Ultra-microscopic virus engulfed the world and WHO declared the COVID-19 as a pandemic, followed by various countries issuing travel bans, emergencies, lock-downs, and other restrictions. Capital markets across the world tanked miserably.
Although we have already overcome such a major turmoil of financial markets in 2008. These key factor seems to make people more vulnerable to the effects of the recession: being unemployed, having a precarious work situation, facing debts and economic strain.
The financial crisis of 2007-08 has taught us the confidence of the financial market, which once shattered, can’t be quickly restored but yes definitely shown upswings in its history. Economy nicely withstood terrorist attacks, the bust of scam bubble and accounting scandals in past.
Despite of knowing the fact that govt. of every nation is taking measures to support in tough times and come forwarded with a package of measures to protect renters affected by corona-virus (COVID-19) the fear of recession really preoccupied everybody’s minds.
Keeping database and statistics claiming wiping out trillion $ economy over weeks’ time aside if we ask a simple question on economic crisis and lockdown to a small kid, what all he knows is grand vacation he got due to lockdown and sometimes display pain for not reaching out to playground or to meet friends.
Putting aside the broadcasting of rattling financial markets, upending local economies and deaths worldwide with keeping a hope for the end of corona momentum.
Sharing few tips on restoring financial health to Ease Corona-virus Anxiety
1. Create a budget: It’s worth giving your budget a refresh to take into account these new circumstances and how they will affect your income and what you spend.
2. Keep saving: It is advisable to keep a savings cushion to pay for any unexpected bills or challenges you might face during this time.
3. Control your emotional trigger: you may be thinking of selling some of your investments which you had planned for a long term or for a specific purpose in mind. Whatever it is, do not let your emotions take over.
4. Contact your bankers: Contact your bankers for your mortgage payment deferrals, skipping payments, loan extensions, revised terms or even reduced interest rates, etc., that they can definitely consider.
5. Untap the potential of market: markets also present opportunities for aggressive investors who intend taking advantage of the instability this too is only for those with patience.
6. Set strategic goal : Develop a mission statement for your job role or business to seek immediate opportunities of market.
- Exercise, yoga, meditation and religious and spiritual practices
- One-meal-a-day or intermittent fasting
- Practice self-compassion
- Connect society vie phone /emails.
Interesting historical facts of 2008 recession
- 6 million Bankruptcies cases filed during the great recession
- Unemployed people worldwide increased by more than 50 million in 2009
- Worldwide decline of 6% decline in international tourism receipts
- Price of oil nearly tripled from $50 to $147 from early 2007 to 2008
- Market correction up to 30%