Why Gaining an Edge at Work Has Never Been More Important
Last week we talked about gaining an edge at work. The mess created by COVID and the lockdowns imposed by governments motivated this. Today, let's go over the reasons gaining an edge at work has never been more important. We'll revisit the areas we focused on a few posts ago: Family, the Economy, Social Unrest, the Church.
Family
We already covered concern with family members who might be vulnerable to COVID. But what about the feelings being stirred up by our deeply divided country? Before COVID and "Black Lives Matter" took center stage, I was already familiar with families torn apart by these divisions. For example, one family member with a liberal lean, who really dislikes Trump, shunned family members who preferred more conservative policies, who supported Trump. Result: No communication between them, absolutely not at all, either in person, on the phone, social media, etc. It went on and on.
Our extended family doesn't agree on all matters related to politics and religion. Same for friends. So far we've managed not to lose our love and respect for each other. Personally, I've always thought that, after God, family comes first. Family members who lean liberal, who intensely dislike Trump, who sympathize with causes I don't nevertheless remain first and foremost family. I can't imagine shunning them. But I'm not so naive or presumptuous that I'm not concerned that as things get crazier - and I think they will - one or more family members may tag others as "unacceptable" in some way.
I hope this doesn't happen.
Gaining an Edge:
I've found all this distracting at work. As mentioned, after God, family concerns take precedence over everything else. I need an edge here, to keep my work humming despite these newly minted concerns with potential family strife.
One way to gain an edge has been to revive my focus on family. Each morning I consider what I can do for this or that family member. Each day is different. But I make sure at least one concern of at least one member of my family will get special attention this day. I usually start with my wife. Is there something she needs from me today. If so, it goes right into my calendar in a specific time slot. While some things can reasonably fall into the "I'll get to it" bucket, some things can't wait. Whereas in the past I might have not elevated some item to "Urgent and Important," if there's any chance my wife either needs something done pronto, or would clearly benefit from that, then it's on the Urgent list.
And the same applies to other family members starting with our children, extending out to brothers, maybe even a friend thrown in as well. Instead of worrying that the issues dividing our country, and this is key, the feelings they generate will cool our relationships or maybe even tear us apart, I'm trying to focus on this very specific approach, driven by charity, i.e., my love for my family.
It's helped with the distraction. And so far it's had the additional benefit of sowing seeds of good will that - I'm hoping and praying - will crowd out the weeds of ill will that have spread throughout the land lately.
The Economy
Let's expand on our previous remarks. The economy hit a wall - at relatively high speed - when governments insisted we all "quarantine." By now, it should be clear that a quick recovery remains a pipe dream. Millions lost their jobs. The unemployment numbers don't tell the whole story. Always problematic, these numbers have been further distorted by government statisticians not counting those categorized as "furloughed." This broad category includes a chunk of folks who will never be re-hired. And that's just one distortion.
But here's the rub: Most folks aren't feeling this yet. Many receive generous unemployment checks, some making more this way than working. Houses, which typically fall in value during recessions, have risen instead. Wages - for those receiving them - have statistically increased. (You many not have gotten a raise, but some obviously have.) People don't/can't save during a severe recession; but apparently saving has increased.
None of this matches what typically happens in a recession. But we're are in a recession. (BTW, one whose seeds were possibly sown before COVID struck. But that's another discussion for another day.) So what's up?
An educated guess: All the government largess, all those special programs the Fed set up to "save" businesses, all the money they've printed and pushed into the economy and markets may be the culprit of this confusion. The degree with which the government and the Fed have "attacked" the disastrous economic collapse (caused, of course by the government lock-downs) has been historic. You may have heard this term used. I won't go into the details that show just how dramatic this intervention has been. But it is something I'm familiar with because of my profession. It's truly astounding.
One more specific bit of info: Mortgage rates have hit historic lows - below 3% for a 30-year mortgage. That's likely got a lot to do with house prices holding up, even rising. Add in the thousands who've apparently decided that living in the city doesn't work for them anymore, especially after their being cooped up during quarantine, perhaps also because of the social unrest that they found rattling if not frightening.
The facts will become more apparent in the coming weeks and months. Some will work again. Many others will not. For how long is anyone's guess. The uptick in economic activity we've seen is a small fraction of what will be needed to restore anything close to a normally functioning economy. I've not seen any numbers or sensible plans to escape from what may be the first real economic depression since the 1930s. I'm all eyes and ears. But so far, I'm not encouraged.
Gaining an Edge
None of us on our own can "save" the economy. If it's going to revive, it will in its own time. If it's going to tank even more, what you or I do or don't do won't make any difference. But we can make a difference in our own lives and, perhaps, those of our loved ones.
On a broad level, we can take stock of our financial condition. Just the facts to start.
Level One: How much income do we earn after taxes? How much do we spend? To the extent we're not saving at least 10% of our after tax income, red lights should start flashing. It's time to get control of our cash flow (income minus expenses) and shove it safely into the green zone. And the green zone doesn't get spent. It gets saved.
Level Two: Get a good idea of the value of what you own vs. what you owe. Simple example: What's your house worth (if you own one)? How much is the mortgage? The difference is the real value of your home should you try to sell it.
Rinse and repeat for all items you own that have any real value, especially those that could be turned into ready cash in a pinch.
I know what I own, and of that, what I could sell or trade for money if I really needed it. It starts with my savings accounts, moves through my retirement accounts and other investment accounts, etc. If, for some reason, I would need cash in a pinch, I know where to find it, and how quickly I can get cash for it.
If we're going into harder times, this sort of knowledge will be really helpful. Make sure you wrap your arms around this now, not if and when the time comes when you need cash. Never make decisions about money emotionally, and certainly never ever if you're in panic mode.
There are additional Levels you can add, but 1 & 2 should be a good start. Most people have no clue about these. They just bounce from paycheck to paycheck. That was true before the lockdowns. I doubt it's changed much since. Don't be one of those people.
Remember, you can't control the economy. But you can to some degree control your tiny personal slice of it. See that you do.
Next time we'll move on to Social Unrest and the Church. We'll seek to find an edge to cope with the distractions these have had, are having, or possibly will have on our work.
Family
We already covered concern with family members who might be vulnerable to COVID. But what about the feelings being stirred up by our deeply divided country? Before COVID and "Black Lives Matter" took center stage, I was already familiar with families torn apart by these divisions. For example, one family member with a liberal lean, who really dislikes Trump, shunned family members who preferred more conservative policies, who supported Trump. Result: No communication between them, absolutely not at all, either in person, on the phone, social media, etc. It went on and on.
Our extended family doesn't agree on all matters related to politics and religion. Same for friends. So far we've managed not to lose our love and respect for each other. Personally, I've always thought that, after God, family comes first. Family members who lean liberal, who intensely dislike Trump, who sympathize with causes I don't nevertheless remain first and foremost family. I can't imagine shunning them. But I'm not so naive or presumptuous that I'm not concerned that as things get crazier - and I think they will - one or more family members may tag others as "unacceptable" in some way.
I hope this doesn't happen.
Gaining an Edge:
I've found all this distracting at work. As mentioned, after God, family concerns take precedence over everything else. I need an edge here, to keep my work humming despite these newly minted concerns with potential family strife.
One way to gain an edge has been to revive my focus on family. Each morning I consider what I can do for this or that family member. Each day is different. But I make sure at least one concern of at least one member of my family will get special attention this day. I usually start with my wife. Is there something she needs from me today. If so, it goes right into my calendar in a specific time slot. While some things can reasonably fall into the "I'll get to it" bucket, some things can't wait. Whereas in the past I might have not elevated some item to "Urgent and Important," if there's any chance my wife either needs something done pronto, or would clearly benefit from that, then it's on the Urgent list.
And the same applies to other family members starting with our children, extending out to brothers, maybe even a friend thrown in as well. Instead of worrying that the issues dividing our country, and this is key, the feelings they generate will cool our relationships or maybe even tear us apart, I'm trying to focus on this very specific approach, driven by charity, i.e., my love for my family.
It's helped with the distraction. And so far it's had the additional benefit of sowing seeds of good will that - I'm hoping and praying - will crowd out the weeds of ill will that have spread throughout the land lately.
The Economy
Let's expand on our previous remarks. The economy hit a wall - at relatively high speed - when governments insisted we all "quarantine." By now, it should be clear that a quick recovery remains a pipe dream. Millions lost their jobs. The unemployment numbers don't tell the whole story. Always problematic, these numbers have been further distorted by government statisticians not counting those categorized as "furloughed." This broad category includes a chunk of folks who will never be re-hired. And that's just one distortion.
But here's the rub: Most folks aren't feeling this yet. Many receive generous unemployment checks, some making more this way than working. Houses, which typically fall in value during recessions, have risen instead. Wages - for those receiving them - have statistically increased. (You many not have gotten a raise, but some obviously have.) People don't/can't save during a severe recession; but apparently saving has increased.
None of this matches what typically happens in a recession. But we're are in a recession. (BTW, one whose seeds were possibly sown before COVID struck. But that's another discussion for another day.) So what's up?
An educated guess: All the government largess, all those special programs the Fed set up to "save" businesses, all the money they've printed and pushed into the economy and markets may be the culprit of this confusion. The degree with which the government and the Fed have "attacked" the disastrous economic collapse (caused, of course by the government lock-downs) has been historic. You may have heard this term used. I won't go into the details that show just how dramatic this intervention has been. But it is something I'm familiar with because of my profession. It's truly astounding.
One more specific bit of info: Mortgage rates have hit historic lows - below 3% for a 30-year mortgage. That's likely got a lot to do with house prices holding up, even rising. Add in the thousands who've apparently decided that living in the city doesn't work for them anymore, especially after their being cooped up during quarantine, perhaps also because of the social unrest that they found rattling if not frightening.
The facts will become more apparent in the coming weeks and months. Some will work again. Many others will not. For how long is anyone's guess. The uptick in economic activity we've seen is a small fraction of what will be needed to restore anything close to a normally functioning economy. I've not seen any numbers or sensible plans to escape from what may be the first real economic depression since the 1930s. I'm all eyes and ears. But so far, I'm not encouraged.
Gaining an Edge
None of us on our own can "save" the economy. If it's going to revive, it will in its own time. If it's going to tank even more, what you or I do or don't do won't make any difference. But we can make a difference in our own lives and, perhaps, those of our loved ones.
On a broad level, we can take stock of our financial condition. Just the facts to start.
Level One: How much income do we earn after taxes? How much do we spend? To the extent we're not saving at least 10% of our after tax income, red lights should start flashing. It's time to get control of our cash flow (income minus expenses) and shove it safely into the green zone. And the green zone doesn't get spent. It gets saved.
Level Two: Get a good idea of the value of what you own vs. what you owe. Simple example: What's your house worth (if you own one)? How much is the mortgage? The difference is the real value of your home should you try to sell it.
Rinse and repeat for all items you own that have any real value, especially those that could be turned into ready cash in a pinch.
I know what I own, and of that, what I could sell or trade for money if I really needed it. It starts with my savings accounts, moves through my retirement accounts and other investment accounts, etc. If, for some reason, I would need cash in a pinch, I know where to find it, and how quickly I can get cash for it.
If we're going into harder times, this sort of knowledge will be really helpful. Make sure you wrap your arms around this now, not if and when the time comes when you need cash. Never make decisions about money emotionally, and certainly never ever if you're in panic mode.
There are additional Levels you can add, but 1 & 2 should be a good start. Most people have no clue about these. They just bounce from paycheck to paycheck. That was true before the lockdowns. I doubt it's changed much since. Don't be one of those people.
Remember, you can't control the economy. But you can to some degree control your tiny personal slice of it. See that you do.
Next time we'll move on to Social Unrest and the Church. We'll seek to find an edge to cope with the distractions these have had, are having, or possibly will have on our work.
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