2020, Climate and Your Money

My first blog back for 2020 – after an eventful holiday period, mainly dominated by bushfires.

Yes, Australia is still burning. The crisis is far from over. But to be honest, there is not too much left to burn. In fact, I just read that 80% of the Blue Mountains, my home, has been burned. What started in November (the first of several evacuations!) to the horror that continued in January, the fires have forever changed the way we all see our future in this country. It is shocking and we are all still coming to terms with what it means. Stories are starting to emerge of people urgently waiting for funding, and there is no solid plan in place for rebuilds yet.

So what does it mean for us as Australians, and what does the future hold for our children? While nothing is clear, there are a few things we can count on. The financial impact on our country of climate change will be huge – and affect all of us.

So how can we prepare? Rather than just point out the doom and gloom (as the daily press does a great job of this), I would like to offer some ideas on what we can all be doing right now to be proactive in preparing for the changing environment.

1. Lean on your super fund.

Most not-for-profit funds offer free or low cost financial advice. If you are worried about your financial situation, contact your super fund and ask for help. This will help give you peace of mind about your financial future. If you can also spare even $10 a week more to go into your super, do it. Your future is that little bit more secure if you can spare something now to help.

2. Pivot.

Do you own your business? How can you change your offering to somehow cater to what’s happening? Can you build a new offering? Change your target market? For example, my husband is a horticulture consultant. He is now looking at ways to help people change their gardens – losing water thirsty plants and putting in natives and drought resistant species. If you don’t own your business, and work for someone else, how can you get ready for changing markets in what you do? The sooner you start thinking of it, the more secure your income stream will be.

3. Educate your children and get them thinking early.

Climate change may likely the biggest threat most of our kids will face. How can they contribute to making it better? Can they choose careers that will be of benefit in the new world? Our old way of thinking will not cut it in the future, so don’t get them thinking like we do. Rather, aim to expose them to new ideas and the latest in tech and science.

4. Stay positive.

While we are facing a real crisis, and it can be hard to see the bright side. It’s important to keep thinking of all the good things happening in the world. Mental health is critical to surviving and thriving in this new world order.

While nobody has all the answers, it is so important to keep moving forward and to do everything we can to build a future world we all want to live in. Australians are amongst the most resilient people on earth – we can and will overcome our challenges together.

Until next time,