What if Another Wave of Pandemic Hits?

Posted date: 19/06/2022 09:21 PM

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How to Manage Your Finances When You Can't Leave Your Home for Work?

The Covid-19 pandemic was the longest pandemic period I have ever experienced. All are aware about the economic crisis caused due to Covid and it’s still continuing.

The economic recession that followed the financial crisis of 2019-20 has had a lasting impact on the economy. Many people lost their jobs and their homes, while others found themselves with significantly less money in their bank accounts.

In this article, we will explore what happens when you can't leave the house for work during a pandemic. We will talk about how it affects your finances, as well as your family's finances.

It's no secret that being sick is expensive and disruptive to our lives, but what happens when you're not just sick but also stuck at home from work? For some people who are employed and can't leave the house for work during a pandemic, this could mean financial disaster and an increased burden on their families.

Many people lost their jobs and many have managed it from home while it was an opportunity for many people.

Who are they actually?

Those who were working in a physical world and without a back-up system, they not only lost their jobs, but they lost everything in terms of hope to stand again, finance to start again and support to sustain. This is what happened with majority of people.

A small group of people managed their job from their home with the support of their employer as it was just needed to finish the assigned tasks and fortunately those can be managed virtually. Those are the software guys or the work that can be accomplished with the help of software and internet like project development, client meeting, testing, online teaching and all those can be managed virtually.

A very small group, but you can say those a cream layer people for whom it was an opportunity to multiply their wealth. As people were adopting digital tools, the benefited persons are among the owner/senior level administrators of those software companies and large/small digital entrepreneurs even if those were new to the digital world. What matters was the speed of adopting things and implementing effectively.

The Diverse Skill Set Required to Survive a Financial Crisis

Diversification is a skill acquired by the leaders and change makers.

Financial crisis can happen to anyone, no matter how hard they try to avoid it. It's important to know the basics of personal finance and have a financial plan in place so that you can survive at a financial crisis. In this section, we will be talking about the diverse skill set required to survive a financial crisis. There are many things that you need to know and do in order to have a good chance of surviving such an event. We'll be looking at some of the steps you can take before, during, and after a financial crisis hits. We'll also talk about how you can prepare for one if it's on your horizon.

Put Some Extra Effort to Set Your Alternate Virtual Income Plan

Set your digital venture before you need it, take decision to start your own venture & take decision and make it good.

It is a good idea to set your alternate virtual income plan before you need it. It will give you the opportunity to take a decision and make it good. There are many ways to make money online and the most important thing is to find something that suits your skillset, interests, and personality. Many people make mental notes of good resources that they come across while browsing the web. Some also re-post good information on their social media accounts to share it with others. This can be a great way to grow your online presence, but even if you do it for life time, it’s not going to pay you back. So it’s the time to start something which can be monetised.

Now the question is that what you can start which will pay you back while you have knowledge in multiple domains and how much to be invested. Here finding your actual niche is very much important.

Find Your Niche and Start Your Digital Venture

What can be the Digital Venture?

What are the assets you have that can be monetised by means of a virtual business? The best thing you have is your skills and knowledge. Yes friends, I’m talking about the Knowledge Business that everyone can do and start anytime for which two things are most important to know about. Your niche and the investment needed for it.

It is important to find a niche and sub-niche before starting your Digital Coaching Business. It will help you get the right clients and will make it easier for you to market your coaching business.

A micro-niche is a smaller niche that has an audience of its own. It can be a subset of an existing niche or something completely different.

The actual investment for your knowledge business is your interest, your passion, your decision and the enthusiasm to do it. You should start with the minimum investment, as this will help you figure out if coaching is for you or not. You can scale your coaching business with mentorship and guidance from experts in the industry who have already scaled their businesses successfully.

If you are looking for our help in finding your niche, we have a tool which can help you finding your mico niche. Find the FREE tool here.

Find a mentor and follow the foot prints instead of wasting time in researching more.

There are two principles. Do research and implement till your success or hack the success principles from those who have already succeeded.

Doing research of your own and acquire knowledge based on your own experience is a good thing and lasts long. But the best way to grow is by following the footsteps of someone who has achieved success with the same skillset. It will save your time and save you from frustration.

If you are riding a car, it is better to know minimum things about the machineries of the car that you can repair on your own at the time of emergency break down, but it’s not necessary to research about the dynamics and physics of each parts of the car in order to ride it. Yes, it may be necessary if you are aiming to an automobile engineer or equivalent.

So it is always better to have a mentor rather than researching many things by your own in order to achieve things faster and in an effective way.

A mentor can advise you on how to get started and what to do next. They can also help you avoid mistakes that they have made in the past which will save your time and money.

If you are the person who is looking to set the futuristic back up plan, you are open to join our Digital Entrepreneurship Programme to set up your own Digital Coaching System here.

We are available at Instagram and LinkedIn. You can follow us for the regular updates about the Knowledge Business.

Dr Asutosh Jena

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