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Mind Your Money Mindset (by cultivating a growth mindset)

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“Early bed and early to rise, makes a man healthy, wealthy, and wise.”

–Benjamin Franklin, Poor Richard’s Almanack.

I have a soft spot for maxims, aphorisms, and even cliches. And since I am a morning person, the above proverb is one of my favorites.

[Benjamin Franklin, incidentally, is also a favorite. He may not have come up with aphorisms, but he gathered many in Poor Richard’s Almanack. His autobiography, too, is highly readable and entertaining.]

But I also know that there is more to being successful in life than getting up early. (I also know that night owls can be super-productive as well—it is all a matter of knowing “when” is best for your rhythms and biology.)

A large number of maxims relate to money or money management:

  • take care of the pennies and the dollars will take care of themselves.
  • a penny saved is a penny earned.
  • don’t be penny wise and pound foolish.
  • a stitch in time saves nine.
  • a fool and his money are soon parted.
  • nothing ventured, nothing gained.

Some of these maxims contradict each other; some are true; some are not. A surprising number are in Poor Richard’s Almanack.

How we “see” those sayings–whether we find ourselves nodding in agreement with them, or saying, “Yes, but… “– shows our mindset, or at least our mindset tendency. And one’s money mindset can have a big impact on one’s personal finances.

Your Goal: Survey your money mindset, and (begin to) adjust if necessary.

Researcher Carol Dweck popularized the concept of mindset in the early 2000s, and how it can affect a person’s success and progress in many areas. Her popular book Mindset: The New Psychology of Success, proposed two main mindsets, or ways of looking at the world: a growth mindset, and a fixed mindset.

What is a fixed mindset?

Someone with a fixed mindset believes that intelligence, skills, or other abilities are “fixed” in a person, and are entirely or mostly the product of one’s genes. Basically, you have it or you don’t, and there’s not much you can do to change it.

What is a growth mindset?

Someone with a growth mindset believes that effort and resilience can improve or “grow” one’s abilities, through persistence, effort, and time.

Those with a growth mindset work harder, are more successful, and are willing to fail on their way to success. Growth mindset thinkers are willing to take criticism and learn from their mistakes.

Having a growth mindset helps people progress and make positive changes, because of the sense of agency it provides.

No one is entirely one type of mindset or another. Most of us fall somewhere along a spectrum.

The good news is that if your mindset tends toward a more “fixed mindset,” you can gradually change your way of thinking to a “growth mindset,” with corresponding benefits.

Whether you think you can, or you think you can’t, you’re right.

There’s a common saying, “Whether you think you can, or you think you can’t, you’re right.” Of course, this is not true universally ( it is not fixed!).

You can’t learn to fly without an airplane, or become an Olympic-level athlete in a month, just by believing that you can.

But “Whether you think you can or you think you can, you’re right” does apply to many areas of life. How you view your effort, your persistence, and your ability to make changes has a direct impact on how effective and fruitful you will be.

The more that you have a willingness to work– and the belief that your work will do good–the more likely you are to meet with sucess when it comes to goals. And this is especially true when it comes to money.

How does a growth or fixed mindset relate to money?

Some typically fixed mindset ideas related to money:

  • I’m no good with money.
  • the rich get richer, the poor get poorer.
  • it takes money to make money.
  • you are either good with money or you are not.
  • some people have the “golden touch,” and some people do not.

Some typically growth mindset ideas related to money:

  • I can learn to manage money well, despite how I was raised or how I managed it in the past.
  • I’m doing well with my money, and I can do better. (sound familiar?)
  • I can creatively improve my financial situation, either by making more money or reducing my spending.
  • my net worth can go up if I work strategically to make that goal happen.

How to “fix” a fixed mindset

If your internal monologue sounds more “fixed” than “growth,” what are some of the ways to move in the right direction?

  1. first, recognize that you are approaching money from a less-than-helpful view. Consider some of your views on money–do they appear to you as more fixed-based or growth-based?
  2. second, know that change is possible. Even if you have some deep-seated views about money, such as “I just can’t budget,” consider adding on one word: “yet.” “I just can’t budget…yet.” “I am not good with money … yet.”
  3. third, take steps to grow your knowledge about money. Read a good personal finance book. Do some research on an area of personal finance you want to learn more about–like calculating your net worth, or the benefits of multiple savings accounts.

A person’s money mindset may be formed unconsciously, but can be reshaped and improved, like one’s mindset on many issues. How do you seek to improve your mindset? Has anything changed as a result of that?

My Favorite Reads, April

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If you haven’t read hundreds of books, you are functionally illiterate, and you will be incompetent, because your personal experiences alone aren’t broad enough to sustain you.

–Jim Mattis, Call Sign Chaos: Learning to Lead

I will keep this quote (almost as a theme) for this category of posts–my monthly reading log. For 2020 I have decided to write a round-up each month (end of month/beginning of new month) to share good books. If you’re interested, here is January;  February; and March.

April 2020 Reads

I read only four books in April: three non-fiction, and one fiction–that seems like a very small number for me! I have a lot in progress, so I expect May’s book list to have a much higher number.

Favorite Non-Fiction

My favorite non-fiction book this month was a re-read: All the Money in the World: What the Happiest People Know About Wealth by Laura Vanderkam.

I have loved Laura Vanderkam‘s work for years. This is the first book I ever read of hers; I read it in 2012 when it came out; and it is one of my favorite personal finance books.

Some of my favorite takeaways:

“If you had all the money in the world—not literally, but all you wanted—what would you change about your life?

All the Money in the World.

–People who are happiest about money hold three truths:

  • I have enough.
  • If I want more than I have now to achieve big goals, I can figure out a way to get there.
  • Every dollar is a choice. How I earn it and spend it are up to me.

–A chapter titled, “The Selfish Joy of Giving”–showing that giving makes the giver happier; that “microphilanthropy” can be effective use of money–such as giving a super-big tip or giving very locally for maximum impact.

–“Reverse-engineering” a weekend to fit in experiences you want to have, rather than letting a weekend “happen” to you. I have found this a very good rule–I typically can’t get my whole family on board with this, but I tend to do this myself, and when it’s a special occasion for me (like Mother’s Day this weekend!) I will impose “plans.”

–A wonderful end-of-book section: The How to Buy Happiness Handbook. The handbook offers space to write down ideas and thoughts on money, prompted by a series of questions. The questions lend themselves well to reflection and/or discussion about money.

(No) Favorite Fiction

I cannot recommend the one fiction book I read this month, so it won’t be linked here. It was a book from Hoopla Digital, that our library offers for taking out e-books, audiobooks, and movies. The selection is not comprehensive, but I have found quite a few books, and the borrowing process is super easy. I promise that I will have several fiction books to recommend in May!

What have you been reading this month? I’m (still) especially interested in good audiobooks, as I have several Audible credits.

THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE SEE MY DISCLOSURE FOR MORE INFO.

Teach Your Children Well (about Money)

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How do you teach your kids about money?

Your job as a parent is not to raise a good kid, but to raise a great adult.

–common saying

“Begin with the End in Mind” is the second habit in Steven Covey’s well-known Seven Habits of Highly Effective People. Covey turned the personal-development construct into a profitable business, with book series, Franklin planners, and speaking. (Concept: Michael Hyatt is this generation’s Steven Covey?)

“Begin with the end in mind” suggests people consider what they want the outcome or result of their life/year/day. Then, people can reverse-engineer it with activities and habits that will likely result in those outcomes.

From the Franklin-Covey website:

“Begin with the End in Mind means to begin each day, task, or project with a clear vision of your desired direction and destination, and then continue by flexing your proactive muscles to make things happen.” 

In the kids version of the book, titled The Seven Habits of Happy Kids “begin with the end in mind” is titled “have a plan.”

 Planning for what you want lets you do more of what makes you happy and fulfilled. Not planning has life “happening” to you.

This particular “habit” makes tremendous sense to me, as I am a “planner.” But even without this tendency, being able to plan—can offer more security, flexibility, and success when it comes to goals.

“Begin with the end in mind” is best practice for parents.

This week’s challenge is to help the young people in your life about money–or at least begin/continue the conversation.

This “teaching” challenge is part of April’s Future theme for obvious reasons. The future belongs to young people, as they will most likely live in the future longer than we will.

With the Covid-19 crisis ongoing, and shelter-in-place going on in most states, there is all the more reason to take some of the time we are all together as families to even have some conversations about money.

If you do not have kids, consider instead completing one of the prior weekly challenges instead. Or, share some of this information with a friend.

What are some good ways to teach money concepts to a young person? A few thoughts:

*it’s a conversation, not a one-time “talk.”

There’s an old joke about nervously having “The Talk” about birds & bees with your kids, as if it is just a one-time transfer of information and then never needed again.

But as we all know, if you want a young person to grow up with a healthy approach to sexuality, there’s not just one “Talk.” You need to have an open and ongoing conversation, and be willing to listen as well as provide information. You also need to steer kids away from the vast amount of harmful information out there on the birds & bees, from things their fellow kids say, to bad actors

It’s the same with money.

You can’t just have a one-time lecture on how to open a checking account, and call it good. If you want kids to have a healthy approach to financial issues, you will need to have an ongoing conversation.

Even if you did consider one “talk” as enough, your kids will learn lot both from the culture at large. They will also learn from how you appear to handle money, as more is “caught” than “taught.”

Part of your “money conversation” with kids will involve helping them choose good sources of information, and how to discern good from bad. And you can be one of those good sources, even if you’ve made money mistakes. (We all have, and it actually helps your kids learn from your mistakes.)

By the way, this also goes for adults & money. You should be continually learning and growing when it comes to money.

Ongoing, “just-in-time” learning is best.

People learn best when they need the information, or “just in time.” But it’s tricky with teenagers or young people. Some basic personal finance information is good to have, but most teens are not in need of all the money skills just yet.

How to calculate the required minimum distributions on an IRA for a retired person, is not going to be interesting to any teen right now. They may need the information when they are retired, but it’s not useful at 17 or 19.

At the same time, a teenager is often in a unique position to save for the far future—being that retired person some day! 

So, for instance, a Roth IRA is an excellent way for a teenager to set aside some of their early earnings. This is especially good when they do not owe much (if any) taxes, and allow that money to grow tax-free forever. 

But what if a teen does not understand the concept of compound interest (or– in the case of index funds or other investing– compound returns)? She might be resistant to putting aside some of her hard-earned babysitting money into a Roth versus other types of spending.

Here are some ideas of some basics of money that someone at a young age. This is not exhaustive, but a good start:

Money with (Little) Kids

Compound Interest versus Compound Returns:

  • the “magic” of compound interest, and the difference between compound interest and compound returns (also “magic,” but with different principles). The SEC Compound Interest Calculator is my favorite for ease of use, and the Nerd Wallet one shows how much the earnings make up the total after a long period of time.

Taxes and Tax Planning:

  • a basic understanding of taxes & how to plan for them. This is actually a great source: the IRS “Understanding Taxes” Student site. I found this to be old-school looking,–as if 1998 wanted its website back. But it is actually quite informative, useful, and easy to use. Worth poking around, especially the tax simulations, based on different types of taxpayers.

Credit Cards — pros & cons:

  • My three-part series on credit cards is a decent start, and woven throughout are links to various other sources.
  1. Your Teen’s First Credit Card
  2. Paying Off Credit Card Debt: Getting Your Act Together
  3. Credit Card Rewards: A Beginner’s Guide

Money Mindset: (aka behavioral finance)

How people think about money is a big component of how people end up handling money. This is a huge topic! It’s one I am super interested in, and hope to write much more about. Some articles/videos to spark discussion. I don’t agree with everything written/talked about here, but the discussion is what makes it helpful!

When I titled this “Teach Your Children Well” the Crosby, Stills, & Nash song was going through my head. Here are two of the videos I found of some nice versions of it. Enjoy!

Teach Your Children Well (Crosby, Stills, & Nash)

Teach Your Children Well (Kathy Mattea & Suzy Boggus

THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE SEE MY DISCLOSURE FOR MORE INFO.

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    You Need a Money Health Day

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    Your Challenge: Plan a “Money Health Day”

    Most people have heard the expression “taking a mental health day.” — a planned (or sometimes unplanned) day off from work to renew and refresh.

    Many moons ago, when I was first in the work force, a “mental health day” was considered kind of “under the radar” or not particularly professional. But times have definitely changed, and mental health days are considered needed, and actually a great use of time off.

    Even without entire “days” off, practicing good self-care, such as eating right, exercising, and managing stress (my favorite way is stress baking, not kidding!), is sensible and vital, even for those not able to take time “off” of work or school.

    This week’s challenge is the financial equivalent of a mental health day:

    Take a money health day

    It goes without saying that for those who have lost their jobs, a money health day will not be looking exactly like a typical one. Here are some tips and ideas to get you started if you have lost your job.

    As I did last week, I am “borrowing” this idea. I’ve heard the hosts of the Motley Fool “Answers” podcast discuss a “financial health day.” (and they recently did another episode on the topic, coincidentally).

    For those still working or doing online school, an entire day devoted just to financial tasks may seem impossible right now.

    But just as you can set aside time for self-care activities during this time, setting aside time for these money tasks will be time well spent.

    Even if you cannot devote an entire day to tackling money to-dos, plan ahead for a half-day, or even an hour.

    Now, this entire year of The Clarity Project— is a yearlong list of ideas of things to add to a money health day. But this week, the challenge is to actually schedule, or set aside the time—a day or a portion of a day (even an hour!) that you plan to devote to financial tasks.

    What should you do on a money health day?

    Good question. And just like how personal finance is more “personal” than “finance,” the elements of a money health day will be specific to you and your family.

    Regardless of your specific goals, plan to include three types of activities:

    Three types of tasks to consider during your money health day:

    One: Education

    Two: Understanding

    Three: Action

    Here are few tasks in each type to give you ideas of how to plan out your day:

    One: Educate Yourself

    This includes learning about general money topics, especially related to tasks you hope to complete. You could complete much of this ahead of your actual designated day or hour. It could work especially well to have both spouses listen to/read the same sources, to foster discussion.

    What are the ways to learn easily about money?

    • podcasts (here, here and here are three episodes to spark discussion.
    • online articles.

    A key note: there is not ONE be-all and end-all source of money information—it is actually helpful to sample a wide variety of sources.

    Two: Understand Your Situation

    • Check your credit score (this is often offered by credit card companies—log in and see).
    • Compile a list of who you owe, how much, and at what interest rate (credit cards, auto loans, student loans).
    • Create a list or spreadsheet of all bills (utilities, credit cards), dates due, and typical amount.
    • Check your mortgage rate and how much is owed on your house, and the estimated value of your account. Check Zillow.com for a reliable estimate.
    • Make a (physical) list of everywhere you have money. Put each into one of three categories: general checking & savings; long-term savings accounts (money funds); and retirement accounts.
    • Check your bank statements, credit card statements, and make a list of any recurring subscriptions out (monthly “boxes,” newspapers, magazines, streaming services, etc.).

    Three: Take Action

    This is the most important step. As I write in my weekly e-mails to subscribers (subscribe below), you can take some kind of action, however small, to make progress.

    You’re doing well. You can do better.

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      Based on what you learned in the previous two steps, you should be able to easily complete or at least get started, on some of these tasks. A few ideas:

      • create an account at Social Security to learn about your earnings, and protect your Social Security account. Do this for every member of your family who has a Social Security number.
      • create an “important” file, binder, or other list, both on your computer and physical, that lists logins, accounts, etc. This is a true gift to have!
      • check the security of your passwords/logins to all financial accounts, and change them if you have not done so recently (and make them all different).
      • if you have not yet done your taxes, consider filing them. The CARES Act extends the tax filing deadline to July 15, but there is no reason to wait if you have time to complete this.
      • have a discussion about potentially cutting some of the recurring spending charges. Do you need all of the subscriptions/streaming services?
      • check your employer retirement savings account. If your employer offers it, are you getting the entire match offered? Increase to at least as much as that, and maybe one more percentage.
      • consider refinancing your mortgage, since interest rates are very low now.
      • look into refinancing your student loans (but if you have federal student loans, do not take action until September, as payments–and interest–are frozen until then.) Read this for more details.
      • check your insurance coverage on cars, house, and anything else, and consider making changes or even changing companies to save money, improve coverage, or both.
      • if you do not have a dedicated place, such as a fire-safe box, safety deposit box, or other secure location, for important documents (passports, birth certificates, your “important” file/binder, and other key items), obtain one, and collect things into one place.
      • check your will and see if it needs to be updated, or explore completing one if you do not have one.
      • Set some money goals for the next year:
      • for example: increase my emergency fund savings to $5,000
      • for example: pay off an extra $1,000 on student loans in 2020

      actions to do with/for kids still living at home

      • open a 529 plan for your kids.
      • teach your kids how to do online banking
      • if your child has income, help them open a Roth IRA (usually) to set aside money to grown tax-free for retirement.

      There are countless other tasks you could add to each project type, but this list get you started.

      A few final notes:

      Keep track of what you did accomplish—a “ta-da” list of all the things you did do can be very motivating. And that list can be helpful when you plan your next money health day.

      Make your money health day a cheerful time. Yes, really! Even for people who are not obsessed with personal finance.

      Try to have a treat when you are finished with your money health say—eat a nice meal (perhaps ordered from a local restaurant during this at-home time); watch an entertaining movie, and just relax and celebrate all that you accomplished.

      Have you planned a money health day? What would be on your list to accomplish?

      Join 2020: The Clarity Project

      Sign up here to get e-mails on monthly money themes.

      You’ll get actionable to-dos, encouragement, and resources.

      You’re doing well with your money, and you can do better with your money this year!

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        THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE SEE MY DISCLOSURE FOR MORE INFO.

        Give Money to Charity? Why You Should Consider a Donor-Advised Fund

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        Your challenge: consider opening a Donor-Advised Fund

        What is a donor-advised fund?

        A donor-advised fund (commonly known as a DAF) is essentially an online charitable savings account. It offers a way to give strategically– and often more generously –to charity.

        A DAF “lives” at a financial services firm that administers it. When you open a DAF (more on that later) and contribute money, stocks, or other assets to it, you get an immediate tax deduction in the year you contribute. You can then donate the money out of the DAF at any time in the future, offering flexibility.

        The three biggest, and lowest-cost, DAF administrators are Fidelity, Vanguard, and Schwab.

        Who should consider a donor-advised fund?

        A DAF is smart for anyone who gives a good amount to charity each year and can accumulate $5,000 (or more) to start one.

        Here are some situations in which a DAF makes especially good sense:

        *if you get a large windfall. (a bonus, inheritance, or other unexpected amount) and want to donate a portion or all of it to charity.

        Rather than deciding on what charity or charities to donate it to, you can contribute it to your DAF. You can donate the money at a later time, even years later.

        *if you want to itemize your deductions and reduce your taxes.

        With the tax changes that took effect in 2018, itemizing deductions every year makes little sense for many people. That is because itemized deductions may not be above the $12,400 for an individual and $24,800 for married filing jointly. 

        Here is a good basic article on the standard deduction, and pros and cons of taking it.

        However, many people will be close to that “standard deduction” amount, especially when including charitable deductions.

        If a person or family alternates their charitable contributions to every other year, they can use itemized deductions in one year and the standard deduction in the second, and so on.

        This actually would help save on taxes, and allow for more giving to the DAF or charity. Read this article to understand more fully how “bunching” can help save on taxes and allow more giving over time.

        Having the money in a DAF allows you to give more regularly to those charities directly from the DAF.

        *you have stocks or mutual funds that you would like to donate.

        If you have stocks or mutual funds in a taxable account, donating them directly into a DAF has significant advantages.

        For stocks or funds in a taxable account that have gone up (appreciated), you can donate the amount, and avoid paying taxes on the capital gains. (The DAF, and therefor the charity, is exempt from paying capital gains, and that allows your donation to go farther). 

        It is also much easier for a charity to receive money (cash) rather than shares of a stock or fund. You donate the stock to a DAF first, then the money to the charity. That simplifies bookkeeping for the charity.

        *if you are a retiree taking required minimum distributions (RMDs).

        Donating shares directly to a DAF is also an excellent strategy for retirees. Those over 72 are required to take minimum distributions from their IRAs or other retirement accounts. 

        Those over 70 1/2 can donate up to $100,000 per year directly to the DAF, and entirely avoid taxes on both the contributions and any gains in the account.

        How does a DAF work?

        If you are interested in opening a DAF or how it works, here are some details.

        First, open a DAF with a minimum contribution.

         The largest and lowest-cost providers of DAFs are the low-cost brokerages: Fidelity, Schwab, and Vanguard. I will focus on those.

        (Our DAF is with Fidelity, since it offers the most flexibility for both contributions and grants).

        Opening a DAF takes just a few minutes. You will need your social security number and the minimum contribution to open an account.

        Once that is completed, you direct the money to be in a money market account, or a variety of stock funds.

        Your contribution amount is immediately tax-deductible, but you do not need to give it away yet.

        Where can I open a DAF?

        Here are the three main financial services firms that offer donor-advised funds:

        Fidelity Charitable

        • Minimum contribution to open account: $5,000
        • Additional contribution: no minimum
        • Minimum grant: $50

        Vanguard Charitable

        • Minimum contribution to open account: $25,000
        • Additional contributions: $5,000
        • Minimum grant: $500

        Schwab Charitable

        • Minimum contribution: $5,000
        • additional contribution: $500
        • Minimum Grant: $50

        We have our DAF at Fidelity for two reasons: minimum contributions and minimum grants. Contributions are what you donate to the DAF (Fidelity’s is $5,000 to start). Grants—what you donate out of the DAF to charities require a minimum of $50.

        When we set up the DAF, we put half of it in a money market account, and half in a conservative stock fund. Both have appreciated modestly, allowing us to give more.

        How do you donate money from a DAF?

        A donation from a DAF to your church or charity of choice is called a “grant.” 

        When you are ready to grant money, you log into your account and add the charity/church. You can search for a charity by name or tax ID. You can also contact the charity for its tax ID or name for charity.

        Once, I had trouble locating a local nonprofit that we give to several times a year. Its “charity name” was a little different from its local name. I could get the correct charity by reaching out to its director, who shared with me the tax ID number.

        After you add the charity, you can grant money, either one time or recurring. So, for instance, you can have a check sent to your church weekly or monthly. That is just the same as you would write a check each week to put in the collection basket. You can also send a grant to a charity one time.

        The helpful feature here is that charities stay on the DAF grant list. When you’re ready to grant again, the charities are already “in the system.”

        Are there any disadvantages to a DAF?

        Several:

        *the money put into a DAF is irrevocably donated.

        This is also true when you donate to a charity individually. It can seem a bit “scary” to donate such a sizeable amount to a DAF. However, if you give regularly to your church, consider a strategy. Add up the annual amount that you give and feel a little more secure that you will give the money to charity.

        *you can let the money “sit” in the DAF too long. (this can risk you losing the funds if you wait too long.

        Charities and churches can use donations all the time. But you are not required to grant money out of a DAF. Attempting to be consistent in granting money from a DAF is good practice.

        With many DAFs, if you do not grant money for a long period, the DAF administrator can liquidate the account. (The administrator then puts the money in a philanthropic account). At Fidelity, the minimum is one $50 donation every three years to keep the DAF active. But as long as you donate regularly, this is not an issue at all.

        Final thoughts and further reading

        Overall, a donor-advised fund can be a wise strategy both for the person or family doing the giving. It is also great for the charities that receive grants from you.

        For further reading:

        Brief update and suggestions for current events

        It has been a little over two weeks since the World Health Organization declared the Covid-19 crisis a pandemic, and the situation is rapidly changing every day. Early yesterday morning Congress & the White House reached a deal on a $2 trillion stimulus package, with help for businesses, It is expected to be passed within days.

        The plan would offer direct payments to taxpayers, an extension of jobless benefits, and $500 billion in help for distressed businesses.

        About 90 percent of taxpayers will receive the direct payments. For those with taxable income below $75,000, the stimulus measure will provide a $1,200 check, with an additional $500 per child. For joint filers with income up to $150,000, $2,400. The package phases out for those with incomes up to $99,000 ($198,000 filing jointly). Those above that level will get no money.

        If you expect to be in that group, and do not need the money for immediate needs, I strongly suggest you use this windfall, or most of it, to start or increase your emergency fund.

        You can read about why an emergency fund is priceless in this post.

        I cannot imagine a better use than now to use most, if not all, of a windfall for emergency fund creation or expansion. Putting that money in an online bank that offers a decent interest rate so you can earn some money safely. Here are some suggestions about setting up an online saving account to get a decent interest rate.

        Things to Do Instead of Looking at Your 401(k) or IRA Account Balances

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        I initially titled this post, If this Ain’t Your First Rodeo, Act “As If”, because I wanted to convey that this is not the first time there has been wild drops and volatility in the stock market. (The expression comes from a country song, obviously).

        But because the Covid-19 pandemic is causing so much disruption in our world and economy, I did not want to play down the actual effects it is having on people, the health care system, and the economy.

        Let me implore you NOT to make any big changes—or really any changes— in money that you may have in a 401(k), IRA, 529 plan, or other savings account that is earmarked for long-term goals.

        If you panic now and sell all of your stock funds or other investments, you will lock in your losses, rather than ride out the ups and downs (downs right now!) of the stock market and long-term investing.

        If you do not need the money right now, there is no need to change your allocation or where you money is invested. If you need more convincing, read this post from Ron Lieber: The Market is Moving. Most People Should Sit Still.

        Despite the recommendations, I know there is a sizeable group of people who have been getting scared or depressed to see the numbers in their retirement or other accounts. This is not helpful!

        So let me suggest a few things to do instead of being obsessive about checking and re-checking your accounts, or wondering if you should get even more toilet paper, or watching the news stories about the pandemic or the economy.

        In addition, many kids are home from school or college, indefinitely, mny people have been asked to work from home (join the club! It’s great!), and there will be a lot of free time.

        I am a veteran homeschooling mom, so I have ideas. And welcome to the family.

        We know how to organize activities.

        I am listing these ideas in the hopes our family will check some of these off the list, too.

        Our family owns these games and puzzles, and each has gotten a lot of activity at our house, and I heartily recommend each of them.

        Pandemic

        • Pandemic: I couldn’t resist this as the first game. It is a cooperative game. Because the players play against the game, play is less cutthroat, but also super fun. We love it.

        From the game description: Four diseases have broken out in the world and it is up to a team of specialists in various fields to find cures for these diseases before mankind is wiped out. Players must work together playing to their characters’ strengths and planning their strategy of eradication before the diseases overwhelm the world with ever-increasing outbreaks. For example the Operation Specialist can build research stations which are needed to find cures for the diseases. The Scientist needs only 4 cards of a particular disease to cure it instead of the normal 5. But the diseases are out breaking fast and time is running out: the team must try to stem the tide of infection in diseased areas while also towards cures. A truly cooperative game where you all win or you all lose.

        Code Names

        • CodeNames is entertaining and a relatively quick play game.

        From the game description: Codenames is a social word game with a simple premise and challenging game play. Two rival spymasters know the secret identities of 25 agents. Their teammates know the agents only by their codenames. The teams compete to see who can contact all of their agents first. Spymasters give one-word clues that can point to multiple words on the table. Their teammates try to guess words of their color while avoiding those that belong to the opposing team. And everyone wants to avoid the assassin.

        Sequence

        • Sequence is an easy to learn, speedy game that lends itself well to cooperative play if you have more than two players.

        From the description: Play a card from your hand, and place a chip on a corresponding space on the game board. When you have five in a row, it’s a Sequence. Learn to block your opponents or remove their chips, and watch out for the Jacks – they’re wild! With a little strategy and luck, you’ll be a winner.

        Settlers of Catan

        • Settlers of Catan: This is one of our family favorites. We have not played it awhile since it takes a long time to play, but it’s great and worth the investment of time.

        From the game description: The incredibly popular, multi award winning civilization building board game of harvesting and trading resources. Players control their own civilization and look to spread across a modular hex board in a competition for victory points.

        Escape Room in a Box

        • An escape room game–in-a-box. Local escape rooms may be closed, but there are many versions available as board games. Two of our teens enjoyed playing this one with a group of friends.

        Dutch Blitz

        • Dutch Blitz is hands down one of our favorite games. Superfast play, easy to learn, and a great energetic game right after dinner.

        Chronology

        • Chronology: a great game for a variety of ages, and older players tend to do better at it. Always nice when parents can easily beat their kids.

        From the game description: Think you know which came first – the invention of mayonnaise or decaffeinated coffee? Lincoln’s Gettysburg address or John Deere’s first plow? Test your knowledge with Chronology — the game of all time! Build your own timeline of cards. Someone will read you a historical event from a card. You decide where that event falls in your timeline. If you are right, keep the card and your timeline grows. The first player to build a timeline of 10 cards wins!

        Marrying Mr. Darcy

        • Marrying Mr. Darcy: full disclosure: we have not yet played this game, but I hope that extra time at home will help us break it out.

        The Pride & Prejudice Board Game

        • Ticket to Ride
          • The Global Puzzle
            • The Global Puzzle: We used to do this one at least once a year. I like to think it makes me slightly better at geography.

            Visit Museums

            Declutter/Spring Cleaning

            Hiking

            • Hiking. One of our family sayings is “Everything tastes better after a hike.” While places like zoos and museums are closed, you can still go to a forest preserve or nature center and get outside.

            Classic Book Covers Puzzle

            I have more categories (things to watch, things to read, audiobooks to listen to, etc.), but this post is getting too long! Also, the formatting is a little wonky and there are some things that do not show up here.

            Let me know if you have any other ideas and I will update this or future posts.

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