Home Headline Financial Crisis coming, how to prepare and navigate yourself | Coronavirus Pandemic

Financial Crisis coming, how to prepare and navigate yourself | Coronavirus Pandemic

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The probability of you losing the job, or being furloughed briefly is good one.

The cleaning and scrubbing have dilapidated the palms. Even the hand cream was not part of the shopping list. Cooking never seems to an end, clothes have to be folded, and one not must bassinet but be grateful for the relative’s retinue.

Right now everyone is provocative and spending a good amount of time to figure out what will happen after the coronavirus ends. After the coronavirus end, how the world economies will react and work to bring back the growth on the line. Some have fears about approaching recession, some idealized with work from home, some are bothered about complete government control of our lives, and some are waiting when will the lockdown ends. We just don’t know.

Everyone loves to conceive living in tomorrow. Having ideas somehow it will be all different, and much nicer and there is a better to be or to go to. We have this bizarre imagination about holiday after retirement, having the ideal body physique, and commence saving and retire all the debts in the bright tomorrow. We have such impulsion in mind post Covid19 world, almost similar. Well, it does nothing but helps us abide, cope, deny and forget the current realism.

So the world isn’t going to change? It will, by all means. Nothing from decades has impacted the entire world economy like this before. Every crisis has originated something new, nice, big, awe-inspiring, and enabled us to escalate ahead. Humans have such a power to innovate. But the path isn’t going to be tranquil and rectilinear. We won’t be able to see it through and connect dots while it all happens.

Then that one day, we will use the grotesque and powerful mix to retrospect and nostalgia to delineate that story. A story meant to fit in any event we cast in to consider. We will tell anyone or everyone who cares to listen. It’s going to be the biggest story from our cradle to grave. Except we can just envisage right now. However, how much we try to figure it out, we will deliberately fail.

So it makes a lot of sense to dump off all those predictions and worthless crystal gazing, and accept with utmost modesty that the most dazzling thing about the future is that it is uncertain and unknown. Time to start with a list of “what after coronavirus ends”, as we sail through these tough times.

The very first thing is to do, don’t lose sight of the cash. Keep money near-at-hand, and spend it with fore-thought. Better to keep in mind, the probability of losing a job or being furloughed briefly. Keep the list of high expensive dreams at par and expenses as minimal as possible as if its a matter of survival emergency. For as long as possible, conserve the bank balance.

Second, time to brace yourself to be superfluous and underpaid. When the graph of manufacturing, production is low and no one is providing services, the next in line in a situation “what happens after corona” are jobs. Prepare a psyche to handle the period of unemployment possibly. Start learning a new skill, keep your cool in sync and remain socially and mentally active for any new opportunity to grab. Do not despair or deny. Think, Re-think, And Again Think and conclude.

Third, ditch debt like a disease. Avoid thinking to acquire debt, even from friends or relatives. Don’t put your virtual money like a credit card in use if you can. Paying in full will your mind and pocket at ease. Switch to the option of the debit card until you get stable. Having the slightest doubt of missing your next payment on existing loans, seek help and counsel. Earlier the better.

Fourth, create the list of assets you can liquidate in need of an hour, even it is break-even or a loss for now. It is a wild card, the real estate you brought as an investment, your equity or fundholding or possibly that art of work. Know what is the pecking order of access if you require money. When the darkest hour passes, you can buy them back. But you should know what you will give up. No, loan against assets.

Five, seek out an option to trade off long term for the short term. You kept saving in for your retirement plans. You talked yourself out not to use it. But in a crumbled situation where you are facing the loss of income and have you to access it, a better option is to do that rather than borrowing or selling assets or something cheaply. Be inclined to trade some goals for the other.

Six, do not fall to the prey of those predators who play on the crisis. Snake oil sellers gonna urge you that it is the best time to buy property cheaper. Or this sector, that company share is trading at low. Or go for that magnificent trade like everyone has when there is blood on the street. Don’t trust that fairytale. The time is not good for you to speculate and gamble.

Seven, keep your mind vigil with eyes and ears open to look out for new opportunities and retain what you are already doing. A crisis is a time to fathom what is most required needed in these uncertain changing environments when no one can make an assumption about what happens after coronavirus and how you can plug your skills in. No one knew that people who wrote codes will be sought after once the Y2K and tech meltdown crises ended; no one could have a dinky of thought that delivery boys and warehouse operators will prosper in the online retail boom. If you have your eyes focused on what you are currently doing, the utmost chances are you will miss the new that will be emerging as the crisis dies down. Fight the fire and protect yourself, but don’t miss the shots that will come into loom from the burnt forest floor.

Eight, keep questioning your objective and your contribution. Not just while the crisis is in play or after it. Your pertinence to the world around you is tight based on what you bring to the table. Be sure you are solving problems, saving resources, enhancing efficiency, and making a difference. In as many little ways as you can. Don’t just sit there in your revolving chair or velvety sofa and gossip, get things done.

Nine, don’t assume that many are going to become a changed version of their previous selves once the coronavirus crisis is over. People forget and slip back. Events that are big today fade into memories. We return to the old because we like the comfort of what was familiar. So don’t expect the whole world to become a virtuous place and a new haven.

Read all the predictions for the luminous future with a smile. Nod calmly at those who play smart and tell you that they were the ones as well who saw it all coming. Discount extreme theories of optimism and pessimism. Keep your focus on the time being, preserve yourself and your household, and handle that money you have, very very carefully.

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