“That’s exactly why I’ve moved my toilet roll away from the window.”
It’s great to hear in this episode that even the most informed people can have an emotional reaction in a situation of panic.
But we have to be honest in saying that we didn’t realise that such reactions can affect companies “not because they are suddenly not viable or because their product isn’t needed anymore, but because of the way that people are responding”, in Cathi’s words.
So how can we stay rational at such a time of uncertainty, especially when the media coverage adds to our worries?
Cathi and Jo give some sound advice here – about how having wills and life insurance (and all the things you don’t want to think about) in place can mean you find it easier to stick to a plan during a crisis.
We also appreciated their look at the financial impact for individuals because (hands up) we hadn’t really thought about this beyond what’s out there in the news about people’s wages for the coming months.
It’s not the first time we’ve heard Cathi and Jo talk about a personal emergency fund but it is the first time a few of us are kicking ourselves for not having one – who’s with us?!
But the best thing about this episode, the thing that puts a smile on the face of finance, is that it’s not all bad. A recession was on its way regardless – oh, and anybody noticed that they feel slightly wealthier recently?
We’re off to get up to speed on SSP, work out our worst-case scenarios, and thank our lucky stars that we don’t have Cathi’s bad timing when it comes to mortgages (the podcast is worth a listen for a chuckle at this alone).
Here’s to the boom that follows a recession – that’s if dance fever doesn’t get us first (again, you’ve got to listen)!
Give it a listen here.