How to Redeem Yourself Financially After The 2020 Debacle?

Nikita Vete

The year 2020 has been a shock rather than a surprise. Imagining that the entire world to just stop was a one of a kind experience. We went through different emotional journeys during this time. When lockdown was initiated, I remembereveryone simply loved the initial phase which felt more of a break from the routine. Later, as the lockdown extended, the frustration creeped in and now that the lockdown is relaxed, we are still feeling the after burns.

Primary reason for going through this emotional turmoil was the economical part. Nothing impacts a man more than dragging his family into a financial crisis. The expected appraisal came in the face of job losses and severe salary cuts. Many even ran out of savings and faced a crunch in the lifestyle. If this was the case with privileged ones than one can only imagine what would have happened with the disadvantaged section. On the bright side of the crisis, the market received huge inflow of investment from the retail sector. HighestDemat accounts were opened since lockdown was initiated. But to its surprise, these were only the speculative investors who thought of making the most with the time and money in hand.

Yet, the individuals in both the situations have failed to create a survival kit.So how should one see this situation? After a year of introspection, unexpected loss of lives anda historic halt, the most important takeaway would be“A lot is lost but not all is lost.”

Hence, to redeem the financial position one should take the following parameters into consideration. It all begins by clearing the clutter. First and foremost, maintain proper documentation of the investments and other financial matters. The time demands to have an adequate health cover, make sure you have it. Then, check if you have made provision of an emergency fund if not consult your finance expert. A proper scrutiny of the expenses should be done and should immediately stop unnecessary payments. Proper management of the income is required. Instead of mindless investments, planned investments would create wealth. Lastly, let us learn from our previous mistakes and create a better tomorrow!

Nikita Vete is the Executive Assistant at Vete Associates