The current times took everyone by surprise…
At the beginning of the year, we were in the midst of an economic upswing where employment was low. Shortly after that, the pandemic started. Over time, most companies that were forced to close were closed permanently or are presently struggling to reopen. We are living in the midst of economic uncertainty, and a lot of people are scrambling to create an alternative life for themselves while other people are doing okay with their savings and investments. Some have saved the money from their monthly dividend stocks and are able to use that for expenses.
For those who are unprepared this time, they should be making the decision to prepare themselves for the next time an unforeseen circumstance keeps them inside their homes unable to earn themselves a living. We will use this space to discuss different ways that you can keep yourself solvent financially when a situation keeps you from earning money the same way that you had months ago.
Are you prepared for the next disaster?
Our current situation has been a wake-up call, not only for many industries but for many individuals as well. Those who struggle with the loss of their jobs had to scramble to find new ways to make money, or if they had no options, they had to go to the homes of relatives who were more prepared. Since we are almost reopening, and the economy is up turning, many people will be able to get back on their feet. However, plans must be made to be prepared for the next event assuming there will be one in the immediate future.
Trying to Save?
One of the best things you can do is to set aside a percentage of your paycheck in savings for any events that may come about, such as job loss due to your state closing. Not only do you want to save a certain percentage of your paycheck, but it would also be good for you to save in other areas. A good example would be to download a coupon app to use when you go shopping and join a gas club to save money on your gas. You would be surprised at how much you can save on the items you buy if you put the effort in. At the same time, it would be inadvisable to simply save money and let it sit, not putting it to good use.
Are your investments protected?
Pay close attention to what industries suffered during this pandemic. The airline industry, many retail outlets, and recreational activities suffered greatly. Take a look at any portfolio you may have and be prepared to shift your investments to keep yourself from losing money when unforeseen circumstances take hold. It would also be good for you to keep an eye out for any new opportunities that arise in the midst of the event. No one would be upset if you use some of your investment money to help a friend start a business making masks, or whatever the next disaster requires.
What else are you good at?
A lot of people got a rude awakening when they discovered whether their job was essential or not. They had to make alternative moves to continue to make money because their employer closed down or laid them off. Take some time to take an inventory of your talents and skills and figure out which ones can help you or others in challenging events. Anyone who can make or create different items will be in a good position to pivot when times get trying. Just because you do not have any outside skills, does not mean you cannot use the new free time to learn new skills. A lot of people used this time to learn new skills to improve their health or make them more employable. If you were worried about your future you should consider learning something that will help you stay prepared.
Come up with a family plan
It is also a good idea to make an inventory of the people who are closest to you and find ways to remain in touch with them during trying times. A lot of people found themselves isolated during the pandemic and it led to depression and other psychological issues.
Discuss these topics with your family and friends and come up with a plan for you all to keep each other in good spirits and help each other when the neck should the next situation come about.
At the end of the day, you may never be truly prepared for what can come. However, coming up with a plan so you do not lose your assets will give you the confidence, at the very least, to keep you and your faculties together when things get tough.