I am not an expert in finances and businesses or anything like that, but I can say that at this time, it is not safe to release a big amount for business expansion. We are in a pandemic, and that limits our physical contact to the outside world. Most businesses need their patrons on-site, and right now, we cannot do that because of social distancing. The tourism business is down. No planes and flights in and out of almost all countries for an indefinite period. Restaurants can only cater five to ten patrons at any given time. Salons are still closed, and offices are limited. It is that restricted.
And so, we can only turn to the internet for business and support. If your work is doable through the internet, then you are so lucky. Your industry is still ongoing, and that puts food on your table. Now, if you are one of those who have been forced to take a leave, then I am so sorry that this has happened to you. Take a deep breath, regroup, and assess your situation.
With your savings now, how long will you and your family last? If it is not much, then you have to act fast.
- Apply or comply immediately with the requirements of the stimulus package or any other monetary benefits that the government is offering. You have that privilege at the moment, and it may not be that sufficient, but at least, there is some than none.
- You can scrape a portion of your savings and make it into a home-based business. At this time, working from home or doing business from your home is the best way to earn money. If you are a teacher, do online classes. For those who can cook or bake, you can make your meals or pastries, post it online for orders and set up a delivery or take away. You can make bags, clothes, skincare products, cosmetics, and other stuff that you can sell. These can also be sold online. A lot of people need a variety of things. You just have to follow up on your passion, do it with enthusiasm, and earn money from it online.
- If you have spare cash, take an online workshop or seminar for certification. Enriching yourself with knowledge and skill during this pandemic will give you an edge over others who are not learning anything. You will use this to your advantage soon enough.
- If you have stocks, be still. Do not sell or trade at this time. Just let it be, and it will just normalize soon. Some are dropping, but some companies are still thriving, according to NYTimes website. The Federal Reserve reports that home prices are not going up, a first since 2013, as global demand for gas declines. The stock market is bound to give up its gains but is still in the running just to thrive. This pandemic will be over soon, a vaccine will be formulated, and anytime, people will get back to the old normal. But for now, we do things online. Be innovative and creative – hustle if you must to earn a buck.
- Do not forget about your mental health. Keep it in tiptop shape and maintain it in the best condition possible, especially right now. Exercise your body and mind by doing yoga, pilates, meditation, and other physical activities that you can do within the corners of your home. We will survive this. The Spanish flu took two years. COVID-19 will not take that long, and we will be back in business soon.
When the going gets tough, the tough get going. We are tough, and we will make it. God said: Be still, and know that I am God. In a way, he brought this pandemic to the world so that we will still be, realize what we have been missing, regroup, reassess, and redo what we have been in the wrong direction.