So what do we do in such times? You don’t know how safe your job is right now. We will have to wait for all of this to unfold by itself, and whatever is about to happen, will happen. You may lose your job or suffer a pay-cut, or maybe it won’t happen because your company managed its assets smartly in the past. Also, it’s not only people with jobs who are suffering right now. All entrepreneurs, freelancers and self-employeds are also not getting much work due to the pandemic. You see, the other businesses have to be operational for these people to get work. But, they are generally used to all this happening once in a while because their revenue streams are not uniform and steady to begin with. So, they have a little bit of experience to endure such times.
What should You do?
Once you accept that there could be unpleasant outcomes of this situation, it’s now time to act. The first step is to limit the outgoing cash. If you are not sure about the incoming months, better keep what you’ve got for a rainy day. The second step is investing. Not just money, the time too! Invest the time you’ve got in developing yourself. Learn something new in your area of work, if not that, learn about how to manage your finances. Get awareness about where your money or assets are, and is that working for you. Learn about share markets or mutual funds. Acquire a new skill. One that could help you in your current job. Or another one that might help you in the next job should you lose this one. Be calm, and keep it moving.