COVID-19 has Two Aftermaths
The aftermath of the coronavirus has in fact preceded the event itself for most Americans. Consider the impact the national media coverage has made on Americans who are taking action and stocking up on necessities in an attempt to prepare for an event that hasn’t occurred yet. It’s the uncertainty of this crisis that will no doubt cost Americans as much as the Virus itself. America's financial markets tell part of the story. In less than 3 weeks from late February to today, the DOW (Dow Jones Industrial Average) has lost nearly 30%, an unprecedented event by itself! The stock market roller coaster will continue as Americans seek assurance.
Americans need to take notice and realize the assurance we seek, we already possess. How Americans choose to balance necessity with their behaviors will dictate just how costly the coronavirus will become. If Americans take a practical approach to their needs and engage in measures preventing the spread of the virus, the second or post-virus aftermath will be greatly reduced. The aftermath of a national or worldwide crisis is generally the greatest expense to a nation's people.
Recovery of our financial markets can be as quick as they tumbled if we practice these two steps.
#1 - Don’t be dismissive to the safety measures our experts are encouraging us to take! Young people especially need to be encouraged by their mentors to take this virus seriously and practice social distancing and quarantining. In some cases, there is no way to avoid loss of life, however, we can greatly ‘reduce’ the loss of life by practicing these safety measures.
#2 - Be pragmatic with your needs. It's a small price to pay now or a much larger one to pay later. Americans are resilient people and our resilience will lead us through these times. Practice the old saying "an ounce of prevention is worth a pound of cure”!
Be safe everyone!