If you have been watching the news recently, you’ll know there’s a lot of buzz about vaccines entering into the final stages of testing. Many of which are shown as high as 90% effective. Now, where you agree with vaccines or not is the issue we’re going to be looking at. The bottom line is, now that there is some kind of hope out of this tunnel, many people will take it and that means a return to normalcy is around the corner. Or is it? Let’s be honest, governments have printed a lot of money, there’s a lot of debt, a high unemployment rate and that doesn’t sound like a return to a normal world, does it? So, every family must prepare for this strange new post-Covid-19 world.
Prepare for higher taxes
Central banks have been pumping liquid into the markets, trying to prop up stocks, bonds, and businesses. But all this is going to come at a price. We won’t feel it for a few months, but eventually, the governments around the world will do some belt-tightening and that can only mean one thing. Higher taxes! It’s common knowledge now, secretaries to their respective treasuries in cabinets around the world, are hinting at new taxes, higher old taxes and cutting public spending. So your family should now make some cutbacks, and start putting away more savings every month. Cut your grocery shopping bill, don’t waste utilities, and put off that holiday you have been begging for.
Search for jobs
Even if you are currently employed or on furlough, you should hedge your bets and look for a new job. Use a website that has lots of opportunities for your specific career. For example, if you’re a doctor, nurse, or surgeon, or anyone in the healthcare industry, you should be searching for job openings on a website like this. They don’t involve other careers in the list of jobs, it’s not confusing and you are shown jobs in all the states, various hospitals and use the filter feature to find your specific job role. Even if you don’t intend to go for any of these jobs, just getting into the habit of searching for jobs, improving your resume, gaining contacts you can call if you need to, etc, helps you become unemployed.
The reason why governments and new channels are not blaring the warning signs is that the fundamentals of the economy haven’t changed much; yet. Even though we’re in a recession that is actually, worse than 2007, the structure of the economy is intact. But this shouldn’t phase you, nobody knows when this is going to get better. So be in a recession money management mindset. Ask your kids to make their clothes last a little longer, don’t drive unless you have to, don’t put the heating on before you have tried putting layers on, etc.
All families should be preparing for a tax hike, so start cutting and saving where you can. You should also be prepared to search for a new job, should you become another statistic too.