3 MUST – DOS FOR UNPRECEDENTED TIMES LIKE THESE

.

As the country progresses into Unlocking phase, the word everywhere is we must learn to live with the virus and be future ready for such global adversities.

The second worst affected, after human lives, by Corona Virus, is the economy of all the countries with affected citizens. And if we were to go by what experts have to say, there could be more such global crisis in future. So how do we get ready for such adversity?

STAY DISTANT STAY SAFE

True there are relaxations in place, but only as an attempt to get ready for the life ahead one step at a time. Unlock doesn’t mean all is well and back to how it was. Unlock is only to get us ready to adopt new ways of living – safe and more hygienic.

The 1918 pandemic more commonly called the Spanish Flu’s second wave, has a lot to teach us here. It was worse than the first and so could be the case this time. Virus mutations are unpredictable and till we have a well-tested vaccine available, it’s wiser to be preventive in whatever we do.

SCALE BACK ON YOUR SPENDINGS

According to Economic Times article of May 13, 27 million youth in the age bracket of 20-30 years lost jobs in April 2020. It also goes on to add 33 million men and women in their 30s lost jobs as well.

Financial Express predicted, 74% small businesses, start-ups will either shut down or marginally scale down in the next few months as an aftermath of the pandemic.

If these figures tell you anything, there’s going to be a severe financial crunch everywhere. Create back-ups, review your savings and expenditures to better fit into the new lifestyle both personal and professional.

GET WELL INSURED

Businesses can be rebuilt, jobs can be reinstated or found new. But one area where we become helpless is the health – ours and of those close to us.

Though corona virus has taken a front seat in our lives right now, there are several other factors in play that are detrimental to our health, whether it is diseases like cardiac arrests or cancer or even flu and fatal accidents. With finances already dwindling, health care expenses would be a burden that would be difficult to shoulder. While we cannot predict or avert such problems, what we can do is have an insurance cover to support us and our families when faced with such adversity.

Let’s get our future days pandemic ready!

Author:

SLA Financial Solutions is a Leading Advisory firm based out of Jaipur. We are amongst the top 5 Financial Advisory firm with a team of 20 + people. We have been awarded twice by CNBC as best Financial Advisor across North India.

Leave a Reply

Your email address will not be published.