I’m still thousands of mile away from the US somewhere in the Pacific Ocean. That’s no longer being out of touch, but it could be worse because it’s harder to determine what’s real and what’s not.
Now that a social, economic and financial crisis is upon us, we suddenly have our eyes open as to what can happen, perhaps in a worse case scenario.
For years we have been told spend prudently, avoid or at least manage debt, have an emergency fund, and save for the future. Based on age, to one degree or another, that advice has been ignored usually based on “I can’t.”
While not mainstream, I always advocated retiring with 100% income replacement, an emergency fund and the ongoing ability to save during retirement even if only to replenish the emergency fund.
If you are relying on income from investments, wouldn’t it be nice to avoid using that money for the next year and instead use accumulated cash or even cashing in a few old savings bonds?
Those of us with a fiscally conservative view of life, who reject live for today spending, who attempt to reasonably plan for every contingency, are often criticized for missing out on life along the way. There are even a few so-called experts who claim many people save too much.
At least for some, 2020 is going to open their eyes and change their ways. Hey, tattoo parlors are closed, there’s a potential saving opportunity.