How to Navigate the Financial Crisis

Wall Street

Reporting on the economic impact of COVID-19 on the global economy, BBC News has reported that the International Monetary Fund (IMF) believes that this may be the worst economic disaster the world has faced since the Great Depression, a global calamity that occurred in the 1930s. The BBC also quoted a United Nations study that states “81% of the world’s workforce of 3.3 billion people had had their place of work fully or partly closed because of the outbreak.”  

While there are good reasons for us to hope that things will improve in 2021 because of Pfizer’s successful clinical trials of a new vaccine, it will still take some time for the world to recover from the shock of the rapid spread of the Coronavirus. The outbreak resulted in an international healthcare crisis, governments imposing lockdowns to slow the spread of infection rates, and corporations closing down or reducing staff.    

Meanwhile, millions of people throughout the United States face a no-win situation. On one hand, creditors still expect them to pay their bills, but on the other hand, they have lost their steady source of income. 

While many people in this country are striving to cut expenses to keep their pecuniary affairs afloat as the COVID-19 virus sweeps across the entire world, these are not your only options to make it through these difficult times. Here are some other strategies that you can also deploy to navigate your own personal financial crisis. 

Get Some Legal Advice

When faced with issues related to debt relief, it’s important to find a law firm to help you navigate these complex waters.  Boulder Legal Group suggests that you find the right firm that you feel comfortable with, that can help you figure out how to get past apparently insurmountable financial challenges. 

Professional legal advice can open up a novel way of looking at things and give you insights into different approaches you can take. 

In fact, you might even become more aware of how you’ve misinterpreted things. Your hopeless situation may not be as bad as you thought, with a simple solution available to put it behind you.

Side hustle setup in the garage

Launch a Side Hustle

While one approach to a personal economic crisis is damage control by cutting down expenses and getting much-needed legal advice on issues such as debt relief and filing for bankruptcy, another approach that you could use as well is to figure out how you can rebuild your finances.  

Although this may seem a little far-fetched during this time of economic scarcity, it might surprise you how a little reflection on your ability to upgrade your earning potential can transform your future. 

Here, for example, are three ways that you could awaken your inner entrepreneur:   

 

  1. Dream big. Put aside your reservations about the futility of idealism and envision a better future for yourself. Perhaps you have overlooked a talent that you could monetize and turn into a side hustle. If, for example, you have been a hobby photographer, you could use your skill at taking excellent photographs to become a freelance photographer. Maybe you could take pictures of newsworthy events and sell them to the news media.  

 

  1. Learn a new business skill. Even if you don’t have a latent talent to develop and monetize, you can always create one from scratch. With so many online tutorials offered by professionals in all kinds of fields, you could learn a new craft. Perhaps, for instance, you could learn how to create websites using WordPress templates to help local small businesses create an online presence.  

 

  1. Work with an accountability partner. For some strange reason, we always appear to perform better when someone is watching. By finding an accountability partner, you are far more likely to be proactive about creating a side hustle and far less inclined to procrastinate over launching your dream business. 

 

See the Opportunities in a Time of Crisis

We live in interesting times and your future depends on how you view our current global crisis. While most people saw the Great Depression as calamitous, it was also a time when many people became rich. Paul Getty, for example, who received an inheritance of $500,000, didn’t hoard his money but bought oil stocks at bargain prices. He created an oil empire that rivaled that of John D. Rockefeller, which is no small feat considering that American historians view Rockefeller as one of the wealthiest people in modern times.