4 Ways the World has Changed | Family Financial Partners

4 Ways the World has Changed

By: David Smyth, June 24, 2020

As we're slowly coming out of the lockdown and things are settling into a new normal, I've been noticing changes around me in how the world works and how we humans are interacting with that world, and with each other. Today I wanted to share some of my observations, and also hear from you about the changes you're observing. 

First, the way we interact with businesses, and our mindsets about where to go when we do go out has shifted. Let me tell you a story. My boys recently told me they wanted to take me to Waffle House for Father's Day. (Yes, my sons are that cool.) Now, normally, I would be getting the car keys and dreaming of hash browns covered and smothered. Not this year. If you've ever been to a Waffle House, you know that they're not exactly built for social distancing. Diners and cooks aren't even six feet apart! As much as a big breakfast with my boys sounded wonderful, we decided on a place less....cramped. 

Second, I've also noticed that people's real estate ventures are changing. We're seeing city dwellers moving to the 'burbs in search of less urban concentration. We're seeing people investing in upgrades to their current homes such as pools and other outdoor living spaces meant for entertaining. People are more likely to want to socialize in small groups at home with folks they know than go out among random strangers, and they're remodeling accordingly. 

Thirdly, savings rates are up. They say there's a silver lining in every cloud, and this is a big one. People are saving more of their money, and they're paying attention to the markets. People are more focused on getting prepared for a rainy day than I've typically seen in recent years. They're also buying (or increasing) their life insurance. Protection is a vital part of any good financial plan, and this trend makes me sleep better at night. 

Lastly, people who constantly refused to do any legal work such as wills, power of attorney and other estate planning documents are suddenly not just willing, but eager to get this done. It's always important to have your estate documents in order. I guess it just took a pandemic to make some folks feel the need! 

These are just a few of the trends I'm seeing as people cautiously come out of their caves and starting settling into almost-post-pandemic life. What changes are you seeing? How are you interacting differently with businesses, people and your home? We'd love to hear your thoughts.

Family Financial Partners | Growing Wealth, For Generations ™