THE RISK AND IMPACT OF COVID'19 ON INDIVIDUAL FINANCIAL SYSTEM.

THE RISK AND IMPACT OF COVID'19 ON INDIVIDUAL FINANCIAL SYSTEM.

By Optimist Ibk, Founder of Life Influencer Foundation.

17:00 (WAT)

Despite the significant medical progress and intervention to combat the epidemic outbreak which is affecting many countries of the world, the COVID'19 is still spreading in high percentage rate. This spread which has impact on individual economy through several channels such as shutting down of industries, aviation companies, academic institutions, transportation, agriculture, market, clubs, religious centre, tourism, political meetings, and many others.
The spread of the  virus will stand as alarming setbacks on individual economy!

This remains a significant trait throughout the world, in that the plague has pushed the economy of many to a standstill situation.

THE EFFECT OF THE OUTBREAK
The effect of the COVID'19 pandemic outbreak on company owners who have tested positive and died in the process may lead to the close down of their companies if there is no proper organisation set in place, and this will caused a lot of persons to loose their jobs. Many students won't be able to go back to school due to financial meltdown or death of their sponsorer caused by the pandemic in many nations of the world.

Beyond shock, many health workers have died in the process of carrying out their professional duties, limiting the capacity of dealing with the pandemic, the call for more medical workers is on a  high demand. Government like USA are considering to graduate their final year medical practitioner in order to help in combating the virus, many countries also calling for the help of doctors from other countries.

Fear of infection has resulted to social distancing which stand to affect economy, many have gone on quarantine and some on self isolation because of symptoms developed out of fear.

To stay safe from the spread of the virus, many let go of their businesses, and the ban by government on several industries has made many to reluctantly closed down their work.

THE ECONOMIC RISK RESULTING TO ECONOMIC DEFICIENCY.
The International Labour Organisation (ILO) also disclosed that about 25 million people would become unemployed, while over $3.4 trillion income would be lost to the novel Coronavirus globally, this is quite risky and might affect global economy.

This might have effect on individual payments of bills and meeting other financial commitment, as this spread of the virus is increasing daily in USA, Spain and Nigeria as well.

However, some sectors are benefitting financially, while others are suffering disproportionately.
Pharmaceutical companies that produce vaccines, antibiotics, or other products needed for outbreak are big beneficiaries. Companies that produce health infrastructure are of advantage, people into agriculture, network providers are also included.
But this can't be compared to the big loss on individual economic systems.

MANAGING THE RISK ON INDIVIDUAL ECONOMIC.
GOVERNMENT INTERVENTION
COVID'19 risk is complex, but policymakers have tools they can deploy in response.
Considering the way out.
The suggestion by the national Leader of the ruling party in Nigeria (APC) Ashiwaju Bola Tinubu, is a very good example, he called for the immediate suspension of Value Added Tax (VAT), he also believes the immediate suspension of VAT will help to protect individual against shortages.

Canadian Prime Minister Justin Trudeau rose up to the occasion by announcing that Canada Emergency Response Benefit will give $2,000 to any worker who loses their income as a result of the novel Coronavirus. 

These will really stand as an avenue to protect the finance of individual to a large extent.

INDIVIDUAL INTERVENTION.
The pandemic positive impact may be slim, but those that set their mind into self development will see this unfortunate situation as a huge blessing in disguise.

The notion that your network is your networth is a clear truth beyond any iota of doubt.
The big question is, how can I make my desired network? I have no doubt that this may be a critical issue that bother a lot of individuals in everyday life. Yes, to leverage a network may be quite difficult in terms of reaching out to the person you need to connect to.
As big the as the question is, big opportunities, so also there are big opportunities presented by the COVID'19 pandemic.
80 percent of busy people are free with less stress.
Significantly, the total lockdown in countries like Spain, some part of USA and states in Nigeria stand as a huge avenue for reaching out in creating your desired Network.

I understand that it may be difficult to get through to some persons, but the fact remain that most persons will give a swift response to mails, message popping up in their social media handle and professional social platforms such as LinkedIn.
The major visible way to get attention of the desired Network is to have a problem to solve.

THE BALANCE KEY TO LEVERAGING.
This is actually the best time to do the long waited online course, enhancing creativity on personal skills and gifts and reading the books that might help to sharpen financial Intelligence.

THE REAL GIANT AFTER THE OUTBREAK.
Those who have invested in real property have a great advantage and a place to fall back to. Reason is that the value of a landed property is not based on economic crises or pandemic, it is based on the rent occupier/tenant pay.
The fact that many businesses will crash does not signify that property will be depreciate.
People investing in real estate do not have to be concerned about market crashes or pandemic affecting the economy, one reason is because investment on properties is safer than investing on business.

MY CONCLUSION.
The current pandemic may be a disadvantage in the world economy and individual.
But the truth is, leveraging the opportunity presented during this pandemic can birth a positive impact to enhance individual financial system.
Many may fall into bankruptcy after the COVID'19 Pandemic which will affect businesses and global economy however, people who have invested rightly will have where to fall back to.
Maximizing this period by learning and developing skills will also save a lot of persons from economic crises that may happen after because of the COVID'19 outbreak.