SARS pandemic in 2002 only lasted for 8 months. There were no widespread lock down and no millions of jobs lost. Economy around the world were not that much affected.
Then came the COVID 19 pandemic which was believed to start as early as Dec 2019. It’s now October of 2020 and still no sight of getting better. 2nd wave or even 3rd wave of infections are still ravaging several countries. The total of daily infection are still high.
Economies are badly hit, millions of jobs lost.
With no silver lining in sight, it’s best to hold on to your cash and spend as less as you can. We still don’t know until when this pandemic could last and until when we can get back to normal.
Aviation industries predicted it will take more than 2 years before it goes back to pre pandemic level. Same with tourism industries. For those smaller businesses, they already closed their doors to avoid further losses. While some can still bear the impact of the pandemic, most will not see the light.
There are no secured jobs during this pandemic. There are news where hospitals laid of nurses due to lost in business. Even those in healthcare industries, there are some who opted to resign instead to not compromise the health of their families. In Philippines, nurses and doctors are not well compensated. Compare to the risk they are taking everyday in dealing with the virus, for some it’s better to stop and wait till it’s over.
Hold on to your cash for now, stop buying unnecessary things. Having emergency fund is something most people learned during this crisis. While there are still no vaccine in sight, the agony might prolong and affect even more jobs. Forget about investing right now if you have just enough funds to go by. Try to be secure and hold to as much cash as you can. Limit your exposure to risky opportunities and ventures. Try to survive and outlive the pandemic.