Never Retire Profile of the Week
Regis Philbin (1931-2020)
Do you remember the first time you saw Regis Philbin on TV? Was it on The Joey Bishop Show in the 1960s? AM Los Angeles in the 70s? Live! With Regis and Cathie Lee in the 80s? Or, if you like game shows, perhaps it was as the host of Who Wants to Be a Millionaire. Once called the “hardest working man in show business” and holder of the Guinness World Record for most hours on US television, there’s more than a good chance that you’ve seen a few Philbin productions. Best known for his “Everyman” persona—loudly sharing all the grumbles and complaints of modern life—Philbin was also the author of five books, a crooner in the style of Dean Martin, and an avid New York Yankees fan who, of course, loudly shared his opinion of their play. Inducted into the Television Hall of Fame in 2006, Philbin kept working as an actor, guest host and co-host in the last decade of his life in shows like How I Met Your Mother and James Corden’s Late Late Show. This past July, the hardest working man in show business died at the age of 88—having never retired.
By Ashley Land
When the coronavirus pandemic hit in mid-March, everyone’s world shifted. I began working from home, the schools closed, and I had to navigate a whole different routine.
With “stay at home measures” in full effect, I—like many of you—found that my habits and routines shifted. I found new ways to obtain the things my family and I needed while keeping ourselves safe.
Flash-forward five months later, I thought I would share with you five lessons I learned during the pandemic.
1. Re-evaluate the budget
The lockdown and shift in my daily routine had me re-evaluating my budget. While my transportation costs dropped to nearly zero, my grocery bill skyrocketed with two growing boys at home who were always hungry. I used this opportunity to re-evaluate my previous spending and looked at ways I could continue to cut expenses and use the savings toward some of my other goals.
I saved money by cooking from home and shopping around during my home insurance renewal. I saved costs by contacting my car insurance company to lower my premiums. And then, instead of spending more with my newfound savings, I paid a lump sum down on my mortgage and increased my emergency fund.
2. Save for an emergency
With the uncertainty and business closures of the pandemic, some people have temporarily lost their jobs while others are working reduced hours for reduced pay. This is a real test for those who have to rely on emergency savings in addition to government support.
An emergency fund should consist of savings that are easily accessible to be used in a time of need without having to rely on high-interest credit cards or loans. The rule of thumb is to have six months of expenses set aside in the event of a lost job, surprise repair, or other unexpected emergencies.
3. Stay focused and stay positive
During the pandemic, some days I need to just turn off the news and focus on gratitude and positivity. With so many unknowns lingering—such as “When will we be able to go back into the office?” or “Can schools safely re-open in the fall?” or “ When will things go back to normal?”—stress can really grow.
I start each day focusing on what I am grateful for. For example, I know that people and relationships matter the most. I have enjoyed slowing down and sitting on my front porch with my husband sharing stories about our day. I have enjoyed conversations with neighbours, playing baseball with my kids, and that special feeling when I finally got to hug my mom and dad.
I ask myself every week, what is the one thing I did this week to make my life happier, healthier and wealthier?
4. Set goals
Now is a good time to reflect on this unique moment in history and re-evaluate what you want to accomplish. Ask yourself some questions, like “What is important to me?” and “Do I have a solid plan in place?” and “If something happens to me, will my family be okay?”
Your savings, investment, insurance and estate plan should be directed to your goals. If you do not have a plan in place, there is no better time than now to start.
Envision where you want to be in the next three years, 10 years and 25 years. Establish achievable goals with a clear purpose.
5. Give back
In times of uncertainty, it is important to reach out and help others. During the pandemic, seek out local businesses to support. During the last five months, I have shifted my spending by ordering my groceries from independent retailers and ordering take-out from local restaurants. My friends and I organized charity challenges for local not-for-profits who provide free programming for children as well as food drives for others in our community in need. By coming together and working together, we are stronger.
No one knows what the future holds. But we can better prepare by being deliberate with our planning and finances. Take the time to pause and focus on where you are and what you want to accomplish. In the famous words of Jimmy Dean, “I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”
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source https://richarddri.ca/five-financial-lessons-of-the-pandemic/
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