COVID-19: Self Palliatives

Everything has changed. Just a few weeks ago, all of us were living our usual busy lives. Now, things we normally do or taken for granted are no longer possible. Daily reports of increasing infections and deaths across the world raise our anxiety and, in cases of personal loss, plunge us into grief. There is uncertainty about tomorrow; about the health and safety of our families, friends, and loved ones; and about our ability to live the lives we love. We now live in days...none seems like Mon, Tues, Fri or Sun again.

With strong belief in God, the Author and Finisher of our faith, I know we will all say to COVID-19: we have come, we have seen and we have conquered! It's so serious that the pandemic presents to us the grim choices between life, death and, ultimately, the economy. The virus throws up a miasma of uncertainties and trade-offs. What a time we are in!

However, what matters most is life after the pandemic. You'll agree with me that this satanic virus has caused a lot of pains and damages to people's finances, investments and businesses. While ruminating over this, the following points become germane to sane reasoning hence I share them with you.

First, let me remind you that health is wealth. Generally, people confuse good health with being free of any kind of illnesses. While it may be part of the case, it is not entirely what good health is all about. In other words, to lead a healthy life, a person must be fit and fine both physically and mentally. Thankfully, I believe you have learnt some personal hygiene lessons in the course of the pandemic.

1. Practice moderation and Diversify your income
Diversification has been dialectic rhetorics in Nigeria for decades. The reality is here! No-one can guarantee his or her level of income in the next few months. If this pandemic persists, there will be job losses, pay cuts and employment restructuring. The onus is us to start thinking outside box and diversify. Relying on a mono-source of income is no longer a wise idea for an individual or organisation. One could suffer significant damage to financial status should anything unexpected events affect the source of one’s income. It is much dire if there is no plan B to fall back on. Therefore, take stock, practise moderation and make good use of the little money you have now.

2. Cut costs and Prepare for the rainy days
While cities and economies are on lockdown, stomachs are never on recess. This implies that basic needs will never cease. Astoundingly, expenditure will be on the rise. There is no need saying “God forbids it” because, after sunny days, the rainy ones follow. Some expenses such as rent, electricity, communication costs (data & airtime) and fuelling are fixed in nature. You should therefore try as much as to control (not possibly cut) them. You should endeavour to save, maintain lean budget and invest something...no matter how small.

3. Borrow (if necessary) and Use debt wisely
Debt is not bad, per se. It is one of many ways companies, enterprises and individuals around the world raise money to do business, make money and expand. Many of the world’s richest people are indebted too because, for people and businesses, debt is a relatively cheap capital. This doesn’t mean you should go around borrowing because debt can also be a burden, especially if used for wrong and unproductive purposes. Note, money borrowed and spent now is in lieu of future income that is yet to come. Aside for survival, this is not a right time to borrow money.

4. Hope for best, exercise faith
All will be well! That's assured. Nigeria in its 2020 budget, assumed a seemingly 'conservative' oil price benchmark of $57 per barrel, but today the price hovers around $20 and $23 per barrel. The very real...reality. Indeed, man proposes, God disposes! Brethren, when preparing your personal budget or planning ensure you apply prudence at all times. Granted, it is not possible to tell how events would unfold, but preparing for those kinds of deviations can help reduce shock when they occur. The best we can hope for in this life is a knothole peek at the shining realities ahead. Yet a glimpse is enough. It’s enough to convince our hearts that whatever sufferings and sorrows currently assail us aren’t worthy of comparison to that which waits over the horizon. When you will say I have come, I have seen and I have conquered. All will be well.