Coronavirus. It will become part of our lexicon for many years to come much like 9/11 and the great recession of 2008. Having lived through all of those I can say with confidence that, “this too shall pass”. And, we will emerge on the other side better off in several ways as we have before. Some changes will be permanent, and others will be a mere inconvenience. Here are 5 lessons learned as a result of the Coronavirus pandemic.

1. You can accomplish a lot remotely – We have had wonderful interactive technology for many years. Companies and school districts are finally figuring out that people can meet virtually, ask questions, show documents and get signatures via WebEx, GoToMeeting, and Skype just to name a few. If you think senior citizens are averse to technology, guess again. They are comfortable once you explain how things work. Financial Advisors are using remote technology more and more due to long distances or just because clients don’t want to drive across town for a meeting. They are comfortable using their laptop and webcam.
2. Good hygiene is important…all of the time – I don’t know why it takes a pandemic to get people to wash their hands properly. It appears that it does. Using hand sanitizer, covering your mouth when you sneeze and cough. I guess those are good outcomes as long as we remember these acquired habits long after Coronavirus has passed.
3. Markets come back – Take a look at the chart below. As you can see, we have had several health crises over the years. See how the stock market has rebounded each time? America and Americans are resilient. We bounce back strong as well. Keep your financial goals in mind when you are tempted to panic and sell and run to cash.

   Ask yourself, are your retirement goals still valid? If so, stay the course. You may have to make a few tweaks but for the most part, you will ride out the market turbulence in good shape. In fact, there may be some stocks on sale that could boost your portfolio. Talk to your financial advisor.

   

4. Even online retailers run out of goods – Have you tried to buy toilet paper or hand sanitizer recently? My wife and I have been trying for two weeks to buy hand sanitizer. People are being irresponsible and buying more than they could use in a year. As a result, people that truly need supplies are not able to buy them. Amazon is not guaranteeing quick delivery times. It’s a wake-up call for people to use common sense and to be considerate of others, especially the elderly. Remember the Golden Rule!
5. We are part of a greater community – The sight of younger people heading off to Spring Break in large numbers despite the health concerns does not cause one to feel good about that generation or how they were raised. People defying the health agency edicts to shelter in place because “I’m healthy and I won’t catch this virus” do not promote a feeling of being concerned about our neighbors or promoting the greater good by making sacrifices in a time of need.

   If we learn one thing from this crisis I hope it is that we are part of a larger community of man that encompasses the entire country and world for that matter. Be a global citizen and stop looking out for “number one” at the expense of everyone else. One day you will wake up and find your self dancing by yourself.

We will get through this and, I believe, we will all be better human beings as a result. Let’s have some self-awareness and realize that we can be better and we can do better. I look forward to “seeing” you on the other side of this and sharing positive experiences.