Finance/Children

Hey Taylor: Everything has changed a lot over the last year, and it feels to me like the economy is Taylor still kind of Kovar fluctuating. Any idea how things will look this year? What changes might be permanent? — Rebecca

Hey Rebecca: Of all the things that seem out of reach, permanence tops the list. I won’t go so far as to make any long-term declarations, but I definitely have my eye on a few industries to see how recent events shape them going forward.

Groceries. The novelty of food delivery wore off a long time ago, but the trend went from convenience to necessity overnight and I don’t expect it will go back as quickly. Everyone likes the option of having food brought to their home, and now that the infrastructure is in place, stores can make an extra buck with delivery and pick-up orders and people can save time on shopping without paying too much for the luxury. This pandemic has obliterated a lot of stigmas, especially when it comes to how fancy you have to be to have groceries brought to your home.

Fashion industry. Expensive clothing has always been a luxury, and with in-person activities put on hold for so long, money spent on fashion dropped tremendously. There’s sure to be a bit of a rebound when regular life resumes, but I wouldn’t be surprised if clothing retailers are forced to cut corners to keep business going even after offices, bars, and restaurants get back to capacity. In contrast, home furnishing spending has shot up. It won’t be the most obvious economic shift, but what goes away in terms of business attire and non-essential clothing spending might get replaced by home office upgrades and bulk sweatpants purchases.

Real estate. Contrary to what you might believe, real estate spending has continued its upward trend during the pandemic. This came as a surprise to a lot of people who predicted the summer would be a disastrous time for the housing market. In a lot of ways, I think this is good news since we’ve seen how bad a real estate crash can be for the whole economy. It’s a little concerning, however, since we have a wealth disparity and affordability problem when it comes to housing. Unemployment numbers still aren’t great and we’re definitely not out of the woods yet, so real estate issues could still show up in the coming year.

This has been an incredibly difficult year for so many reasons. It’s hard to say what will come next, but a thoughtful look toward the future might be the best way to keep your head up. Hope this year treats you well!

Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901. Concerning my prior use of the word “addiction” in association with smart phones and children John (including Rosemond teens), some people think I am speaking figuratively. To set the record straight: No, I am speaking quite literally.

When the addiction in question is to a substance, as in an opiate, there is both a psychological and physical component. During withdrawal from an addictive substance, both components come into play. The individual’s thoughts and emotions are in disarray and the person suffers physiologically as well. When most people think in terms of an addiction, that is their mental picture.

But addictions can develop in response to things other than chemical substances – smart phones, video gaming, certain forms of enabling, and so on. When withdrawal from a nonchemical addiction is forced, the addict’s psychology is disrupted, but physiology generally does not come into play. In these cases, the addict may become highly anxious, depressed, or aggressive. It cannot be overstressed: the fact that withdrawal does not include a physiological manifestation does not mean the person was not literally addicted. destroying property both in their rooms and the general living space of the family (breaking windows, ripping televisions off the wall, smashing plates and glasses, and so on), and disappearing for days on end – all in response to having their smart phones confiscated, and all symptomatic of literal addiction.

Smart phone addiction is not limited to children and teens. The other day, my wife and I were seated in a restaurant in Charleston, South Carolina, when a party of three women looking to be in their late twenties or early thirties were seated nearby. Immediately, two of the women took out their smart phones and began scrolling, tapping, and staring while the third woman sat by, patiently waiting for her friends to return from outer space, which took about five minutes. Smart phones are not only addictive; they have given rise to a new form of disrespect.

To be clear, I am talking about socalled “smart” phones that access the Internet. I have no problem with a teen having a phone that does nothing but make and receive calls and texts, but a parent has yet to give me a good reason for providing a child or teen with a smart phone, unless, that is, “I don’t want him to be the only kid in his peer group who doesn’t have one” is a good reason. It’s not, by the way. It’s the dumbest of all the dumb reasons.

My thoughts along that line were prompted by a mother recently telling me that when she confiscated her teenage daughter’s smart phone, the girl “went insane.” She attacked her mother – hitting, scratching, knocking her to the ground, and drawing blood in the process. She stopped when police arrived. The mother’s words: “I thought she was trying to kill me.” Mom is, by my estimation, a fairly levelheaded individual, by the way.

I have heard several dozen similar stories involving children as young as ten. In addition, I’ve heard of children attempting suicide, going berserk and Many of these parents tell me their kids don’t treat them with respect. Right! People who are being enabled do not ever respect the people who enable them. Why should they?

Family psychologist John Rosemond: johnrosemond.com, p arentguru.com.

John Rosemond has worked with families, children, and parents since 1971 in the field of family psychology. In 1971, John earned his masters in psychology from Western Illinois University and was elected to the Phi Kappa Phi National Honor Society.