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The markets worldwide are in turmoil and economic forecasts predict an unprecedented global recession. Fear about the impending financial crisis are intensified due to your exposure to the 2008 recession. The daily anxiety feels very real, amplified by the international news about COVID-19 pandemic. How can you ensure you will make it through the uncertainty?
The opinion shapers of the world considered the COVID-19 threat for many months. 2020 started with the idea (perceived promise and ‘prophecies’) that this will be the year of a great prosperous economic turnaround for the country. No one have thought that the country would be shut down and everyone would be afraid to go to the grocery store, pharmacy, doctor or hospital.
After advising clients for nearly 35 years, I thought I had seen it all. The 1988, 2008 and 2018 crises, but then COVID-19 trumped it all.
Now is not the time to bury your head in the sand. Unprecedented times like this one, call for immediate action. We have no idea how long, or how deep this crisis is going to last. Some parts of the country will start to move to a stage 4. Positive progress can only happen if the majority of people (two thirds) still have to stay home, and we adhere to curfews.
Firstly, to be able to be successful you have to survive this ordeal. You cannot be well and succeed if you are worried all the time. Secondly, the only way to be successful is to be proactive!
It is time for tough decisions and people and companies will come through this better and stronger.
The question remains, have you done everything you possibly could to make sure you, your business and your family make it through this COVID-19 economic crisis as safely as possible? That is a great start.
I want to highlight a number of recommendations and ideas for you, but remember these are suggestions. Each person, family, business or community’s situation is different and it is important to get sound advice.
Consult a trusted, properly registered financial adviser; do not take self-made WhatsApp, Facebook and social media gurus’ recommendations.
What should I do? Go to Step 1