SBL25–COVID-19: Self Development and Financial Planning

Welcome to SBL025 (Sycamore Business Lab): our periodic blog post where we address issues affecting you and your business.

In these uncertain times, it is reasonable to believe many people are in no doubt looking for ways to manage their cash and cash equivalent balance, and scouting for ways to increase their income and hustle. Indeed, this is a smart step to take, especially with the rise in the number of company cutbacks and retrenchment as well as the complete obliteration of wealth from exchanges. This alone justifies the current diverse thinking of many described earlier.

Sadly, like any other crisis in the history of a new decade (plague in 1720, cholera in 1820 and Spanish flu in 1920), the projected reality of this COVID-19 pandemic is that many may find it difficult to once again get back on their feet financially. Many organizations are redefining what success means to them by becoming more technology-based and optimizing the staff strengths, removing all forms of redundancy. Chances are even after this crisis; some people may not get their jobs back.

What does this mean for you? Self-development and financial planning come into “hard play”. The pandemic has given everyone a fair chance to re-evaluate and self-develop. Self-development creates an avenue for one to attract wealth, depending on the quality of value that one can bring to the table. And there is a correlation between the level of self-development and the amount of wealth one can secure. This, therefore, implies the need to have a financial plan to increase and secure your cash flow.

Recently, many Ponzi schemes and money-making shortcuts like MMM and others like it are springing up again to extort many because they are aware of the level of panic in the atmosphere and people’s projection of what things should look like financially, after the lockdown.

  1. At this point, what is advisable is to remain calm. Yes, remain calm. Especially in these times, where economies are experiencing a downward turn. It is best to not get caught up in the panic so that irreparable mistakes are not made.
  2. It is important to sharpen your knowledge base in terms of where there is a lack. It must be pointed out that this varies for everyone and there is no one-size-fits-all solution. You determine the area where you want to develop.
  3. Realistic financial goals must be set and broken down into easily achievable bite sizes. The motivation to hit your ultimate financial goal comes from the rewarding experience of achieving smaller goals. Hence, it is important your financial goals are both ambitious and realistic.
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Despite this current crisis and the general economic atmosphere, there is an opportunity to make a lot of improvement in our knowledge and skill base. Channeling this new knowledge to create value creates wealth and adherence to a proper financial plan will secure this wealth.

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