It seems frivolous to be writing our latest financial scorecard in the midst of everything that’s going on in the world today. The first quarter of 2020 will go down in history as one of the most eventful for the American economy, global financial markets, and society at large, as the COVID-19 coronavirus reached pandemic levels, impacting life around the world.
The coronavirus is closing in on two million confirmed cases, and has already killed over 100,000 people in what will likely become the most significant global pandemic since the outbreak of the Spanish Flu a century ago. In addition to the grim human toll, the coronavirus contributed to the worst first quarter performance in the history of the S&P 500 Index, which plunged 20% as fear of what the future holds ended the longest bull market in American history, triggering record jobless claims and a likely recession.
The result on our personal finances was, predictably, quite negative. While the ROMT family may have reached financial independence in late 2019, that’s no longer the case. But right now our family, friends, neighbors, and colleagues are all safe and healthy, which more than makes up for some smaller numbers in our financial spreadsheets!Continue Reading