Column: Myron On Contingency Planning

[Column written by Martha Harris Myron]

There are five elements in contingency planning, no matter the issues: relationships, jobs and work, natural and personal catastrophes, environmental circumstances, shipping work strikes, political conflicts, and even more dire situations.

You cannot control future events, even when you are certain, but you can plan for the what-ifs in life. Anticipating and preparing as best you can for worst-case scenarios can truly help lighten anxieties related to your job, relationships, health, finances, and much more. If you implement planning for worst-case scenarios, if or when an event happens, you already have a coping mechanism in place.

The first element step is overcoming complacency. Generally, we tend to be complacent—we like things orderly and maintain the same habits. We love sameness in our lives; that is just fine: it keeps us focused, grounded, efficient, plus we don’t like to think of bad events or feel uncertainty and worry.

So, when we get that inner sixth sense of some change – that built-in radar still within our psyche from our prehistoric ancestors’ fight-or-flee syndrome – we first tend to ignore it. We affirm ourselves, feeling that our lives are in order. What might go wrong for others is, as we Bermudians say, “it’s got nothin’ to do with me.”

So picture this: your life is progressing along in the sameness routine. It’s a Thursday, a magnificent morning stunningly expressed by Laurie Zuill’s photo of a calm, serene morning in Flatts Village. You must see the video for full photo viewing. You are heading to work, but today you decide to avoid all that traffic, instead maybe riding the bus or ferry.

Once onboard, you relax—just another Bermudaful day: sun shining, surf sparkling, air crisp; you smile—life is good. You think of your weekend plans: a nice dinner out with a partner, maybe stopping to buy that watch you’ve been eyeing, or a trinket for your partner. Money is a bit tight, credit card balance a little too high, but… you can splurge tonight; you’ll catch up on that debt later. You haven’t been out in a while; it will do you good.

You arrive in Hamilton, still feeling a bit of unease – there’s that built-in radar again:

• work has been more than busy,
• the boss seems more distracted than usual,
• some gradual new changes in the works, nothing major evidently.

On the plus side, however, you could be in line for a promotion—pay off that debt, maybe put aside some of the rest into savings?

You are on time; reality sets in: no stress, no more thinking ahead. A brisk walk and you arrive at your workplace. Instantly, something is different!

• The unspoken atmospheric change,
• You can feel it; that innate alarm is going off.
• Huddling groups,
• Silent looks,
• Body language different.

What is going on? Could there be a veritable storm of change on the horizon? How will it affect me?

Stay tuned for element two: anticipating change.

Martha Harris Myron is Bermudian/US/UK international finance journalist with an MSC in Laws in International taxation and financial services.

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