3 Unexpected Ways to Build Wealth During the Coronavirus
Listen to Best in Wealth Podcast Episode 140
What do I mean by ‘build wealth’ while you’re quarantined at home? Many businesses are closing for the foreseeable future. Schools are closing. Parents are learning to navigate working from home while keeping their kids occupied. Our routines are being ripped apart. We are living in unusual times. What was normal yesterday won’t be today.
So what do we do? How do we manage this ‘free’ time at home? In this episode of Best in Wealth, I’ll share 3 ways—that aren’t what you think—you can build wealth during the Coronavirus quarantines the world is experiencing.
Outline of This Episode
- [1:13] Start a family movie night!
- [3:47] What you think the episode is about
- [6:50] Wealth is about all of your cornerstones
- [7:42] #1 - Reconnect with your family
- [12:17] #2 - Focus on personal development
- [17:02] #3 - Stay positive amidst the negativity
- [21:14] How I overcame a stutter and found my voice
What you think I mean when I say ‘Build Wealth’
This would be the perfect time for me to tell you to buy into the stock market right now, while they’re at rock-bottom prices. You could get them at steep discounts. Or I could tell you to take some time to assess your risk, perhaps rebalance your portfolios into different asset classes.
I could tell you to refer back to your personalized investment policy statement so you don’t make panicked decisions. I could tell you to stay disciplined—it is one of the most important things you can do during this time. But I’m not going to talk about any of these things.
So what are the 3 things I am going to share?
#1 Reconnect with your family
Wealth refers to all of your cornerstones. It isn’t just about building something of monetary value. Have you noticed lately how busy you’ve been? Have you looked at your calendar, like I have, and questioned how you’re going to get everything done? Now, suddenly, we’ve been forced to slow down and take a step back.
Volleyball tournaments are canceled. Birthday parties are no more. Church services are being moved online. All of the things that overwhelmed my schedule have disappeared. So I’m going to be intentional about this time and spend time with my family.
We’re going to have movie nights and Netflix binges, play board games, and even put on scarves and gloves to play basketball on a still chilly Wisconsin day. We’re going to make meals together. Focus on building a bond with your family. At the end of your life, your pile of money won’t matter much without them.
#2 Focus on personal-development
We aren’t watching sports, going to the movie theater, and we’ve spent time with our family—now what? Why don’t we focus on reconnecting with ourselves. What are things you’ve been putting off? You could read a book, take an online class, or take up a new hobby. Go for a walk in nature and enjoy the beauty around you.
If you’re a spiritual person, it's a great time to reconnect with God. Start reading your bible and setting aside time for prayer. Of course, you could take this time to think about your financial cornerstone. Build your habit goals, define a spending plan, sit down with your spouse and go over your retirement dreams.
#3 Stay positive amidst the negativity
Learn how to stay positive in the negativity. We can choose a different direction. We need to take the COVID-19 pandemic seriously, but that doesn’t mean giving in to panic. You are allowed to go through this experience however you choose, but here are some ideas to stay positive:
- Keep a daily gratitude journal. Write down 3 things that you’re thankful for today.
- Exercise. Exercise releases endorphins that boost your mood.
- Limit the amount of news you’re watching. The news sensationalizes everything.
Stay informed—watch the news, read articles, do deep-dive research, but don’t spend all of your time clinging to the latest news. You will end up in a negative state of mind, which will make this phase more difficult.
What are some things that you’re going to do during the Coronavirus pandemic to build wealth?
Resources & People Mentioned
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The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the Securities Act of Wisconsin in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.