These are weird and unsure times in which we live. And while the full effect on our health by the corona virus is not completely established or understood, it is now having significant stress on the economy,the businesses and our personal finances.
The unprecedented nature pandemic that we face in the first quarter of 2020 is not in isolation from the other threats that the local and global economy has already encountered in recent months. Economic problems, economic crises, extreme price swings, oil wars, unraveling frauds, climate change stresses, technical shocks, political instability and more, have already turned us into a more vulnerable society at the beginning of
the second decade of the 21st.
In a consumer-driven system, being advised to sit in and not participate, affects multiple service-oriented businesses, people-centered activities, small companies, not to mention freelancers, jobs and most importantly everyday wage laborers.
As we're giving our time to social isolation for the next few months, here are some ways we can minimize our own uncertainty about our financial situation:
1. Try to focus on yourself
Remember to remain in the moment and consider our own physical, emotional and mental wellbeing during this period is crucial for us. The more we fear the future, the more adrenaline we create in our bodies, and degrade our brain functionality, immunity, and much else that can
have a drastic long-term effect. Then, by embracing a logical and
solution-oriented mentality, we will develop the requisite strength and stamina to handle all that these changing times offers us. Using this period at home, then, to think, participate and work on our personal growth.
Recall that we are residing through an unprecedented period in life none of us could really have planned or prepared ourselves for. Acceptance of the present state of affairs, acceptance that this could be a fact for some time, and recognition that this may entail a fundamental change in how we function and view life and work, is crucial to riding the wave. Change is one of the most difficult things to navigate, for us all. So be mindful of your expenditure providing resistance and working to handle certain saboteurs when you are faced with overwhelming levels of change during this time.
3. Control expenditure
Although it might be enticing to sit at home and make some transactions that we have wanted to make for a while, now is the time to reduce the frills and slash back on non-essentials. Using this opportunity to take a thorough review of the current financial position, create an emergency fund and begin talking about the long-term plans. Yeah, there would be work cuts, market effects and more; just make sure that you remain
realistic and reasonable when planning at potential future provisioning.
4. Cap taking risks
It's time to be prudent and realistic and don't go on a spending binge and gamble your investment resources on decent offers if you weren't a professional buyer. Don't get swept up in the chaos and consider your potential financial developments carefully. So, especially during
these uncertain times, stick to what you know and understand.
5. Lean on the connection
It is our interaction and connections which keep us in good stead at times like these according to Gainsberg Law P.C. . Social distancing and alienation does not mean we will be separated from culture. Look near to your loved ones, and check up on your families, employers and networks. Using video conferencing and call to your full benefit – also arrange a catch-up of internet beverages, if necessary!