Life has changed. How do we adapt without losing sight of what we can to achieve?
As you’ve heard me say before, no one knows how the future will play out — but we should still look ahead and think through the consequences of what’s happening. More about this kind of second order thinking ahead.
Marc Bautis, Founder and Advisor at Bautis Financial, believes our society and our economy are experiencing a massive paradigm shift. We will never go back to the world we had before COVID-19, and the lens that we use to evaluate ideas, markets, economy and personal choices over the last decade may not be sufficient for the next decade.
Here are just a few things he sees changing as a result of what’s going on right now.
- Social support. 36.5 million Americans have become unemployed in two months, and the effects are rippling through families, communities and the economy. The government has responded with trillions of stimulus dollars to individuals and business. More relief is likely to come. What does this mean for our society? Who should get a helping hand in tough times? Will we permanently expand the social safety net?
- Work. Thrown into the largest work-from-home experiment in history, more workers and employers will transition to remote work post-pandemic. This shift in work has major implications. Which place will be a draw if workers can live anywhere, and employers can have their pick of a nationwide or global workforce? Will those who must physically show up demand different compensation?
- Education. Students, parents, school and universities are being forced to reevaluate the definition of education — and it’s price tag — now that the on-campus experience has gone online. What’s missing if you attend from home? How much should education cost? What alternatives to a traditional four-year degree with arise? 17% of college-bound students have changed their plains because of COVID-19.
- Shopping and entertainment. Brick-and-mortar retailers may never recover from the body blow dealt by the pandemic lockdowns. Online shopping, grocery delivery and digital services may finally overtake offline channels. What will the retail landscape look like when it’s easier — and maybe safer — to eat, shop watch at home?
What do you think? What do you see changing in the world?
Though it appears that the stock market has moved passed the pandemic, we shouldn’t celebrate just yet. Why? Much has changed in the world and we’re still playing out first order effects. More consequences are coming.
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