Redefining Wealth Post-Covid-19
When you look up the definition of “wealth,” it is defined as “the abundance of valuable possessions or money,” OR “a plentiful supply of a particular valuable thing.”
Perhaps we need to look to R. Buckminster Fuller’s quote, “If I stopped working today, how long could I survive?” to look at how we should define “wealth,” post- COVID-19.
Fuller’s quote adds in the element of time. Firstly, how long would you be able to keep up with your current lifestyle expenses, and secondly, how liquid are your assets OR how long would it take to turn those assets to cash? During our quarantine, I wonder if this is something you have stopped to think about? If a similar situation were to happen again, but only you were affected, and there was no government funded aid, (CERB), how long would you survive?
If COVID-19 has taught us anything, it is that we need to have a mix of liquid investments AND a pot of cash that is not subject to the market fluctuations, yet still easily accessible. Does this sound like your portfolio?
If you would like to talk about your asset mix OR learn how to get closer to your ideal mix, you can set up a complimentary, 30-minute phone consultation at calendly.com/mjhfinancial OR email me at michael@mjhfinancial.ca.
After all, don’t you want to have the confidence going forward knowing that you would be safe and prepared?