The Roaring twenties occurred after the Spanish Flue pandemic. Will it happen again?
Currently there is a lot of uncertainty with Covid-19; there has never been a period like the roaring twenties. Nothing compares to the wealth, innovation and change seen in the 1920s. In the 20s each day seemed to sprout another idea, another product, another thing to buy. America had the economy grow by 42%!!!
I think it is as important than ever to keep positive but also have a post pandemic plan in place; the main issue is cashflow. What does your cashflow look like today, next week, next month and in a few months’ time?
Even prior to the roaring twenties there was a recession and depression due to hyperinflation, large unemployment, increase taxes and a downturn in the economy.
So, what really caused the roaring twenties? Well it could have been the economic stimulus or perhaps it helped people understand the fragility of life and the uncertainty of the future. People generally save more when they believe that they’ll have less income in the future, and this is a prime opportunity for our industry to actually go against the trend and provide this service to clients.
In contrast people will spend more when they believe the end of all existence is imminent; carpe diem seems to be the best way to put this into perspective.
As well as the roaring twenties being a time of wealth and innovation, they were also known for being a time of celebration. I don’t know about you, but I will certainly be celebrating once we overcome Covid-19.
I have also struggled keeping positive in these times but have leaned into the good feel stories that are occurring around the world while some might be debated as being fake THE positive and happy feelings you experience are very REAL! I really loved the story about the fishes in Venice…