10 wise decisions that will help you thrive, flourish this COVID-19 period
You must not only survive during this Covid-19 period, but you can also thrive and flourish if you make wise decisions. We all pray that this pandemic ends soon, but there are certain indications that we may be in for a long haul.
Companies are making life-saving decisions to cut cost, reduce workforce and judiciously manage resources. Many countries are slashing and adjusting their budgets to embrace current realities.
Presently, there are lots of chaos and uncertainties in the stock market, with oil prices crashing every day and things falling apart and many centres no longer holding. National revenues are getting depleted and many countries may be unable to pay salaries if this pandemic lingers over necessary.
Trade relationships are becoming more strained, even between hitherto friendly nations. Funding would become harder and many businesses would shut down, but you can determine your own fate by making some wise decisions that can safeguard your future and foolproof your resources.
Difficult times would demand difficult and wise decisions. This is not the time to be emotional about your finances; it is actually the time to develop a sustainable way of living. If celebrities and entertainers are observing unprecedented cut in their salaries and allowances, then you would be one of the most deceived human beings on earth if you are not making wise financial decisions and tinkering with your lifestyle to safeguard your resources.
During challenging times, it is easy to get dragged down by uncertainties and negativities. I have compiled 10 wise decisions that would help you navigate through this challenging period to ensure you emerge unscathed and flourishing.
1. Sell Your Liabilities
Yes, you heard me well, sell your liabilities and buy assets. You cannot continuously invest in liabilities and flourish. It has apparently become economically suicidal to foolhardily hold on to things that are currently draining your finances. The more money the poor earns, the more money they spend on liabilities. The more money the rich earns, the more money they invest and the more money they spend on assets.
The poor always buy things that would elevate their status, while the rich invest in assets to elevate their wealth. The most foolish decision in this period is to continue to invest in liabilities. God forbid, but if a situation like this continue for the next six months, you would have spent one-quarter of your revenue on maintaining liabilities.
I want to especially reach out to the flamboyantly rich people: This is the worst time to own a private jet, as it costs between $5000 and $10,000 per month to park a private jet. This may be more when the cost of maintenance is added.
2. Guard Your Assets
Hear this: The rich get their money from assets, not jobs. Robert Kiyosaki said: “The rich buy assets. The poor only have expenses. The middle class buys liabilities they think are assets.”
Recently, one of my mentees needed my counsel on an issue that has been causing a rift between herself and her husband. She was considering selling the only landed property acquired by the family and the husband did not support the idea. I made her realised that any landed property sold in this period would definitely be sold at a distressed price because people are more interested in staying alive than buying landed property and advised her to guard her asset. Do not sell your assets out of distress, as you would regret it later.
3. Reduce Rentage And Rented Space
In this time that everybody is virtually working from home, it would be economically wise to stop paying rent for excess space. Cut off expenses on rented space if you can work from home. You can convert a part of your house to the office. You can redesign your garage and work from there. This is the time to convert a section of your house to the office.
Any second or third apartment that you are not occupying presently is a financial waste. Don’t renew the rent for that office if you can comfortably work from home, except the accommodation is needed to interface with your customers.
4. Evolve A Product And Step Up Your Online Presence
Whether a virtual or physical product, the only way to outlive this time is to have a product that continuously sells. See and seize the opportunity in these trying times to evolve a product. You would need to brainstorm on a product that can meet people’s need. As people are now at home, this is the time to evolve contents and products that can be sold online.
While many companies lay off their employees, Amazon has decided to employ 100,000 distribution workers, as it has the world biggest online sale platform. If you really want your product to thrive in this time, then you would have to design online sale into your marketing strategy. Online sale gives you the privilege to throw your products and contents at people without physically interfacing with them.
The brands that would thrive in these trying times would be those that have integrated online sale and delivery into their marketing strategy. Every company or individual that would thrive in this period must step up their online presence on LinkedIn, Facebook, Twitter, Instagram, etc.
E-commerce would always flourish in times like this and being visible online and on social media would drastically give you an edge in this period.
5. Spend Wisely
You must be wise in your spending pattern. How you spend in times like this would determine how you and your family would last in this critical time. Spend your money only on things that are really essential and needful. This is not the time to spend on luxuries, but spend only on essentials and what really matters.
You need the right money mindset in this critical time. Your relationship with money now matters a lot than ever. Your approach to money determines whether you would deplete, maintain or multiply it.
6. Build Productive Relationships
The right people are worth everything. This is the time to build and firm up relationships that are significant to your destination. Build relationships that matter. The richest people in the world build networks and everyone else is trained to look for work.
Increase the quality of your network and connect more with people that are valuable to your destination. Your network determines your net worth.
7. Invest In Personal Development
The greatest hindrance to personal development is personal neglect. These are the times to read books and online contents that would develop you. In this lockdown period, let your personal growth be your most important goal. Make personal development and growth of a daily affair.
Create some non-negotiable daily rituals to develop yourself. It is not what you are acquiring that really matters now; it is who you are becoming. You have a gold mine when you have a ‘growth mind.’
8. Get An Additional Stream Of Income
If you desire to protect your family from the unknown, having multiple streams of income is non-negotiable. Having multiple streams of income would help you live above the financial vagaries, vicissitude and uncertainty that can bewilder a single-sourced income.
In this lockdown period, you would definitely be using more consumables. You need an additional source of income to live a sustainable life. Engage yourself in deep critical thinking to see how you can design another source of income.
You can be a virtual assistant to executives. If you have a washing machine at home, you can start a laundry service to create an additional source of income.
9. Reach Out To People That Need Your Help
As much as you must economise your resources, you must ensure that you reach out to people in your circumference of influence with your charity. Don’t be too tight-fisted in this critical time, as the lives of others might just depend on your act of generosity.
10. Stay Healthy
Staying healthy and boosting one’s immune system is highly necessary for the time that we are. Invest in your physical health, reduce contact meetings as much as possible and get involved in virtual meetings.
Invest in your mental health and guard yourself against negative vibes and news. Invest in your emotional health by surrounding yourself with people that would bring the best out of you; cut off negative people.
The last and the most important is to invest in your spiritual health. Give priority to your relationship with God. Be mindful of the information you are feeding on in this critical time. Stop counting casualties, as this would only feed your fears; rather look out for empowering information.
In this Covid-19 period, don’t just survive; thrive. I want you to take necessary and conscious actions from these wise decisions and I assure you that they would make you economically tough and prudent in this challenging times. Tough times never last, but tough people do.