17th September 2020 DrWealth Article.
How to invest in a post-COVID-19 world? This is what everybody is asking. The pandemic took us all by surprise. Many businesses have closed, some are waiting for the restrictions to be lifted while others have gone bankrupt already.
The economy is going through a crisis and things are changing. Industries that were prosperous before the pandemic, like tourism (hotels, airlines, cruise ships), event planning, and other non-essential businesses like beauty salons, have been hit very hard and there is no saying if they will manage to get back on their feet after the pandemic will be gone.
Minuca Elena interview Peter Horsfield asking hims 'What is the best way to invest in a post-COVID 19 World?"
They say a recession is “when your neighbour loses their job, and a depression is when you also lose your’s”.
While I don’t believe the Australian economy is in depression, many have lost their jobs already. and an economic hangover is almost a certainty.
Here are my following tips to survive the recession.
The current events are outside of our control. While we can’t do anything about this, it’s important to focus on what we can be doing and keep busy with the areas of life that we can control i.e. health, relationships, education, and spiritual growth.
See this as an opportunity to improve and make a change. This may involve a change in career, additional education, maybe even starting a new business after seeing a new need/business.. A great example is distilleries now selling hand sanitizers.
Review everything that is costing you money, with a view to save on outgoings. This includes phone plans, credit cards, electricity providers, rent and/or home loan expenses.
With the savings you have achieved (see tip 3) keep these in an account that can build up and you can use for emergencies (3-6 months of your expenses is ideal to have saved up). If you already have an emergency fund then direct these savings into paying down any loans or use it to build up your investments.
Get help. There are free financial counselor services you can access too.
For the full article click the following link: https://www.drwealth.com/investing-in-post-covid19-world/