The Holidays, The Recession, The Record-Setting Stock Market And Mr. Walt Disney
I recently came across a quote attributed to Walt Disney who allegedly said, “I heard there’s going to be a recession. I decided not to participate.” I love the sentiment this quote evokes. It speaks to the fact that Mr. Disney had the ability to look challenges in the face as if they didn’t exist! Couldn’t we all use a dose of that kind of thinking right now as we’re heading into the holiday season? I know I sure can.
We Can Always Find Inspiration
I decided to do a little more digging to see if I could find more inspiration to share with my readers. Here’s another nugget I found. Disney actually established his business during the Great Depression of the 1930’s. He offered people hope, fun and uplifting messages at a time that felt like the world was ending. This makes me wonder what exciting new businesses will be born out of this pandemic. While many businesses are closing down, you just know there are others that are in the conceptual stage and will flower successfully despite the challenges.
Right now, this kind of vision is so inspiring even as millions of people have lost their jobs. It also makes me hopeful because even though the market and retirement accounts took a big nosedive in the first quarter of the year, things have stabilized. It has also been reported that the number of Americans seeking unemployment benefits dropped below one million for the first time since the shutdown began in the spring. In addition there has been some improvement in consumer spending, a rebound in the housing market and better-than-feared corporate profits. All of this adds up to greater investor optimism
Retirement Savings Continue
Many people who have been able to return to work have resumed contributing to their retirement accounts. While I am keenly aware that many people are dipping into their retirement funds to keep a roof over their heads and food on the table, it is still good news to hear that retirement accounts are bouncing back.
In fact, according to a usatoday.com article, “While retirement accounts saw sharp swings in the second quarter due to the economic uncertainty surrounding the outbreak, balances saw double-digit growth from the first three months of the year, according to a quarterly analysis of retirement savings trends from Fidelity investments.” https://www.usatoday.com/story/money/2020/08/11/coronavirus-savers-pile-money-into-401-k-ira-retirement-accounts/3333763001/
Resurging Stock Market
The stock market gains have been attributed in large part to the CARES act in which “the Federal Reserve and Congress provided an unprecedented amount of financial aid to prop up the economy.” No matter how it’s happening, the good news is that we are beginning to have a greater sense of hopefulness as the world regains its equilibrium, slowly, but surely.
May Your Holidays Be Safe
The holidays are coming, and we know we can’t throw caution to the wind and celebrate in the usual fashion. But, we can turn our attention to all the many things we have to be thankful for. The drop in the unemployment rate, the fact that you may still be able to contribute to your retirement fund. Your loved ones are still healthy. Even the whole family cannot gather around the table to enjoy a traditional feast together, as long as everyone is healthy, hopeful and maintaining an optimistic attitude and sense of humor, you know everything is going to be just fine.
We have so much to be thankful for as we all move through these challenging times together. May your family be well, safe, peaceful and protected.