comfortable spending money again, it’s going to be very tricky to get the US economy restarted.

And obviously, consumers aren’t currently spending the way they were prior to the pandemic. A 5/1/20 Barron’s article (link opens in new tab) said, “Consumers surveyed in France, Germany, Italy, Spain, the U.K., and the U.S. were spending 25% to 30% less than before the virus as of April 21, according to Deutsche Bank.”

How can companies prepare for their own reopening?

So what are some steps companies can take to get started on a successful reopening? This McKinsey article (link opens in new tab) details critical factors that should be considered as businesses plan for a successful reopening. Several of these recommendations could be helpful for both large and small companies. Here are a few recommendations from the article:

“Providing customers with safety guarantees that restore trust.” My friend Francine Brown from Bless This Body Massage Therapy (link opens in new tab) has been working hard on plans that will help her customers feel safe coming back when her business is allowed to reopen by the state. Some of her plans could include wiping down common areas and cleaning surfaces between clients, wearing a mask and requiring clients to wear masks, and more. She’s also been cultivating a connection to her customers through regular email updates with a variety of wellness-related resources.

“Safeguarding the health of employees.” A friend of mine works as a grocery store shopper. Several weeks ago, before masks were a requirement here in Illinois, she was provided with a mask hand-made by her boss’ wife. She appreciated the personal effort to help her stay healthy. At this point, employees will probably expect more safety protocols than a hand-made mask, but the important point is that my friend felt that her boss cared about her and wanted to keep her safe.

“Reviving demand.” Interestingly, this is going to be critical because many consumers and businesses may have gotten used to doing without many things they used to spend money on. So purchasers will have to be reminded of the benefits of the services or products they once used. To revive demand, businesses may need to rely on “tactical pricing” like deals, but they may also need to do a deep dive into market segmentation to understand which customers are worthwhile to woo back.

Need help with your business or personal financial situation? Reach out to Tree Fort Financial today.

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