My top 3 realizations from this pandemic

It's been a month since most of us are place in some sort of quarantine, lockdown or strict social distancing measures. Most of us are anxious about the future. Some industries are starting to go bust and letting go of their people or cutting hours. Some are still lucky enough to be given an opportunity to work from home. Although we all live in different locations with different governments or rules, we are all facing the same crisis.

Here are my Top 3 personal realizations from this pandemic

1. Emergency Fund - As the saying goes, in times of crisis "Cash is King". Nothing is more essential to having cold cash at hand. "Credit is good, but we need cash". Not all business especially those on small retail would have the capacity to swipe your credit/debit card (more often in developing countries). There is no standard amount of savings you should have but at least 3 to 6 months of your household expense be your emergency fund and always keep at least one month of household cash expense ready; maybe you can hide it under your bed mattress or a safety deposit box :)
2. Emergency Kit - This lockdown has given us more clarity about the importance of having first aid kits. I'm personally scared of going to the hospital as exposure to COVID19 is more likely. The good thing before the lockdown, we were able to stockpile OTC meds like paracetamol, antihistamine, ORS, etc. For a family member with maintenance medication, keep a minimum of 1 to 2 months supply.
3. Emergency Plan - The world is as dangerous as you imagine it. Too many unforeseen events can happen that could knock you dead or in crisis. However, "Failing to plan is planning to fail". You can never have a foolproof plan. Things will adjust as you encounter them however adjusting is better of not having a plan at all. Your emergency plan should include common natural disasters, personal emergency or accident and most importantly what if you lose your main source of income or your job? This is where your Emergency Fund comes in. What about my employer's medical insurance? What is my back-up?

I know the future looks gloomy as a financial crisis is looming after this health crisis is over. But one thing about us humans is that we always overcome the adversary in our life. Resiliency is one key human element that makes us stronger after each crisis. We can only learn from the past but ACTING NOW is our best move towards a better scenario for ourselves in the next CRISIS.

What did you feel about this article? Did you feel the same? What are your struggles during this difficult time of social isolation that thought you valuable lessons?

Feel free to share your thoughts below!