The Future Is Ours To See And Visions Are Forming
The song we all learned as children, “The future’s not ours to see, que sera, sera,” has been spinning around in my mind like, well, like a broken record. While the economic impact of the COVID-19 pandemic sent the whole world reeling, everyone is trying to regain equilibrium while simultaneously attempting to imagine what the future might look like. Unlike the lyrics to that childhood song,
the future actually is ours to see and to bring to fruition. It may not turn out to be exactly the way we see it, but it might be many times better.
Whatever Will Be Will Be
I’ve been scouring around the Internet and industry publications to discover what some of those predictions and visions are. Honestly, my own ideas are fairly limited to the financial industry and how my personal business is affected. It seems we here at Retirement Resources may be working remotely from our home offices for the near future and meeting with our clients virtually instead of in person. We are discovering and utilizing technology as a tool to enhance the client experience and to make our own internal workflows as seamless and secure as possible.
Some Interesting Economic And Financial Observations
Despite the devastation to some individuals, families, businesses and entire industries, on the bright side, it seems as though savings are at a historical high. It seems odd since millions have lost their jobs, small businesses have closed in record numbers and the entertainment industry, in which I include organized sports events, has been decimated. Yet statistics show that total income has increased, according to an article in The Atlantic. They also report that “the stock market is setting records, home-buying is on fire, and that national savings rate is at a 45-year high.”
I find the following part of the article to be particularly interesting. “In almost every recession since the 1970s, national wealth has taken a beating and the housing market has stumbled —or collapsed, as it did in 2007 and 2008. But today, home prices are setting records across the country while households have lots of money to spend. The national personal-savings rate is an average that conceals a lot of underlying diversity; for example, upper-middle-class families might have invested the money they would have spent on a winter vacation, whereas many lower-income families get by from week to week on unemployment insurance.” https://www.theatlantic.com/ideas/archive/2020/12/the-2021-post-pandemic-prediction-palooza/617332/
I tend to agree that the combination of a strong housing market and record-high savings is just about the most ideal starting point for a recovery you can hope for. What I imagine as we move forward is a world in which we all feel safe again to hug our family, friends, colleagues and acquaintances, to shake hands and to sit side by side in theaters and arenas. To give a complete stranger a high-five as we collectively cheer and rejoice enthusiastically at our children’s special events. I imagine greater opportunities emerging out of the seeming chaos of this pandemic. I imagine those who are barely making it now thriving in the not-too-distant future. I hope you’ll join me in imagining the best as we continue to move forward. Let’s keep our eyes and our thoughts on the future and let’s not hang on to the past. The future is only ours to see.
May you and your loved ones have a healthy, happy and prosperous New Year.