Liron Bardugo - Money Management During a Pandemic: Fast Emergency Plan, How to Get Rid of the Fear, Uncertainty and Create Financial Independence (Money, financial success, ... rich and poor, independence, freedom)

Money Management During a Pandemic

Fast Emergency Plan, How to Get Rid of the Fear, Uncertainty and Create Financial Independence

Copyright 2020 - All rights reserved.

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On March 11, 2020, the World Health Organization (WHO) released a statement that dictated that the novel coronavirus that was brought to life in Wuhan, China, and is to be classified as a global pandemic. This declaration resulted from the fact that the virus had spread outside the Chinese borders through trade and travel, and in the first two weeks of March alone, the number of infected cases had increased thirteen-fold.

With the current composition of the world, due to globalization and exceeding interconnectedness, the pandemic spread globally at an alarming speed, infecting millions of individuals, and as states attempted to combat the swift movement of the virus, global economic activity came to a standstill. Until a vaccine is found and the pandemic horror is brought to an end, there is no way to determine the precise level of the global economic damage. However, having gotten considerable control of the situation, economies are recovering while paying utmost importance to safety precautions.

Nevertheless, since the announcement in March, over 250 companies have filed for bankruptcy due to the COVID-19 pandemic, causing millions of people to lose their job. With no income stream and an economy that was dead set on cutting off all their "liabilities," people were left to deal with their struggles with little to no help.

This book intends to help such individuals grow out of their state of misery. Starting with the most common speculations about the pandemic and the future, the book goes on to explain ways in which individuals can boost their income during these troubled times. But it doesn't stop there. Realizing the lack of employment opportunities, individuals must learn to create their own opportunities. Therefore, the book explores multiple career and business options that can be profitable at this time.

What is the Coronavirus?

According to the Center for Disease Control and Prevention, a novel coronavirus is a new form of coronavirus that had not been observed in human beings until 2019. The COVID-19 virus is not the same as the formerly known coronaviruses that caused only mild illnesses, like the common cold.

How Did a Virus Impact the World Economy?

Curtailing a virus would not have been possible without the compromise of slowing economic activity. This compromise included mobility constraints, thereby affecting the travel, tourism, and hospitality sector; trade constraints, thereby cutting off imports and exports; and country-wide lockdowns, which caused companies to close down operations for months, thereby also causing the stock market to take a huge hit. With several industries hurt simultaneously, economists witnessed a decline in every country's GDP.

How Long Will the Crisis Last?

Until an effective vaccine is created and distributed throughout the world, the crisis cannot come to an end. Scientists are estimating as late as November 2021 as the time when we can finally successfully say that the worst is behind us. However, with lockdown restrictions being lifted in multiple countries and people starting to crowd inside shopping malls, restaurants, and other public places, it is quite inevitable for the situation to get worse before it gets better.

What Will Happen When it is Over?

Many economists agree that coronavirus has brought an end to the life we knew. Additionally, scientists are telling us that this is the first of many pandemics. It is uncertain as to what life will be like after the pandemic, but after this period of outstretched isolation and lockdown, it would be foolish to assume we can resume life as it was pre-pandemic.

What Will be the Economic Reality in 2021 and Beyond?

Steven Pearlstein, a Pulitzer-prize winning American economist, has three economic predictions for the post-pandemic world:

1. A rise in corporate restructuring and bankruptcies.
2. An increase in panic-selling of companies to competitors, thereby adding to the problem of "big sharks dominating the market."
3. Surviving businesses will attempt to shore up their balance sheets to pay off their pandemic-acquired debt.
4. In an attempt to insure themselves against future pandemics, businesses will increase their prices.

How Will it Impact Our Lives?

The burden of a recovering economy is, more often than not, borne by its inhabitants. Therefore, it is likely that citizens will have to buckle up for the ride and try to take measures to ensure that they stay above water in these turbulent times.

What Will Happen in the Employment Market?

The employment situation might not be entirely bleak, but some jobs might never come back again. According to Market Place, the jobs are estimated to keep booming are retail positions, kitchen staff, construction contractors, dentists, mobile marketing, online shopping outlets, salons & barbershops. However, jobs in the tourism & hospitality sector, arts & entertainment sector, nursing, and childcare have taken a hit that might leave them closed for a long time.

What Will the Unemployment Rate be?

It is uncertain what the unemployment rate will be post-pandemic. However, with the economy gradually resuming its operations, it is predicted that the unemployment rate will surely decrease.

Will There be a Credit Crunch?

What is the probability of a new financial crisis? Carmen Reinhart, the chief economist of the World Bank and professor at the Harvard Kennedy School, has stated that a credit crunch is highly likely. Also, from an Oxford Economics data collected from 162 global businesses, the average answer was that there is a 20 percent chance of another financial crisis in the upcoming two years.

Will the Pandemic Change Us?

Whenever human beings face turbulent situations, it is common to seek comfort from friends and family. However, social distancing and lockdown protocols have made that impossible, causing many people to feel increasingly psychologically depressed. It is possible that people might grow self-reliant after having dealt with a prolonged isolated situation. The pandemic might also change the way we behave in social settings, for the most part, with a reluctance to share our food and drinks and an aversion from touching our face. Masks might also become the new norm- or at least will stay for a long while.