Preparing Beats Repairing

It was only a little more than a year ago that the global pandemic changed our world dramatically. As a whole, the veterinary community responded very well and many practices flourished financially. However, everyone seems mentally, physically and emotionally exhausted, and we still have a long way to go to beat COVID-19.

To help prepare for the future, let’s look at the past. Think back to March 2020, when the announcement came that we had to shelter at home. Schools, restaurants and bars closed, sporting events halted and whoever could worked remotely. The economic uncertainty was immense and many people faced great fear about almost every facet of life, including their finances and financial security.

At that time, how did you feel from a financial point of view? Were you calm and at peace? Did you have enough money set aside in safe, liquid investments to meet your living needs (above projected income) for two years? Were you debt-free with the exception of a home mortgage or student loans? Were you confident that you would not have to touch your investments earmarked for midterm goals and retirement? If not, please read on.

Learn more in our latest article in Today’s Veterinary Business. Click here to read it.