With the financial impact that COVID-19 has on the community around you, we start to understand the risk that we may have at maintaining or acquiring work in the immediate future. For instance, at this moment in time, many major cities are either “shelter-in-place” or have closures to “non-essential” businesses. That means that you are either 1.) a healthcare provider or essential worker like educators/teachers, 2.) food/grocery stockers, cashiers, etc, 3.) first responders, 4.) delivery system personnel like Fed Ex or Amazon Prime, or 5.) essentials for transportation like gas stations. If you are not one of those personnel, you risk the chances of losing your job or not being able to find work for a duration of time.
Understanding the risk of losing work, or preparing to acquire work once possible, here are a few tips toward getting ready for the re-opening of businesses.
- Understand Investments/Stocks/Retirement
Being aware of the fluctuation of stocks, bonds, and investments during this crisis is vital for anyone investing anything of value. A few tactics to consider, such as: A) pulling out your investment before your stocks drop too low (understanding the financial or fee penalties), B) riding the wave and hoping your stocks bounce back after the crisis, and C) Investing in other sources of revenue. Personally I am looking at a diverse portfolio and trying to find multiple avenues of investments in case of future risks. Sources of passive or residual income are always a great choice when available to limit the impact that loss of active work has on a household. Sometimes it is good to invest in some high risk and some low risk financial decisions.
2. Begin An Emergency Fund
Start setting some money aside in a savings account, especially if you are still getting paid during the crisis. Understand that ANYTHING can happen, and you need at least 3-6 mo of rent/necessities worth of finances set aside. If you are currently working, start setting aside a portion of your overall “profit” after expenses. If you are currently unemployed, set a minimum bank balance monthly, in which you try to limit yourself from going under that amount.
3. Prepare Business Documents
Start typing up or modifying application documents, such as resumes, cover letters, letters of recommendation, etc so you can begin applying as soon as possible. If you need assistance in writing or reviewing your resume, feel free to click here, and we will get you all set up and ready to apply for jobs!
4. Understand Essential Work and Markets
Now that both the previous and current generations have witnessed an international health crisis, we are all aware of which jobs come and go, which jobs are “essential,” which markets crash, and which investments thrive. We know that there will always be room for work and investments in the medical/health/tech world. Know that if you ever want guaranteed work, invest in these career paths, and consider the financial investments as well.
Understanding even just these few tips toward surviving the business closures and community “re-development” could give you an edge throughout you and your family’s lives.