The economy is like a roller coaster right now due to the outbreak of Covid-19. When it comes to managing the current economic situation we have to factor in data and focus on building emotional resilience so we don’t make irrational decisions based out of fear that we’re going to regret later. Trust me, the full economic impact of this pandemic is yet to be felt, so it’s more important than ever to come up with a plan to deal with the economic meltdown.
We’re all going to be affected by this pandemic, but the level of impact is going to depend on whether or not you have a plan in place – those who take immediate action will be able to reinvent themselves quickly to cope with the changing times, it’s also these people that will benefit when the economy goes back to normal. Here are a few tips to help you navigate the current financial meltdown.
Access your financial situation
This isn’t always a nice step for people to take but it is an important step to take right now. Many individuals and businesses are going to need to pivot right now to make sure they survive this hard times and remain relevant in the future. As an individual or family unit, list down all the cash you have in hand – available credit, how long you can sustain a down-flow fall and how you can sustain yourself if you’re hit hard by the pandemic. Then brainstorm if you do need to make a pivot and reinvent yourself or reinvent your business to remain relevant professionally.
You can speak to a financial adviser to help you make better decisions, as a family unit, see how you can support one another in this trying times. Accessing your financial situation may serve two purposes – one, it may be a massive wakeup call that you need to put an emergency fund in place for the future when things go back to normal and secondly, it gives you a deep understanding of where you currently stand to take out any guesswork that may cause even more anxiety.
Re-visit your goals
“If you fail to have a plan then, you plan to fail” I am sure you’ve heard it before. Your short term and long term goals couldn’t be more important than right now. Don’t just focus on survival goals as it’s going to trigger your fire for fire response putting you into an ineffective emotional state. Focus on goals that will drive you to succeed – re-visit your existing goals because the part to achieving them may have changed recently. Underscore these goals by having a strong sense of purpose as to why you want to achieve them and why you must achieve them. Leverage this as your driving force to keep going when things get tough.
Learn something new
It is true than the Covid-19 pandemic has thrown the world off-balance, but even in these times, you can re-sharpen yourself for life after the pandemic. Do not put this time to waste, learn something that will be useful in the future. Leverage the “stay at home” order – read books, get back that body shape, listen to entrepreneur podcasts. Just do things that will add value to you in the long-run.
Final thoughts
Covid-19 has really shaken up things around the world but please don’t bury your head in the sand, don’t panic, troubleshoot the problems as they come and focus on what exactly you have to do to manage and thrive in the coming months and look after your financial and emotional health as much as you possibly can.
