Without a doubt, the world is transforming beyond the pandemic. From the omnipresent ‘help wanted’ signs and a strong labor market, to geopolitical upheaval and the price of gas at the pump, we’re all feeling and seeing some amount of ‘change’ as the world continues to emerge from two years of pandemic living. Change is normal, and we’re in a period of rapid, significant change. Each of us went through a shock two years ago and we all look a bit different, the economy included, than we did before. If we look only at the short-term that change can be uncomfortable, but if we look to the long-term, we can see past today to see the opportunity that change can bring. Twenty years ago, we didn’t even have the smartphones, imagine what might be on the horizon for us now.
Rapid Change Equates to Innovation
The rapid change we experienced during the pandemic has led to a flourish of innovation as many industries learned to adapt to new technologies and found ways to do business differently. These industries are emerging with new products and solutions, new operating practices, and in some cases even new business models. Three years ago Amazon did not manage its own nationwide local delivery network, today I can’t get out of my neighborhood without seeing an Amazon branded delivery truck.
There’s been a significant shift in the labor force, with large numbers of people opting out of full-time employment, either through retirement or alternative work arrangements. That’s created the opportunity for companies to shift around management structures, and create new positions, while workers have taken advantage of the time to go back to school, enter new careers, and find new opportunities.
The economy has experienced a significant shift in thinking over the last two years, and we are experiencing the transformation that comes when new thinking and old practices converge. Inflation may persist a bit longer, oil prices may remain elevated a bit longer, and supply chain woes may last a bit longer. Despite—or perhaps because of—these challenges, both old and new businesses will innovate to serve to our new needs and the world will continue to evolve with those new contributions.
But How About Personal Changes
With the economy looking different, and it being springtime after all, perhaps it’s time for all of us to take stock of the changes and opportunities in our lives. For me, the pandemic caused me to drop the fitness classes I’d been attending since moving to North Carolina and I’ve recently found an alternative that allows me to get back to my routine and continue my new pandemic ritual of enjoying breakfast time with my family. Are there opportunities that the pandemic has presented to your family? How can you take advantage of the current situation to make personal changes? Whether it’s new travel goals, a job or lifestyle change or perhaps something as simple as adjusting your morning routine, now a great time to take a look and examine the possibilities.
Live Long and Prosper,
Dan Tobias, CFP®
Please note: The above is a copy of the 2022 Q1 Passport Wealth Management client newsletter attached to quarterly statements from April 2022. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice.
Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.
Daniel Tobias is a CERTIFIED FINANCIAL PLANNER Professional and a Fee-Only Advisor. He owns Passport Wealth Management, a financial advising firm based in Cornelius, NC that works with clients across the globe. He helps individuals plan for retirement, manage investment portfolios, mitigate taxes, and secure their financial futures. With more than 10 years in the industry, Daniel has spoken nationally on financial planning practice management and has served on the National Association Personal Financial Advisors (NAPFA) South Regional Board. He resides with his family near Lake Norman in North Carolina where he enjoys mountain biking, hiking and travel.