Amidst the panic and anguish of the Coronavirus lockdowns, it has never become more important to focus on yourself and your financial wellbeing in this time of uncertainty. The following 3 simple tips won’t just allow you to survive – but thrive in today’s world.
Coronavirus as we know it
All you have to do is turn on the radio or the mainstream news channel to be updated on the live leaderboard of the country or city with the most infections. NSW and VIC are now in ‘coronavirus lockdowns’ and all of our non-essential services like gyms, restaurants and cafes have been forced to close their business. Just like us, we’re sure you’re sick of hearing about this, right?
Whilst the pop up ‘experts’ are instilling fear into our Aussie community causing the world as we know it to panic over the uncertainty – particularly highlighted by the shortage of toilet paper in your local supermarkets – the question arises as to what you as an individual are doing to overcome the inertia of fear travelling your way. For anyone looking to overcome the odds and thrive in the face of adversity that is the Coronavirus lockdowns themselves, the following 3 tips below are sure to help you do this.
Tip #1: Get your mind right
Rather than dwell on what’s going on – it’s time to search for where the gift is in this amidst the turmoil. Some of the most precious gifts come in the most unusual wrapping paper – this time the wrapping paper is Coronavirus. Quite simply, this is not a time to be doom and gloom, it’s a time to be positively focusing on yourself and your goals.
The fact of the matter is, simply noticing this is the hardest step of all. As host Andrew Baxter recommends, “get your goals straight… find out what you can do today to get [you] and [your] family to where they need to be tomorrow”. Eliminate the noise and play your own game because you are the master of your own destiny. It’s important to keep it that way. (for tips check out how to win the game).
Tip #2: Be nimble in your investing
As thousands of casual workers become laid off and businesses foreclose, it has never been more important to supplement that lost income with returns from investment. The whole notion of ‘buy and hope’ has instilled by many financial advisors across the country for many years. The fact is, that strategy doesn’t work now and it sure as hell won’t in anytime in the near future. Savvy investors who are looking to make a quid in this dynamic market need to be nimble – and the first step is upskilling yourself to be able to do so. Coronavirus lockdowns
Like Andrew teaches throughout his Advanced Options Program, being hedged to the downside, taking short positions or undertaking bearish spreads will allow you to make a fortune in this current market – the problem is you have to know what you are doing. For example, knowing the difference between price and value could be the difference that costs you your financial future, or doesn’t. It’s on you to make sure you have the skills to be able to capitalise on what is a once in a lifetime opportunity (for guidance on how to steward yourself through this market, check out the Australian Investment Education guidelines).
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Tip #3: Write a letter to the PM
Let’s get this straight – we don’t mean to literally write the PM a letter (as much fun as that would be), we mean to consider all options and be open to change in the very financial system we see today. The reality is, something other than a cash stimulus of $500 that will spend on goods at Kmart needs to implement in order to keep our Aussie economy afloat and support our own backyard. These are what we call ‘kneejerk reactions’ which usually don’t last long nor make any real improvement to the issue at hand.
Host Andrew Baxter in his imaginary role as the PM suggests suspending the mandatory superannuation contributions of 9.5% for a number of months. What this does is give people access to more cash on a consistent basis each month without costing the government or employers any more money. If you think about someone earning $50-60k each year, that’s an approximate extra $400 in their pocket each day. Take it up to someone on $100k a year and the numbers start to get really significant. Not a bad idea, right? The fact is, change requires change and it comes open to this and ensures you make the most of it to support our own backyard. Coronavirus lockdowns
