- One of my caring friend Pradeep Naidu, who is a Tax analyst
has written a beautiful piece of analysis at ‘Tax Guru’ website. He has
intended to help us all to understand the personal finance, money, and
investment aspects during COVID19 and its aftermath.
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| Image source: attitudereconstruction.com |
Below I am presenting to you the highlight of the article, you
can click to read the whole analysis too.
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In this ever-changing situation, every
individual has to update & make them ‘Fit’. It could be an
employment, health, finance relationships & anything for that matter.
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As witnessed by all of us, it is seen that the
entire global economy has been largely affected by the pandemic and this might
even turn out be the worst recession, since the Great Depression in the 1930s.
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In India, this crisis has led to a spear in the
country’s unemployment rate to 27.11% as on May 3rd.
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It is feared that COVID-19 will significantly
impact the $180-billion Indian IT sector and the impact may be worse than that
of the 2008 global financial crisis.
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As per The Federation of Hotel & Restaurant
Associations of India, the Indian hospitality and tourism industry is staring
at a potential job loss of around 38 million, which is 70% of
the total workforce.
Then, in that case, inculcating financial discipline
is of paramount importance and the following are few thoughts put across here,
which may assist in mitigating the detrimental consequences. The in-depth explanation
of each point can be found in the original article.
> LIVE WITHIN ONES’ MEANS: If you make it a
habit to live within your means each and every day during the good times, you
are less likely to go into debt. This will save us in bad times.
> INCREASING SAVING POTENTIAL:
> HAVE ADDITIONAL
INCOME:
> HAVE INVESTMENTS FOR LONG
TERM:
> HAVE DIVERSIFIED INVESTMENTS:
> BETTER TAX PLANNING:
> DO NOT MAKE ANY BIG INVESTMENTS:
> DO NOT JUMP JOBS IN A HURRY:
Click to read the original article from the source: