Pivot. Fans of the television show Friends may always get a chuckle from that word. For many, however, it now represents a strategy for dealing with life in a post-Covid world. Shifting priorities and changing plans have been dubbed the “new normal” and it can be pretty stressful.
Yet, change doesn’t have to be random and scary. With the right preparation and planning, unexpected change can be manageable and intentional shifts in direction can be exciting.
The Covid lockdown became a time of self-reflection, evaluating priorities, and taking stock in careers. Some people found themselves out of work, while others gained a new sense of pride in their jobs when they were deemed “essential” for the first time.
Many of us adapted to working from home. We attended online meetings with kids clambering on the sidelines, conducted business while the dog barked at the Amazon delivery person, or focused on tasks with a quiet home as the backdrop. Some learned to enjoy it, others found it maddening. The idea of work-life balance took on new meaning.
Roughly 20 months into this radical shake-up of our lives, many people are seeing new opportunity, a chance to pivot with purpose – to reboot our lives, go back to school, start a family, change careers, retire early. The highest pay or the fastest path to promotion may be lower on the list of priorities. Flexibility, family-friendly policies and mental health care benefits are in higher demand.
If you’re experiencing a major life change or shift in priorities, talk with your financial planner. Any adjustment in your short-term and long-term personal plans and goals will impact your short-term and long-term financial situation. Areas to consider include:
- Changes to current income and expenses;
- Adjustments to savings and investments;
- Emergency-fund needs;
- Retirement and education account funding; and
- Compatibility of your risk tolerance with your overall goals and needs.
A pivot in life, whether voluntary or forced, can be an opportunity. Make the most of it. We’re here to help.