Top Ten Coronavirus Silver Linings
A lot has been said about coronavirus and all of the havoc that the virus has wreaked. I think it is worth a little self reflection from everyone about the true impact of the virus in their lives. Many people have been dealt a bad hand by the virus but some people are getting by just fine and others are thriving.
I suspect that a lot of people are doing much better than they realize if they strip away the narrative and look at what is really important. Perhaps we could all use a little positivity and should reflect on the silver linings that come with CV19. I decided to create a list of 10 silver linings to the coronavirus lockdown to remind myself that it is not all doom and gloom.
Top Ten Silver Linings
- The household savings rate is way up. Apparently all it took was a pandemic to get American’s to put some money into savings and cut their spending.
- No commute! You are saving money on gas and depreciation on your car. This alone can easily eat up 10% of a middle class Americans budget. You also get upwards of an hour a day of your life back. Just remember when working from home to take it seriously and do it well.
- Less eating out. I know many enjoy this and I am one that particularly loves it, but it is undeniably expensive. It also is often less healthy than cooking at home. Many Americans have had to re-learn the lost art of cooking.
- More time with your family. Without all of the hassle of everyone trying to keep up with a modern lifestyle families should be able to get much closer.
- No child care costs. This can easily save $1,000 a month per kid. I know many of you with small children would probably prefer to spend the $1,000 right now, but it is a financial boon nonetheless.
- Stimulus checks. Not everyone qualified, but for those that did it was a nice little check regardless of whether or not the virus cost you any money. One day your grandchildren will have to pay it back, but they at least have a better climate!
- Side hustles. All this time stuck at home should have been a great opportunity to start up. A side hustle. If you needed some free time to get it started, this was your chance. This is a great way to create an income producing asset that can pay dividends for years to come.
- Corporate attitudes are shifting on remote work and work from home policies. When this is all over I expect that location flexibility will be forever improved for many. Without zip code barriers, many workers in locations being left behind will suddenly have a lot of new job options. Companies will also become more efficient to operate in high living cost areas as they take advantage of remote labor pools.
- Carbon emissions are down. Traffic and pollution are way down in major cities. This not only gives the immediate benefit, but also creates a sandbox for environmentalists to study how changes to how we run cities might play out in the real world. Any environmental model is bound to be complex, it has to be helpful to get real data for the scientists to work with.
- Our economy will be forced to reinvent itself. American creativeness and ingenuity will inevitably transform our economic model and prepare it for what lies ahead. With any change, there will be great opportunity created for those that are paying attention.
Look at the positives from this situation it is obvious that things aren’t all bad. I understand that many of you will have major financial difficulties in the near future, but I encourage you to think about the silver linings in this very dark storm cloud. Hopefully you come through this storm and end up in a better position on the other side.