What will life be like when the COVID-19 crisis passes? What aspects will stay with us, and what will disappear?
We’ve been thrust into a moment of rapid change, but most of us don’t like change. It makes us feel uncomfortable.
We like a level of certainty about our future, health, and jobs, as well about the worlds of finance and property that most of us are interested in.
But there are lessons in history that can provide us with valuable insights. In today’s episode, we’ll talk about some of the things that never change in a world that never stops changing.
Successful investors and businesspeople need to be prepared for change but also understand the things that don’t change.
So, by the end of today’s show, you’ll come out with some ideas about how to get some more certainty in these uncertain times.
I’m also going to share a mindset moment from one of my mentors and have a chat with Ken Raiss about estate planning.
Some things that never change in a world that never stops changing
The things that never change are the most important things to pay attention to.
However, change gets the most attention because it’s exciting, it’s surprising, it’s something that the media can comment on.
You see…predicting the future is hard. Very few can do it.
On the other hand, understanding what stays the same is very useful.
Particularly in challenging times like we’re currently experiencing.
Of course, I still have no idea what’s going to happen in the future, but I’m a little less surprised whatever does happen if I have a handful of assumptions that I can put my faith into to guide me moving forward.
So, let’s look at some things that never change in a world that never stops changing.
More people wake up every morning wanting to solve problems than wake up looking to cause harm. I’m an optimist and have faith in society, but I recognize that those with a negative message get more airplay in the media and incite negative sentiment in our community.
Fact is… in life you get whatever you expect to get. The only question is, what do you want?
If we were not optimistic, none of us would bother setting up a business, employing people, taking risks, or investing in property.
If we were totally realistic about how often people fail, how often things go wrong, how most property investors never build a substantial property portfolio, we would never even bother getting started.
Your outside world is a reflection of what’s happening inside your mind.
So, feed it with positive, optimistic thoughts.
The world breaks about once a decade. This is an interesting expression I learned from columnist Morgan Housel of the Collaborative Fund.
But it’s true and there seem to be very few exceptions to this.
There is a major disruption every decade or so. It could be an economic, political, military, or social issue.
The bad news is never as bad as it sounds How many times does the end of the world as we know it need to arrive before we realise that it’s not the end of the world as we know it?
Of course, those with a long-term perspective, who have lived through a number of economic shocks and property cycles, tend not to get as shocked when major events like we’re now experiencing hit us.
However, those who have not experienced these types of shocks tend to worry more and imagine the worst because they have no perspective to rely on.
This too shall pass Nothing too good or too bad stays that way forever.
I’ve found these types of major upheavals are not as scary if you have the underlying belief that they’ll keep happening but that in the long term they don’t prevent the long-term growth of our economy and our property markets.
History doesn’t really repeat itself. We’ve all heard it before - “History repeats itself!”
It’s an inane statement that seems so wise