Is Pandemic Financial Crisis Worrying You?

The SARS-CoV-2 i.e. COVID-19 had a global impact on business, life, and mind. Likewise, there are upcoming critical challenges that await our attention.

This post specifically outlines how to manage our finances to be assured during such pandemics.

Here’s the Covid-19 Recession Stats.

Though I’m not a financial advisor, I always try different techniques for the betterment of my financial position for unprecedented challenges.

So if you are looking for:

• Financial management for future challenges
• Exponential growth

This post will help you save some bucks.

Why We Should Worry?

This pandemic has globally caused tremendous business loss and thereby job loss too. Business loss can be managed over time but people with jobs must find ways to generate more than 1 income source.

Companies become reluctant to:

• Maintain sufficient staff
• Relief from their financial challenges

and hence the attrition rate climbs up.

Sound financial condition is the primary need of anyone today. Along with the lifestyle and inflation demands, the definition of the “survival” is now changed as well.

Therefore, an action plan for multiple sources of income is the key to maintain mental and physical well-being while still doing your job.

To expand our horizon, following are some of the ways:

• Long-term goal setting
• Ethical part-time income options
• Building yourself with a diverse skill-set
• Finding business opportunities in your expertise
• Investing your money the right way

1. Set Long Term Goals

Set your finances on the radar and track where you’re heading. Earning is different than managing the money.

Are the salary savings enough for your survival if you immediately lose your job? What are your financial goals? What are the possible ways to grow your wealth? What you can do to acheive them?

Write down everything that comes to your mind, including what and how the best you can do, etc.

Once done, decide the things that suits you the most and accordingly create your own roadmap and timelines.

Becoming self-dependent (at least) is a must aspect today. Write down the implementation strategy for the laid action plan. Start implementation and track the progress on micro-level.

Believe me, this process is time-tested and definitely has the potential to dig out the brain ideas. Not specifically but in general, this process is helpful for anyone thinking to achieve long-term goals including finances.

Remember to make up your time for these things parallel to your current occupation. Such strategies take longer to reward, though the rewards will be surprising and increase exponentially in the long run.

2. Try Part-Time Income

The title itself suggests that you don’t need any exceptional skills but desire to do this.

Part-time income is most practiced formula globally. Check out how you can generate side income apart from your regular income.

Understand! To get a part-time, you’ve to invest part-time. Learn to balance this without hampering the quality of primary work at hand.

With this, you immediately start some extra bucks. However, this option is not suitable for the long run due to limited resources. Nonetheless, one can at-least raise the bar.

3. Build Diverse Skills

Today, technology has a major chunk in almost every business sector resulting in huge competition.

If you are on an old working pattern, the risk that you’ll stay behind is high. Hence, prepare and calibrate your mindset to update constantly with these changing times to conquer the challenges.

Switch to the different types of job roles to build diverse skills. In the low times, this will surely help you in grabbing different opportunities.

With this option, you’ll become more conversant to visualize the big picture and see where you fit in. Ultimately making you eligible for management positions.

4. Do Business With Your Expertise

Some people are best in the job at hand, yet are less concerned about their financial goals. This option is suitable for those pursuing excellence in their job and has some plans with the gained skill-set.

Find your expertise first. Getting expertise easily helps you to seize the potential downfalls in your proposed business. Probably, you are an expert at what you’re doing for others. But now, consider hiring people to do what you’re good at.

Map the challenges you face during your job and turn them down into opportunities for your business. You can even start a business that will support your current organization. These businesses fall under vendor pipelines.

This improves the likelihood of success, continued business, and recurring income because of already developed stakeholder relationships. Before entering into this option, you need to define clear timelines and necessary foundation work.

5. Manage Your Wealth Smartly

Investments and subsequent rewards as a source of income are a good option if they perform recurring. It completely depends on your risk appetite.

Various investment options are available in the financial market based on your risk appetite.

• Low: They can start investing in Bank Recurring Deposits (RD), Fixed Deposits (FD), Provident Funds, Pension Schemes, and different saving plans provided by Post Office.
• Moderate: You can well understand and go for different mutual fund schemes, government, and corporate bonds, etc.
• High: You can go for learning and investing in the stock market and share trading.

Remember! Lower the risk, the lower will be the benefits and vice-versa.

Conclusion

Apart from the above plans, one can invest in properties potential to generate income in the future.

These are the most reliable ways for financial security and building a solid foundation for upcoming challenges, as this recent pandemic financial crisis.

Following and implementing one or more of these approaches, you may easily become financially sound and technically strong.

What do you think of these? How do you make some extra bucks for yourself? Comment below.