If you’re like me, you haven’t just been watching the news (what’s this stimulus package about?) and how closely you stand next to people in the grocery store line (why is everyone breathing near me?); you’ve also been watching your retirement account get smaller. This is an unprecedented time, and a frightening time to say the least.
But a frightening time is not a time for panic: it’s a time for logical, rational thought with calculated, deliberate moves. So before you go stuffing all of your money in your mattress, start by getting a handle on what a functioning economy looks like (or for that matter, what the word economy actually means).
Ray Dalio is a billionaire philanthropist who put out this video over six years ago, and it’s perhaps even more relevant today than it was back then. In thirty minutes Ray walks through how and why an economy ebbs and flows, and he does it without any jargon or esoteric math. Want to take your learning a step further?
Check out his book, Principles: Life and Work. Ray describes how he got his start in business, how to become a realist in your approach to life, how to set the tone for your work culture, and how to solve problems along the way. Bottom line: Don’t be scared; be smart, be rational. This is a good place to start.