We have witnessed 2008 & survived which gave us the experience to look at the aftermath of situations like these rather than staying and panicking. As we all are aware that this situation was inevitable with or without COVID-19, if there was no pandemic then the tension between the US & China could have bought similar situations to the economy worldwide in one or the other ways. Always keep in mind that this is not the 1st one and obviously not the last one, this is a learning opportunity for every one of us to be alert and prepare for the worst things that might happen with backup plans for survival.
With the pandemic making more and more casualties day by day, many of us may be staying at home and helping the community. You also might be reading and analyzing many reports and news published by the different national and international governmental and non-governmental organizations, about the impact of this pandemic in the economy. The uncertainty about the aftermath, which might have made you wonder it is very hard to revive, even if we survive this pandemic. This is the time to stay positive and dedicate your free time in research about investment opportunities, now and after, as this pandemic will bring some business a great success and some might be extinct.
I am writing this post so that I can give you some insights and works that will drive your focus from media towards the opportunities that this situation has provided for us, investors and traders. I am going to list down 4 things you can do to utilize this time positively and productively:
Evaluating Your Portfolio
Reconsidering Your Trading & Investing Strategy
Looking For Business Opportunities
Learning and Organizing your Personal Finances
Evaluating Your Portfolio:
This is a very good time to evaluate your portfolio and calculate the value of the investment you hold. This will help organize your investment and discover areas you have invested so that you gain to get more insights about your investment while tracking their returns. While Evaluating your portfolio always consider things like
- Portfolio Performance.
- Cost Involved With Investments.
- Asset Allocation.
- Investment Target/Goals.
Evaluation of portfolio can be done manually if the size of the investment portfolio is small to around 1-2 investment sectors but it is very good to automate the process with software widely available on the internet.
Reconsidering Your Trading & Investing Strategy:
Utilize this time in reconsidering the styles and strategies you are following to achieve your goal via trading or investing. You should reconsider your strategies in one of these scenarios:
- You have known something new via learning.
- The condition of how the market operates changes.
- There is a change in policy affecting your strategy.
- When you grow and evolve with the market
- If you are following other’s strategies blindly.
If you are achieving what you set as your goal, try to sharpen that very strategy. If you are not able to achieve your goal this is a very good time to consider what are the situations that are demanding to reconsider your strategies try to formulate strategies that can be followed in order to suit your need and styles which ultimately helps in achieving your goal.
Looking For Business Opportunities:
You might be thinking how can we find opportunities in these times but don’t get me wrong you can find them if look at your surrounding. Business and Investment opportunities are widely prevalent in our surroundings you don’t need to go to seminars, conferences, or hire costly consultants to find opportunities. In today’s circumstances look at your surroundings what people are doing or what is essential to you and what you are avoiding or can avoid, this will give you an idea about investment alternatives that you have.
Let me give an example, You are staying at your home because if you don’t then there is a high chance you get infected so you are avoiding travel, dining out, etc but are you avoiding eating or exercising? The grocery shops near you might be closed but can’t you order online? These kinds of questions can give you answers about what the future will be like and where asset allocation should be in.
Evaluate & Organize Your Personal Finance:
This is the right time to start organizing your personal finances if you have not already and if you have an organized plan then evaluate and strengthen it in case of any discrepancies. You can organize your personal finances with different techniques, I am going to list 5 steps plan to organize your finances.
- First and foremost is to track down your current income and expenses.
- Make a budget for your future reference where you can track your position regularly.
- Schedule your payment dates to the date of your receipt and if possible automate them.
- Evaluate Your Networth so that it is easy to plan about deleveraging options.
- Try to pay off your debt or reconsider them using services like this & focus on saving.
These things seem to be small but determine your future and help in achieving your financial wellbeing. As always thank you for reading and please hit like to the post and share it on your social media if it gave some value to you try to pass on and motivate persons like us during this situation. Also, don’t forget to subscribe to the newsletter.