Last week, during a trip to the supermarket, I saw bare shelves where the toilet paper should have been.
It was the same story in the case where the milk was kept, and again in the aisle where they keep the bottled water.
I didn’t check the hand sanitizer, but I have no reason to think it wouldn’t have been the same there. When I went to check out, I saw a man with his arms full of hand wash liquid soap dispensers. I guess you have to take what you can get when the sanitizer is gone.
All of this is to say that coronavirus panic has taken hold. Americans everywhere are hunkering down for the end of the world.
As new reports come in detailing the latest rise in the number of deaths, everyday life faces new disruptions.
The NBA’s current season is suspended until further notice. Travel into the U.S. from Europe is severely restricted. Companies across different sectors are having to shift policies for workers who may become sick. Concerts, conventions, and festivals are being postponed or canceled outright just before the busy tourism season.
And all of this is happening alongside an economic downturn that has wiped gains off the table and sent accounts into a tailspin. It’s a different kind of panic than the kind that causes a run on toilet paper and hand sanitizer, but it’s a panic nonetheless.
And when you look at these situations, along with the budding oil price war, it’s easy to get that hollow feeling that makes you want to go inside, close the blinds, and not come back out until things turn around.
Your life has likely been affected by this. Your wallet has definitely been affected by this. When this whole ordeal is said and done, your way of thinking about the future should be affected by this.
Disaster Prep
A lot of think pieces are coming out detailing what this all means. Even more seem to be emerging to say how this will all play out over the coming months.
No one can predict exactly what’s ahead. But this perfect storm of disruption has laid out the steps that need to be taken to avoid being caught unprepared. Life-changing situations that affect everyone can’t be avoided, but they can be taken advantage of.
This goes beyond buying out a market’s entire supply of toilet paper or making sure you have enough canned food. While those things are important, too often those actions are carried out as a reaction to a worsening situation.
Taking advantage of any kind of disruption means making the right moves well beforehand. From there, you can reap the rewards while everyone else is scrambling to get to some sort of safety.
Because economies and societal trends move in cycles, it’s something we see time and again. And while it’s tough to prepare for a specific situation, taking general steps to avoid or reduce the pain of disaster is a much easier process.
Even better, there are things you can do that will let you thrive when disaster strikes.
The Steps to Take
With the situation we’re in now, it seems like things will get worse before they get better. In all likelihood, that’s true. But it’s important to keep in mind that things will eventually get better.
The virus will be contained and dealt with. The economy will recover. And life will go on. As we weather this storm, the most important lesson to take away is that preparation is everything.
Look at how volatility has made its impact on the market for an example.
The Volatility Index has spiked in the past week, and anyone who was in it before that has done very well as a result.
Instead of panicking, some investors have used this downturn to load up on stocks they’ve been eying at a discount. Others have taken a close look at what they already have and doubled down. They know that it will pay off once the panic dies down and the market recovers.
It’s all about being in the right place before disaster even hits. When you do that, you’ll be able to thrive and take advantage of any dips in the economy while everyone else is looking for guidance.
And while you may have missed the initial window that opened at the start of this latest round of volatility, it’s not too late. Like I said, all signs point to this mess getting worse before it gets better.
The opportunity is here. Make sure you take it.
