Wow, just wow right?
Who would have thought that with everything going on in the world, people would be threatening violence over trying to buy bulk toilet rolls and for no real reason?
Social media does have a lot to answer for here, but so does regular media, human nature, our education system, and a relatively new phenomenon called “The Troll”.
This morning I woke up to the toilet paper debacle continuing (sigh) but also saw a post on a local facebook group that said Westpac was closing people’s bank accounts as they had gone into liquidation. The facebook post said people should be going down to the bank and taking their money out urgently. Seriously?
With my financial education and experience it was obviously somebody trying to get their kicks by starting a run on the banks. However for some people this would have caused fear and potentially panic. The people who don’t know all the details about our banking system and how safe it is in comparison to some other parts of the world, and the people who don’t have much and are therefore terrified to lose it (amongst others).
People had sensibly responded that in Australia banks have high levels of reserves, are highly regulated, and the likelihood of one of the major banks going into “liquidation” was virtually impossible. Seriously? What are they liquidating? The pens people steal?
Another person with a sense of humour suggested that they should definitely be taking their money out to buy toilet paper; everyone knows the best way to get rich is to hoard toilet paper right?
But the Troll who posted the fake news had an answer for everything. “Banks went under during the GFC, don’t be the one who doesn’t listen and loses all their money, better to be safe than sorry, this Corona Virus is unprecented, it is causing more chaos than ‘they’ are telling us about” and so on.
And on this closed facebook group with over 25,000 members people were responding. I am betting the Troll may have noted everyone who said they were taking their cash out and might be paying a visit with a weapon in order to profit from their efforts. Now that is something to actually worry about.
If only these Trolls would use their power for good instead of evil, imagine what they could achieve?
DON’T FREAK OUT!
My dance teacher used to tell me this when we got a hard routine correct. We used to try and try and try and then suddenly stop when we did it instead of moving forward because we were so surprised. It always sticks with me when things are crazy. But take note:
• We produce toilet paper in Australia, we will be fine.
• We have high levels of health care, a reasonably competent Government (ok a bit of a stretch, but in comparison to some places still true).
• Even if you need to isolate yourself (statistically unlikely), things can be dropped on your doorstep for you.
I was an adviser during the Global Financial Crisis. The panic was real and to a large degree justified. However people were saying “This one is different, markets will never recover, the world is ending this time”. And they were wrong.
The people who lost money were the people who listened to the hype and panicked and sold assets, not the people who knew their risks, listened to the people with genuine knowledge, and who rode out the market downturn.
In this crisis, as well as in the last and in the next, DON’T FREAK OUT!
However, if your main source of information is the Troll on Social Media, then perhaps you should be freaking out a bit more.
And then taking a deep breath and listening to the genuine experts in their field for some truths so you can make informed, safe and educated decisions.
Then relax….in a possibly toilet paper related quote – this too shall pass!
Adv. Dip FS (FP), AFA, FPA
Insider Out – Understand and Trust your Advice
0400 533 865
This information may be regarded as general. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any information we have given you, having regard to your own objectives, financial situation and needs before acting on it.
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