As the Coronavirus pandemic continues to develop, there is an aura of fear and uncertainty everywhere. People worry about staying healthy, loss of jobs, wage cuts, loss of asset values, and the return to normal activities. However, you can take some easy and proactive steps to achieve long term success now and after the coronavirus pandemic.
Recent CNBC survey reveals that “1 in 4 Americans have either lost their job or seen their wages cut as a result of the coronavirus shutdown”. The global economy is almost at a halt and literary upside down. With that in mind, It’s very easy to embrace anxiety, fear and uncertainty.
What if I told you that this period of uncertainty around the coronavirus pandemic is the time to start 'cooking'? By this I mean cooking that which you will bring to the table after this whole pandemic Click To TweetHow to achieve success amidst the uncertainty
I am very hopeful about the long term economic outlook. What can you can do now to push yourself for long term success during and after this short term coronavirus uncertainty?
Rather than fear and anxiety, take precaution and embrace hope
While you may not be able to control a lot of things happening now, there are some things you can definitely control. How about the way you think about the pandemic and the success you can achieve afterwords?
Your mindset now is everything! It is your key to unlocking long term success amidst this uncertainty. Rather than fear and anxiety, take precaution and embrace hope. As Laura Markham wrote: “the contagion of fear may be worse than the virus for most of us”.
During this coronavirus pandemic, consciously and intentionally choose hope instead of fear. Fear can lead to inaction, wrong and costly decisions. But, embracing hope provides the right mindset and energy to get through any situation… Click To TweetControl your money for success amidst uncertainty
Take responsibility to control whatever money you have now. Pay cuts? No problem! Loss of asset values? No problem too! How about the stimulus payments? Great support for many individuals and families; but it’s not enough!
So, what can you do to control your money during this coronavirus pandemic?
Focus on covering your essentials
Channel your money to covering your essentials. These are those things you cannot do without – the basics. Once you are able to provide food, water, shelter, and the utilities, you are good! Other things can wait if you can’t afford to provide them.
As you shop to stock-up on food and other items, shop sensibly and buy only what you really need; remember to consciously choose hope instead of fear.
Do not cash out on your investments
Your investments in the financial market may be loosing value as the economy worsens, but you actually lose money when you liquidate them. Take this period as one of the different cycles the economy goes through, and this time will pass.
Rather than cashing out on your investments because the market is falling, hold on to them. Be patient and wait for the economy to bounce back. It may take a while, but it will definitely turn around, at least to a point where you will no longer loose money when you cash out.
Say no to new debts now
It may be tempting to take on new debts now. Maybe you are battling with pay cuts, loss of job, kids at home and now more shopping for food and essentials, I get it! But as much as possible, say no to acquiring new debts now. Work with what you have and focus on only the essentials as we discussed above. This time will come and go and whatever debt you acquired now will continue to build up interest and grow.
For your existing debts, rather than stopping payments entirely, pay only the minimum on your debts. If you are used to paying more than the minimum, you can begin to pay only the minimum instead, and free-up some resources to meet other essentials.
But if you still have a steady income and can afford to pay more than the minimum, continue to pay more than the minimum. The ultimate goal is to become debt free and financially independent.
Budget and use your current resources wisely
While you practice social distancing, hand-washing and stocking-up, do not forget to manage your current financial resources as a way of taking precaution.
What about the stimulus payment? Good question! It is a great incentive, but it is not a lot. So, how can you make it worth it for you and your family?
I say budget! You can budget your way into financial success. Plan ahead before the money comes. How will you spend it? How much will you save?
Whatever income you receive this period, budget! Plan your spending ahead of time and save a portion for the future. Budgeting is a great way to take control of your money and push yourself to financial success now and after the coronavirus pandemic.
Start “cooking” what you will bring to the table!
What will you bring to the table after this coronavirus pandemic and the return to normal activities? One thing is for sure, things won’t really remain the same. Business models will change, new products will be introduced, and new technologies will be at play. Do you have something new to bring to the table?
To achieve success amidst this uncertainty, now is the time to start cooking that which you will bring to the table. No matter how bad a situation is, there is always something good you can take away from it. Take advantage of this lockdown and exploit the opportunities that come with it.
There are a lot of things you can leverage. Do a self reflection or self assessment if you will. There is something you have that you can “cook” and bring to the table. You just have to find it and start now. This will be your key to lifting yourself up and achieving financial success during and after the coronavirus pandemic.
Need help figuring this out, let me work with you! Schedule your appointment here.
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Thanks Dr. Charity for this important information.
Thanks Kelechi. Im glad you found it useful.
I agree with you about not cashing out on investments in the market as I am a strong believer that this time will pass.Also I agree we have to start cooking something to bring to the table when all this is over ..learn something new there are tons of resources on the internet for cooking ,sewing ,knitting etc personally I am studying and writing songs
Way to go girl! Thanks for sharing your thoughts!
I totally agree this time will pass don’t loose money on investments by cashing out plus this is the time to learn something new and take care of that thing you have been putting off.There are tons of resources on the internet.We need to ready when things bounce back especially considering that there might be more job cuts coming.
Yes!!! Pick up that thing you’ve been putting off. There is no better time to start ‘cooking’ than now.
Thanks for the insight.
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Very informative. Thanks Dr. Charity.
We are glad,thanks, thanks.
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