Personal Finances and COVID-19

The 2020 FABI Event began just 6 weeks ago yet it feels like a lifetime.  At the time of the Event, COVID-19 was just starting to be taken seriously in the U.S.  At the time I didn’t realize what it would turn into.

Since returning from Miami on March 16, I have been 100% focused on dealing with the fallout of the COVID crisis as it pertains to patient care and our business.  It seems like for the first 4 weeks or so, we were jumping from one new crisis to the next.  At the same time trying to figure out how to apply for government relief, reduce our expenses, maintain employment for our people, create appropriate protocols to treat patients in a safe environment, while also being cognizant of our doctors and team member’s safety.

As I mentioned last week, we have now fallen into a new normal.  I’m seeing far fewer patients, working from home, and having web based meetings all day long.

Well this week, now that we seem to have the business under control and we are prepared for the next 6-8 months, my wife and I started having the conversation about how all of this is going to affect our personal finances.  Up until now, I’ve been so focused on the business, I really hadn’t spent much time considering our personal impact.

As you can imagine, like all of you, that impact is substantial.

We are going to have to make tough choices.

This week’s video talks about what we are doing to address our personal finances.

The personal financial impact will be different for each person and far more difficult for many.  However, it is really important to start taking a realistic look at what it holds in store and the expectation that this crisis is going on longer than we originally hoped and expected.  Regardless of who gets their way in the political world, the reality is that the recovery is going to be longer and slower than any hoped and it is important to plan for that.

Start to look at the real important stuff in your life and focus on the positives of maintaining those throughout the crisis and beyond.

Stay healthy and have a great week,

Lowell

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