• Learning Experiences

    Happy Phriday!!!

    The coronavirus is definitely having an impact on the world in all facets of life. There is nothing light about people being sick or dying. Before I get into the blog today, may God bless the families who have lost a loved one and to all of the frontline works as well as medical staff working to help others.  My question to you today is, as we are living in this, are there learning experiences you can take from it?

    Financially speaking, I believe there are a lot of takeaways. First, look how business have reacted to a downturn in revenue. Within 3 weeks many small business do not have enough operationting income to maintain employees. Some larger businesses are unable to operate with out an immediate revenue stream as well. This sounds similar to living paycheck to paycheck for a household. What learning experiences can that give you for your personal finances?

    Since many businesses, operate using debt, we can see how, even with a bailout loan from the government, financially the business is under the government or lending institute. On a personal finance level, it's the same. As you take on debt you are giving the lender authority. So was whatever you bought with the credit card worth it? Was buying the car you couldn't afford (and probably can't drive much now) worth it? Any learning experiences from aquiring debt, especially with things so volatile?

    From a planning standpoint, no one could have predicted coronavirus would have outbreaks to this magnitude. But if you plan for rainy days, meaning having cash on hand as "insurance", 3 to 6 months of expenses it would definitely help you weather the storm. Even if you were laid off or have a pay cut. What learning experiences can you draw from having an emergency fund now?

    This is not a post to try and belittle or hurt you. If you've going through hardship right now, I sympathize with you and pray God would give you the wisdom to make it through this pandemic. Take a look at yourself and observe the financial position you are currently in; what learning experiences can you take in order to do better next time if God chooses to give us a next time? 

    So please choose Faith over Fear for your finances and reflect on learning experiences from this pandemic, build a plan on how you can do better after this, and may the Lord keep us as we go through it!

    Picture credit: here & YouVersion 


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