Every experience provides an opportunity to learn, re-learn and unlearn. The ongoing pandemic is no different. Using trigger words, the following lessons are not only personalised but also relatable to many others:
FIRST LESSON: BUDGET
A budget still remains relevant in times of uncertainty. If you’ve been doing it, great! If you have not, it is never too late to start. Budgeting is simply planning how you will utilise your earnings, pocket money, cash gifts, etc.
When that month or week you budgeted for is past, the budget serves as a reference point on which you can reflect. Assess what you should not have purchased, what you should have and take the learnings. It has been so helpful to me.
SECOND LESSON: SAVE
I am still saving. I hope you are doing same. In fact, by staying indoors, I have been able to save more. Now I cook more, especially with the uncertainty of the future, I weigh the cost of giving all that money to a vendor. Can I maximise it better?
The rules of saving still apply – set/top up your emergency fund first if you don’t have any immediate debt to pay.
Anything else, I’ve just kept stashing it away. So I call that my “stash” account.
THIRD LESSON: PRIORITISE
I’ve definitely had to reorganise my priorities.
Imagine spending 15k (naira) on data on month – I still think data is expensive in Nigeria. Five weeks ago, anything higher than that would have been outrageous. Right now, it’s not a big deal for a number of people anymore. In essence, it has become a need in order to complete online trainings, lessons and stay in touch with the rest of the world.
Of course, that means, some other item on my list has started to decline. Perfect example will be, transportation.
I am not going anywhere. I am practicing SOCIAL DISTANCING. That typical expense line item now feeds into internet data.
When not exhausted, that’s an opportunity to save more.
So you see, it’s almost like a never-ending cycle. You’re saving, investing, spending and sharing.
Speaking of sharing, my opportunities to share have increased as well – various NGOs have engaged in fundraising opportunities to help those negatively impacted by the pandemic.
FOURTH LESSON: EARN
Have you seen the number of people making face masks and selling?
Or people taking order for home-cooked meals and delivering them?
Trust me when I say, in every crisis there’s an opportunity.
Let’s take it further and look at how well Zoom and every online platform is doing. The valuation of those companies are increasing.
Do I have stocks in those online companies? Unfortunately, no but those who do are earning – capital gains.
Others have created online courses & tutorials, written e-books, kicked off YouTube channels, etc.
So, I’ll break this down.
If you have a sewing machine or a parent/sibling who does, you can actually make cloth face masks. You can decide to put a post on your status asking those who are in need of such- just to determine your market size.
If you were an expert at Food and Nutrition classes (I was an Agricultural Science student so I can’t really say), you may explore making meals. Put up a post and find out people that have that need. You just never know. Do an assessment and see how to price it. For capital sake, you may have to request for payment before delivery but remember to fulfill your side of the bargain. This applies to those already good at pastries and smoothies. Same applies.
Explore teaching what you know for a fee. Set up a WhatsApp group or if you can afford it, have the classes via Zoom. If you don’t charge a fee for the online teaching, you can go on ahead to create a material that has more content than you taught and sell. What you’re teaching doesn’t have to be a product.
Perfect example would be a session I recently attended on International Development opportunities. It was free but there was an offer for an e-book with more details. I paid for that e-book after the session.
Personally, I’ve kicked off conversations on publishing a children’s e-book based on content I wrote 7years ago (still relevant). That far back.
My point is, there’s always a way. Partner with someone if you have to.
FIFTH LESSON: CIRCLE
I use the word “circle” to describe those around you.
Your relationships- those you call friends and siblings.
Watch your circle.
Case in point would be when a colleague of mine was talking about ordering clothes and shoes from an online store in the Turkey. Why? To take advantage of the slash in prices – never miss out on a good sale.
Slash in prices may be a good idea but in the midst of an ongoing pandemic? When borders are shut? Tying precious economic resources to things you don’t actually NEED? Definitely a bad idea.
I refused.
You may think it’s not a big deal but it is.
People you regard, influence you. It’s not every time we think things through and when we don’t, you don’t want the wrong suggestions around you.
In this case, people around the world are being retrenched. The next source of income isn’t sure except the one you command – people like us in this scenario, definitely do not command our employers. Spending wisely is key. Anyone not exhibiting that level of wisdom should be not be taken seriously?
Focus should be on health, food, internet and self-development opportunities.
In conclusion, if you haven’t read my last post, you should. Some of you may have been adversely affected by this pandemic. Your parents and guardians may have been as well.
The goal is to not to live in despair but to view money as a tool for getting through hard times.
Life is unpredictable, especially when a pandemic is ravaging the world.
You must always do what you can to prepare.
Always.
