Finance 12. Paying attention to the news: good. Paying too much attention to the news: not so good. Quick question: how many of us are tired of watching all of the negative news? We’re guessing that by now, probably all of us are raising our hands. The endless parade of dreary reports − on COVID-19, on political arguments, on social problems and injustices − it can all be quite dispiriting, particularly if that’s all you’ve seen for several months. Don’t get us wrong: a population that’s educated, informed and engaged when it comes to political events, economic news and the social challenges in our communities is always a good thing. But the length of the corona crisis has proven that there’s a limit to our ability to pay attention to the news. The near-constant stream of negativity over the past several months can affect our mental health, make us numb to new challenges and tax our ability to make rational, well-considered financial decisions. So, the next time you’re inclined to read the newspaper, turn on the nightly news or scroll through your favourite website, remember that taking a break from it all can be a good idea once in a while. 13. The stock market is important − but life is more important. In a similar vein, the corona-crash taught us a lot about the importance of keeping money issues in perspective. As difficult as the financial losses have been for everyone’s portfolios, let us never forget that thousands of families around the country are dealing with personal losses that go far beyond whatever we might see on our portfolio statements. So, if you found yourself losing sleep about how your portfolio is holding up during the downturn, consider that a wake-up call to change your perspective regarding the role that money, the stock market or the economy plays in your life. If you feel that you need to simplify your portfolio to get rid of the worry, do it. If you need to trim back speculative positions so that you can sleep better at night, do it. If you need to turn off the financial news, do it. If you need to seek out some professional advice so that you don’t have to obsess over what recent economic events mean for your portfolio, by all means…do it. Those of us who have made it through the current crisis owe our gratitude to those health-care workers and other essential industries who have helped others – and we owe our humility to those who have suffered much more than our portfolios ever could. Or, to put it another way, the past several months have served as an important reminder of how much money matters in our lives. But the true lesson of the corona-crash is this: health and happiness, friends and family, perspective and peace of mind − these things matter a lot more. CSANews | SUMMER 2020 | 33
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