Every crisis comes with an opportunity, the only thing is how much we are prepared. Not necessarily we can anticipate any calamity or pandemic, however, we should not become rigid. We should be flexible enough, have the right mindset & attitude to change along with trends, and take appropriate decisions as per the circumstances.
A lot many people lost their jobs, businesses got shut down during the lockdown. Then we realized the importance of skills, self-development and become more aware to cope up with changing trends.
Following changes are observed whether you are an employee or employer:
- Become more tech-savvy
- Geographical boundaries are no more barrier in business
- Joined online training to upgrade/upskills - online classes become cheaper with lifetime access
- Communication plays a very important role in business development
- Overspending & luxury spending taken a back seat
- Travelling got restricted
- Health awareness & hygiene cautious (although some put on weight)
- Keep on learning & upgrading ourselves every day
As far as the changes in investment patterns are concerned, investors become more aware, mature than earlier.
- Financial infusion, education & awareness on how to manage money properly
- People started taking insurance seriously in all segments - TP, HP, CI, PA, PMJJBY & PMJSY
- Felt the importance of contingency fund, which should ideally be 6 months to 1 year of monthly expenses
- Start thinking of savings & investments rather than only spending
- Identify the difference between needs & wants
- Start diversifying the portfolio in all asset classes with portfolio rebalancing
- Asset allocation is the key to wealth creation
- Understood 'Cash is the King' when nothing works it's only cash that supports
- A lot many opened Demat account for equity & commodity exposure
- Gold - never ignore this precious metal
- Cryptocurrency emerged as a new Avatar
The moral of this crisis is to spend more on self-development & keep upgrading everyday & always!
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