Memoirs of GB Episode 28: Be the King of Good times, but beware of Bad times

Over the years I have learnt to be prepared for 2 things in life, good times, and bad times. Always eagerly look forward to good things in life, make a list of your aspirations/goals with genuine plan to achieve them then keep thinking about those aspirations every day. The more you think about those aspirations and goals, more your plan to achieve them becomes clear, second luck is nothing but a point in time where your preparation meets the opportunity, when opportunity knocks the door be ready to grab that with both hands. What about bad times? I don’t look forward to bad times, but it comes as an uninvited guest and when it arrives be ready to face it with your shield and courage.

Tackling bad times as well requires a lot of planning and skill. First and foremost, secure your life essentials or minimum guarantee to escape from bad time. I have listed few of them for your consideration

1. During Emergency situation -what is your insurance cover, the question is 2-fold - What is covered and what's not. Many realized they were not covered for Covid19, so despite having insurance it is of no use.

- Think about your actions to address both covered and uncovered health threats for you and your family.

2. What is your Savings for Emergency - I mean the emergency fund you can immediately liquidate within a maximum time limit of 24 to 48 hrs. Is that sufficient for you and your family. Assume if it’s a 1 lakh to 1.5 lakhs bill per day for a week or 2 - for 2 people, that means 2 * 10 or 15 lakhs. This is not an exaggerated figure; we have seen such grave financial crisis during pandemic.

- Start building this corpus fund, I am sure it cannot be built over few days or weeks, but we must start somewhere.

3. Social Capital - This is serious question, please ask yourself. How many of your friends, family, colleagues will come to your rescue during health or financial emergency. Will they even contribute a minimum of 1000 Rs? It’s a bi-directional question, did you ever give and built your social capital to ask for when you are in need. Encouragement, Likes, Awards, goodwill etc. if they don’t turn into social capital then you are just living in a bubble.

- Start Giving, Start Helping and build a network to help each other during emergency.

4. Return to Normal Life - You do not need a luxurious life, car, and other immovable properties if they are not going to help you in crisis. I wish and pray you earn more to live that life but if your earning doesn’t match your lifestyle, then best option is making your lifestyle fit to your earning.

5. What’s your backup plan – Assume one day if you are fired from your job or landed in a crisis where you must quit. What’s your backup plan, do you have any other skill or passion which we can make it as your earning and backup plan. If you have not identified such skill, its time for you to start investing the part of your time on building that skill. Parachutes are packed and kept; we don’t stitch parachutes during emergency. Keep your parachutes under your seat all time.

I always follow these 5 rules and they are our life jackets. Enjoy the joyride in life but be ready for unforeseen situations.

I wish and pray you are always blessed with good times but when bad times visit make sure it doesn’t steal the smile from your face and life.

Godspeed

Dinesh Chandrasekar DC*

P.S: All views expressed here are my personal views and opinion and have no bearing to the organization I work.?