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What truly matters during the pandemic is family, friends and connections to each other

“As a financial advisor, I have watched the stock market’s dramatic downturn in recent weeks, while counseling clients to avoid making emotional decisions based on fear,” says Andrew Menachem.
“As a financial advisor, I have watched the stock market’s dramatic downturn in recent weeks, while counseling clients to avoid making emotional decisions based on fear,” says Andrew Menachem. Getty Images/iStockphoto

In today’s society we have a plethora of activities that keep our days full. Between school, work, exercising, extracurricular events, meetings, play-dates, social media, and home life, we have grown to believe that our happiness and our success is derived from being busy. Why do we feel this way? It’s because these activities and social interactions give us a sense of purpose, familiarity, and acceptance, which are the very things that we as human beings so desperately crave.

COVID-19 (coronavirus) has changed all of that. It has instilled nationwide fear and uncertainty, triggered an unprecedented stock market reaction and sent much of the nation into social isolation. Due to the virus, schools have sent students home, restaurants and businesses have closed, employers have laid off workers, and social distancing has become the new standard. The coronavirus has taken our routine lives and turned them upside down. Now what we are left with is an appreciation for our health, a yearning for social interaction, and a lot of time for personal reflection.

Social dependence: With social media platforms, texting, dating apps and meet-up groups, we have become a nation where technology is increasing our sense of social dependence. But this can be a double-edged sword. While it is wonderful to have so many options to share our thoughts, relying and responding to other people’s opinions has reduced our personal creativity, imagination, and self-sufficiency. What technology has done is given us a false sense of purpose and acceptance that lasts only as long as the social interaction continues. Once the screen goes dark, many people feel alone, even if we have friends and family close at hand. But in this time of social distancing, we all have an opportunity to expand our knowledge, think outside of the box, reconnect with loved ones, and find support and acceptance within ourselves.

Andrew Menachem, CIMA®, is a wealth adviser at The Menachem Group at Morgan Stanley in Aventura.
Andrew Menachem, CIMA®, is a wealth adviser at The Menachem Group at Morgan Stanley in Aventura. .

Quality time: How many times have you seen a couple or a family at a restaurant where everyone was staring at their phones rather than talking with each other? Despite those constant virtual interactions, we can still feel alone, even when surrounded by a crowd. Now, there are far fewer outside distractions and activities, and we are getting reacquainted with our families, partners and roommates who share our living space. Old board games and puzzles are being dusted off, overgrown backyards are being used for outdoor games, dogs are enjoying longer walks and more belly rubs, parents are creating art projects and scavenger hunts for their children, and individuals are becoming much more adept in the kitchen. As a result, social distancing may actually be improving our personal connections and the way we interact with others in the real world.

Stock market: As a financial advisor, I have watched the stock market’s dramatic downturn in recent weeks, while counseling clients to avoid making emotional decisions based on fear. For the past 11 years, investors have become accustomed to seeing their portfolios grow in a historic bull market run. Now the coronavirus has sent Wall Street into a volatile bear market, just as it has changed our personal lives. It’s not a comfortable time for investors, but we have lived through several bear markets in the past three decades. In that regard, the coronavirus can be viewed as a much-needed reminder of the important lessons many seem to have forgotten.

All are in this together

If the coronavirus has shown us anything, it’s that we are all in this together, regardless of race, religion, gender, age, wealth or status. It has also shown how we, as a nation, can pull together in the face of adversity. Individuals are writing cards to nursing homes and hospitals, stores are opening early to accommodate elderly shoppers, and people are singing with their neighbors. I have seen this change with my own Gen Z kids, who are now kicking soccer balls, working out together and voting, rather than spending every spare moment on their phones. It has given me a newfound appreciation for their generation.

The coronavirus has given me a renewed sense of what truly matters in life: love, friendship, learning, laughter, tears and courage. We do so by making deep personal connections with other people. That is the true form of wealth, not the balance in our accounts.

Let’s use this time of social distancing as an opportunity to return to our roots, reconnect with others and make better plans for the future. The coronavirus will pass, and it is my hope that we will emerge in better spirits as a society and as a nation.

Andrew Menachem, CIMA®, is a wealth adviser at The Menachem Group at Morgan Stanley in Aventura. Views expressed are those of the author, not necessarily Morgan Stanley, and are not a solicitation to buy or sell any security. The strategies and/or investments referenced may not be suitable for all investors. Follow Menachem on Twitter @AMenachemMS.

This story was originally published April 11, 2020 at 3:45 PM.

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