4 Lessons From Covid-19

We are living in a world that is Vulnerable, Uncertain, Complex and Ambiguous, which is in short called VUCA world. Things have started to be unpredictable due to the inventions of technology from the beginning of the 21^st century, but it happened so far only at the level of individual and organization. COVID-19 has caused this uncertainty for the first time on a massive level. Millions of people all over the world have lost their livelihood due to the economic blow caused by COVID-19.

The Baby Boomer generation, who are born between the 1940s and 1960s, had a balanced life and their behaviour is driven by rules. They go by the rules and have a contented life. The same thing more or less happened for the next generation, who are called Gen X who are born between the 1960s and 1980s. Their behaviour is driven by incentives. The people, who are born between 1980 to 1994, are famously known as Millennials who are self-driven. Though they were not born with technology, they are the one who developed technology to a new height and are called Digital Refugees as well. The generation who are born after 1994 till 2007 is called Digital Natives who belong to swiping generation, and are digitally inclined.

With this, we can deduce that the world has become so complex, that, as of now 4 to 5 generations are living together. Apart from the generation gap, we are extremely vulnerable to the things that change so rapidly. Considering the effects of COVID-19, let me list out 3 things that we should learn from this pandemic.

1.     Save For The Bad Weather:- The luxury of an earlier generation has become the need of the present generation. Till 2009, our family of 4 had only one mobile. Now with the usage of technology, even in the field of education, a separate mobile phone for a teenager is quite common.  Mobile phone to each and every member of a family is just a small example. However, in the race to pursuit all luxury, people often forget to save money for difficult times. Financial experts say that an individual should save at least six months of his expenses. Even if he has invested his earnings, he should invest the money needed for six month’s expenses in a scheme which is less risky and can be liquidated at any given time. There is enough financial literacy all around, but most of the average income earners fail to follow this as they claim all their income goes into paying one or the other debt.

2.     Say No To Luxury:- I don’t claim to be a miser or minimalist, but one of the wise financial decisions I have made in my life is that I never owned a car, even if I could afford to buy one. Since I am single, two-wheeler fulfils most of my travel needs. I have seen many people around me who have owned four-wheeler, though their earning and other commitments are not suitable to own four-wheeler at that juncture. I have even noticed people owning houses beyond their income capacity. For Indians, getting their own home has sentimental value. But, one should not lose their mind while making such important decisions. Owning a house is not wrong if it is a need, but one should also look at the expenditure and say to luxury.

On many occasions, I have witnessed people giving excuses for saving money claiming other commitments, but never mind splurging on the things they don’t need.

I don’t claim that owning a house or a car, or any other luxury such as branded smartphones or watches is wrong, but one should always keep their expenditure and savings in check.

3.     Upgrade Your Skills: What got you here may not get you there. You might have survived all these years in your business or in your profession, without learning new things. The age of consistent performance has long gone. This century demands continuous improvement in an individual as well as in any organization. The skillset you have so far may no longer be in use, and may also prove counterproductive. Look around and see what skills you are lacking. Instead of complaining about the changing scenario, think what best you could do. There are many courses available online, some of which might suit your professional requirements. Get a certified course that helps accelerate your career. 

Since the job market is too volatile, changing your profession might prove risky. But, if the future of your profession/business is so bleak, and getting a paycheque itself seems challenging, then you should give a second thought regarding your present profession. If you are a professional, you can start offering freelance service of your skill, and once you are confident about your skill, can start your own business or join an organization as a full time professional. If you are a businessman, look for a new business opportunity. Start small to test the water, and once you get to know about the pros and cons you can decide upon expanding your new venture.

4.     It Is Not About Winning The Game: Every organization or an individual wants to prove themselves that they are always number 1 in the game. But the game of business or game of life is not like an actual game where there is a beginning and an end. Anyone can join the game at any given time and end the game sooner. For instance, if a company is in a particular business with no competition, that is not the end of the game. A new company may emerge at any time with more competence. Ultimately it is not important that who wins the game as the game is not finite. This is an infinite game where who stays longer in the game is more important.

When it comes to life too, you think that many people are leading a better life from a materialistic point of view. But the game never ends like that. If you realise the purpose of your life, if you are leading a peaceful life, then the quality of your life is far better than the others who are financially well off. Therefore, only mind if your today is better than yesterday in terms of knowledge and spirituality. This way you can lead a meaningful life.