Recommendation on cope financially in a pandemic world
According to weeks of employment reports in which only more than 700,000 people applied for unemployment insurance in one week, over 855,000 people applied for unemployment benefits this week.
It looks like the number of jobless claims is slowly rising back to over 1 million a week.
For millions of Americans, there aren’t many reasons to have hope in a post-pandemic world.
Don’t be overwhelmed. Here’s what you need to do now.
Develop long-term goals
The world is not fair. This phrase has practically become my daily mantra. However, there is no hope of despair.
If you don’t have a job now, think about what you could possibly do in the future. How could your previous professional skills and experience be realigned in a post-pandemic world?
And think about how to start over. As cruel as it sounds, we’re all starting over.
There are many online education platforms that offer free and discounted online courses for the unemployed and government employees. First, take a look at edX and Coursera.
Start by reviewing jobs in the online gig economy and remote jobs industries. Take into account your existing skills and the new skills that you can reasonably acquire in the near future and how you can use them for new job opportunities.
Be realistic, patient, and not rash – it will take time before you plan a new future of employment.
Get an emergency fund
Before the pandemic broke out, the common wisdom was to try to put at least the equivalent of six months worth of paychecks in an emergency fund.
Such progress is just not realistic for people and it is cruel to tell people.
Over 70 million people may have lost their jobs since the pandemic ruined the economy. The government offered a one-off $ 1,200 at the beginning of the crisis.
Now many people are months behind on rent, mortgage payments, and other miscellaneous bills. And on top of that, many of the jobs that previously vanished are not coming back.
These jobs are overtaken or challenged by the reduction in job occupancy imposed by social distancing mandates and the advent of remote working.
If you’re one of the lucky ones who still has a job, it’s imperative to put some money in an emergency fund, no matter how little.
You can put 10% or 5% of your regular salary into an emergency fund. Every little bit helps.
In this economy and the uncertain future we all face now, it is better to save a little in an emergency fund than nothing.
Additionally, an emergency fund could give you a better sense of personal security in an upside-down world.
Pay off your debt
The only really safe things in life are taxes, death and debt. Depending on the type of debt you own, you may not even be able to evade it after death.
There are many Americans facing debt problems and unemployment.
If you are lucky enough to get busy right now, develop a plan and schedule to pay off your debt. Familiarize yourself with your debts now or they will take care of you in the future.
Develop a budget
Develop a weekly and monthly budget to make the most of the finances now available.
Think about what you can do now instead of what you can’t do.
In desperation there is no future and the future is now.
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