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Tuesday thoughts: As we tend to discuss a lot on here, there are currently three types of financial lives right now -- Greatly affected, on the cusp of being affected, and quite stable. Today I want to explore what happens when boredom sets-in, and who's the most affected. 1/
Financial boredom is a really strange concept, one most people don't ever really think about, but often experience. I think it's best explained by understanding the phenomenon which is youth church camp. 2/
When tweens have an especially devout and intense experience, like a church camp, they often feel more focused on faith and righteousness than ever before. This feeling hits a fever pitch when their parents come to pick them up and take them home. 3/
But as time passes, that zeal fades. I'm not judging here. But it does. The intensity of the camp experience could maintain a tween's focus for a week as it was happening, but it couldn't withstand normal every day life once the camp ended. So feelings, and piety, fades. 4/
For our metaphor here, our financial awareness and concern equivalent was about 3 weeks ago. You were scared, shocked, focused, filled with resolve, & ready to meet life's challenges head-on. But since that peak, your old behaviors and habits have been secretly tugging at you. 5/
This is understandable and to be expected. Plus, there are so many other "problems" our brains are trying to resolve, that you almost felt forced to move-on from the hyper-focus on your personal finances. 6/
You were able to justify this because you likely were comparing this emergency to other emergencies you've had in the past, and you were using the duration of those emergencies to make sense of the possible duration of this problem. 7/
In other words, you kept telling yourself "I just need to make it another few weeks, & I'll be fine." I like that optimism, & chunking-down time certainly makes this situation more tolerable. But by assigning too short of an arbitrary timeframe to this crisis, risk creeps in. 8/
The risk is that your hyper-focus wanes, and boredom sets-in. Financial boredom happens when you're made aware of a problem, choose to address the problem, but the complexity of the resolution is so immense that your reformed actions fade. Think dieting. 9/
Boredom is a risk until your financial sacrifices turn into self-control. Anecdotally, I believe it takes about 6 weeks of intentional, purposeful sacrifices to change financial habits. I say this respectfully, but I sense people are getting financially bored. 10/
What group of people? Well, not those already greatly affected. But those on the cusp and those with relatively high financial stability. Without mincing words, I don't think these two groups are taking this financial emergency seriously enough. 11/
Too many people are trying to fight for an unsustainable lifestyle, when resetting their finances is the prudent decision. I think one element as to why is because people believe the government is just gonna keep throwing money at this problem. 12/
For those people already greatly affected by the crisis, government intervention IS the solution for now. For those on the cusp of trouble and for those who are relatively stable, pressing reset is the solution, not funding from an outside source. 13/
I believe you should prepare your finances for distress, for at least through the remainder of 2020. To accomplish this truly monumental task, you can't get bored. You probably need to check-in with your finances at least once every other week, if not every week. 14/
If you share finances with someone, you need to have regular, planned money conversations. If one of you gets bored, that person can compromise the validity of your entire strategy. You have to work together. 15/
If you don't share finances with another person, you still need accountability and support. I highly recommend you confide in a friend, who also needs accountability and support, and resolve to get through this together. 16/
I don't think the stakes will ever be higher in our lifetime than they are right now. You shouldn't be panicking, but you should be in full problem-solving mode, and stay in that mode until the end of 2020. Fight. 17/17
