New Delhi, Business Desk. The outbreak of the Corona virus has caused the worldwide economy to collapse. Millions of people have become unemployed due to the closure of industries, businesses. This number is also increasing rapidly in India. The corona virus crisis has not only been a health crisis, but has plagued mankind in every way. Most companies in the country are doing salary cuts, layoffs. So there are some things that you should also learn to deal with this unexpected crisis.
1- It is very important to have an emergency fund: Often people do not have an emergency fund. However, a lesson can be taken from this epidemic that it is very important to have an emergency fund. People without emergency funds will have to go through a financial crisis after losing their jobs or after salary cuts, as they will not be able to pay MI, bills etc.
2- Health insurance required: Coronavirus is an unprecedented health crisis that has killed millions of people worldwide. It has broken the health services of many countries. So at such a time you should have a health insurance. One reason for purchasing a health insurance policy is that the insurance cover given by your employer will not be ineffective in the event of retrenchment / job loss.
3- One source of income is not going to work : Have you ever wondered why millionaires, billionaires have many sources of income? This is because life is unpredictable and having multiple sources ensures that in times of crisis, you will have options to trust. People who depend solely on one job for income often face economic crisis.
If you lose your primary source of income, you will face a lot of difficulty in running your monthly expenses. If you still depend on only one income source, then it is time for you to consider it. Consider ways of raising income through other options, such as part-time jobs, freelancing, online content creation, money on rent, etc.