The world is taking a fast downward spiral into one of the most difficult recession in recent times. It is sad to note no country in the world will be spared from the evil times that is about to occur.
The bank of England has recently released a report about how the United Kingdom is on its way to deep recession. In the United States, because of the corona virus over thirty five thousand people has lost their jobs and there is the possibility for the number to keep increasing. In Nigeria, companies are already laying off staff or cutting salaries to survive. In Nigeria with an alarming unemployment rate before the corona virus, the reality of recession will definitely increase unemployment figures.
Because countries are trying to provide palliatives for their citizens, they have resorted to borrowing. The truth is the recession would mean different things to different people. Some people are about to lose their jobs or have already lost their jobs. The standard of living of millions around the world is about to change from how they know it.
In as much as there is little or nothing that can be done to stop the eventuality that is about to happen. Because, the consequences of the corona virus pandemic coupled with the unpredicted drop in oil prices has just become glaring to the world. We all thought that the corona virus was only an attack to our health forgetting the harsh consequences it would bring on the global economy.
As a result, most countries were not prepared for the economic impact that the corona virus was going to bring. We all are not prepared to come out from the lockdown only to start fighting recession.
Countries of the world relaxing the lockdown are not doing so because the virus has been eliminated; they are doing so because they can no longer afford to keep people at home. As a result of the far-reaching effect that the lockdown has brought on the economy.
The most important decision that any individual should take in this time is to take appropriate steps to themselves, cushion the blow that has hit the world. The question is what can be done to create some sort of stability in the times that are about to hit.
There is good and bad news accompanying the lockdown situation. You have seen for yourself the bad news this period has ushered in. However, this period also has its good side.
See the silver lining in this situation
The truth is you now have time to plan for the recession that is about to hit. You can no longer say that you loosed it all because you were not aware of the eventuality that is about to hit. So how can you prepare?
Either you are working for an organization or you own your own business, now is the time to create value. If you are truly adding value to that organization apart from doing everything in your job description, there is need to add value. As a value added individual, it will be a loss for your company to let you go and even though they let you go, you are sure that you have what is needed to rise again.
You might be wondering how you can add value. Watch out for our next post!
Start that business
There are people with the lifelong dream to start a business but they have been postponing it for reasons best known to them. The truth is you do not know how long your job will pay your bills. Is it not better to have a solution on ground for whatever is about to come? A business might be the salvation you are waiting for.
You are still not convinced on why you should start your business. Watch out for our next post!
Learn a new skill
Learning is a lifelong process.
A process that never truly ends. This is the time to learn new skills. The lockdown has taught many people that a digital world is not such a bad idea. It has become clear that many jobs are not needed in an organization as they can simply be done digitally. In as much as I am not trying to undermine anybody’s job but the facts say otherwise. This means it might be time to join the bandwagon and get in line of the new times that has been ushered in.
Watch out for our post on skill to learn before the lockdown is over
Learn financial management
Now is not the time to spend money as if nothing is wrong. This is the time to cut your cloth according to the cloth available. Spend based on what you have at hand and not what you are expecting. Make plans based on the money that you can already have.
A bird in hand they say is better than the million in the bush.
For now set your priorities right, you should be more concerned about acquiring assets and not increasing your liabilities. The reason is that you would have to service those liabilities making the effects of the recession clearer to you.
Your future depends on the decisions you make today
In conclusion, the truth is some people are about to lose all they have and some are about to come out of these trying times smelling like roses. It all depends on you. Because at the end, it is just you at the end of it all. This article has already equipped you on the available options to prepare for the troubled times that are about to hit the global populace.