Episode Summary
Offices are closed, schools are closed, restaurants are closed, beaches are closed, coronavirus is spreading fast, the world has stopped traveling, and… Mike and Maggie’s salaries were cut. Mike and Maggie spend some time talking about the impacts of the coronavirus around the world, and share their latest views.
Episode Notes
Mike surprises Maggie with a Friday night phone call that turns out to be a podcast episode. Apologies for the poor audio quality on this episode. We are both quarantined and still working through how to record remotely.
For those listeners that don’t know, Mike and Maggie work for the same company and they work in the travel industry. Due to the impact of Coronavirus on the travel industry, they both got the news Friday morning that their salaries are cut 20% along with many other benefits temporarily stopped. Maggie rambles on various thoughts, as usual, and Mike does his best to keep them both on topic.
Mike and Maggie talk about the range of impacts on people, from losing just one paycheck to the impact on the FIRE (financial independence retire early) community. We share our impromptu thoughts and advice on how to handle what is happening right now:
- Be cautious about how you’re spending your money.
- Consider changing your habits now, in anticipation for what will be tougher times ahead for many.
- Prepare for the worst – act like you’ve already lost your job.
- Follow what’s happening in the world and in the economy, and ensure you’re educated to make the best decisions for you as possible. Do this without watching the 24/7 news cycle as that’s just too much and not healthy for most. Find the right balance of staying informed, but not getting obsessed with the news cycle.
- Practice gratitude. Find the good in what’s happening around you day to day. Notice and appreciate the silver linings of the things happening around you.
- Control what you can, and don’t dwell on the things that you can’t control. You can mostly control the way you’re spending your money.
- Do your best to get through what is a tough time for many people on many different levels.