Coronavirus and The Window of Opportunity

5 minutes

There is no stopping change.

Women desperately use fillers and botox to hide the visual impact of aging. But no matter how old your face looks, it’s inevitable you are still getting older.

McDonald’s success was partially due to their ability to keep things consistent and limit change. A big mac should taste like a big mac if you’re in California or if you are in Sydney Australia.

Wherever you go, the flavor should not change. Yet even Mc Donalds has had to make changes to keep relevant to customer demand over the years.

Change is good, it can bring people together, it can force system improvements and new developments, it can create new markets. It can open doors to safer ways of conducting business and further improve regulations and legislation.

It’s more natural to stomach change if you are the instigator or you see it coming. Having the capacity to mentally prepare for it is a luxury we don’t always have. Often you don’t see change coming, and at the time, it’s often terrifying.

What Past Crises Have Taught Us

WW2

World War 2 bought massive global changes. United Nations was formed in the wake of the war in 1945. The institution to fight for the common humanity to gain the same human rights was created by the desperate need for a change after the war.

9/11

9/11 bought with it the Bush administration War on Terror, and US troops were deployed into Afghanistan. More substantial border control and airport surveillance are a normal part of traveling now. Still, full-body scans and pat-downs were rare before the terror attack.

The Transport Security Administration was created in the wake of 9/11 and increased screenings and security within airports. Before 9/11, much of the security enforcement was conducted by private businesses.

Global Financial Crisis

The 2008 global financial crisis was the most significant economic upheaval since the great depression. Banking and investment regulations have tightened, and consumer household debt has decreased.

Obviously, these are very brief outlines of the changes that occurred, and the effects of each event are far beyond what has been explained.

Like all other crises in the history of the world, Covid–19 is inevitably going to change the way we live in the future.

Only crystal ball gazers would tell you how this is all going to play out, and there is a lot of them out there right now.

But one thing is for sure, change is coming, it’s already here.

Without minimizing the effects of this catastrophic pandemic, I want to sway our attention to the change that may incur due to the coronavirus. Some of those changes, although unexpected, may be beneficial for specific individuals and business sectors.

The Way We Do Business Will Change

Face to face business is a massive expense on companies. The coronavirus self-isolation companies are forced to figure out new ways of working efficiently and effectively online.

Many business travel activities will have to decrease and may continue as time goes on. This could be a very positive change in the way companies are run.

With people working from home, they may have less travel time, an increase in effective communication, and less time wasted on meetings that could have been emails.

Once things have settled down, and there is a vaccine created, this forced remote work system may increase productivity and lower business costs.

The benefits will extend to employees and families. Although they say, distance can make the heart grow fonder, having present partners and parents are optimal for a healthy family unit.

While social distancing is in place and you have the opportunity to work remotely consider if it is something you would like to do long term.

New Markets Will Rise

In a bid to respect social distancing and keep business working, some companies have created a work from home arrangement with employees already. It’s not all doom and gloom for all markets.

Microsoft Teams have increased daily users by 12 million since March 11. Think about that number for a moment.

Slack, another online team communication software app, numbers are also increasing dramatically.

Other markets that are shining are obviously the toilet paper industry but also health supplement companies. There has been a spike in people buying immune-boosting supplements, and this could potentially continue after the pandemic.

Window of Opportunity

Social systems remain steady and stable for long periods until a major catastrophe or, in this case, a coronavirus pandemic hits. The shock forces change, and that change comes with significant opportunities.

If you are ready to invest, this could be the economic downturn you have been waiting for.

Be fearful when others are greedy, and be greedy when others are fearful.Warren Buffet

If you are anything like me you are probably watching the stock and housing markets like a hawk. With new markets, prospects set to rise, and the dramatic drop in specific sectors opportunity is everywhere for those that have spare cash.

Warren Buffet said, “Be fearful when others are greedy, and be greedy when others are fearful.” The hard part is going to know when to move and on what.

Without being a financial advisor, the only recommendation extended is to make use of the extra time at home in quarantine and research markets and opportunities thoroughly.

Social distancing might keep you away from face to face advice, why not take some time to listen to podcasts that will help improve your personal finance knowledge. With so many to listen to we have compiled a top 20 financial podcasts list for you that is actionable and practical.

There will be many that do not have liquid funds available for investment. If Covid-19 has effected your household income, know that you are not alone. Unemployment claims are expected to soar with over 2 million applications this month.

The 15 Day Slow The Spread Guidelines and governors ordering their local communities to stay home will cause many households to struggle.

If you  need help with your personal finances during this crisis you can use our loan calculator tool to find the best loan for your situation
This may be an excellent time to reset budgets, analyze what you value as a household, and plan for a future that encompasses your true values.

The quieting of life that self-directed quarantining brings does holt the western consumeristic need to be busy to have all the ‘things.’ Sit with your family, decide what you really value. This is a moment in history; we hopefully will never get again.

What are your thoughts on the coronavirus and personal finances? How are you financially preparing? Comment below.

Comments (0)

 

You must be logged in to post a comment.

Sign in with Facebook
Sign in with your Email
×

Please rate Coronavirus and The Window of Opportunity