MAKING YOUR MILES COUNT Robert D. Scheper
Historical Opportunity from the Lock Down Chaos The 2020 tax year (April 2021) should have significantly higher refunds than the 2019 tax year. For many it will come as a great relief or bonus; to others, it’s too little, too late. A lot depends on what your employment was during the year and what freight you were hauling. Some lanes dried up and others expanded. The vast majority of drivers/operators have survived, many even thrived, not counting those households who have gone down to one income rather than two. Personal finances and cash flows have changed dramatically as attitudes of survival and fear influenced all that we did. During the pandemic restrictions, buying habits changed significantly enough to change entire industries… maybe forever. Personally, I found the lack of restaurant access traumatizing. I did not realize how much I had become emotionally dependent on someone taking my order… and then enjoying a meal in public. I cannot seem to accept eating food in my vehicle; that seems appropriate only when I’m seriously short of time. I mentioned changed buying habits as people started purchasing things online rather than shopping in stores. Personally, I seem to relate to online purchasing only when I know what I want. I used to enjoy ‘shopping’ but now I’m a simple hunter-gatherer. I found that I have spent less money. However, I’m sure there are
8 • OVER THE ROAD
those whose spending has increased due to on-line selection and availability. The point is that people’s habits have changed. Collectively, entire markets and opportunities have appeared and disappeared. What typically took a decade or more to shift, only took a year. For some, myself included, it is too much too fast. It’s not wrong, it is just different, habitual preferences. For some, their perception of cash and debt wildly changed their habits. When that was combined with their fear of economic collapse, they lost sight of their goals. A close friend so dramatically changed their lifestyle due to fear, they stopped making payments to everybody and frantically began stockpiling dehydrated and canned food. Before the pandemic, they had paid off over 90% of their mortgage. They then just stopped paying it last summer. They lost sight of their financial goal, which was independence. They got distracted by events and never looked back at what they were accomplishing. As of the writing of this article and after my counsel, they still haven’t made a payment. Maybe that just shows how little people listen to me. Change is always unsettling. The important thing is to get your feet back on solid ground as soon as possible. When it comes to finances, it’s never too late to correct your course, especially during the COVID crisis. I know people high
FEBRUARY 2021
