These Are Uncertain Times, Find Whatever Sources of Income You Can

Our parents and grandparents have been through their fair share, it’s our turn now

Is the Economy going to get worse before it gets better? Most financial institutions will tell you that your money is gonna be okay, but they’re only saying that because that’s what the general public wants to hear, and these billion-dollar institutions are way above that to even care. Most will even tell you about how “normal” this cycle is — that when economies crash, they always end up recovering. We’ll, there is a bit of truth in that, but these time frames are set in years, and some can even go for a decade. The truth is — nobody knows what’s gonna happen.

The markets are a living organism, whose movements are dependent on the events of the real world. And the real world is on the edge: with the 4-year electoral cycle resetting the US anew; the high tensions in maritime trade routes such as the South China Sea and the Strait of Hormuz; the global impacts of Climate change; and the civil unrest of the growing population of poor and the middle-class. These, on top of COVID-19 are historical wildcards that spell a recipe for disaster, and I believe we are now in the throes of a major economic collapse. It will take a significantly long time before it gets better. The major growths in the US economy are mainly spearheaded by consumer electronic companies like Apple. The sad truth is — Apple getting richer and richer will not save the world.

We have never had a global pandemic like the one we have right now. Each day, scientists are finding more and more clues as to the nature of the SARS-CoV-2 virus. Even recently, it was discovered that the virus hijacks your ability to feel pain and discomfort making you feel normal in the first few days, increasing your chances of spreading it.

Human beings however, are very optimistic creatures. We have been through two World Wars, and previous global pandemics. Investments on health and pharmaceutical companies are steadily on the rise — along with the promise of a new vaccine of course. If we were to recover, it would be in four different scenarios.

The Different Shapes of Economic Recovery

There are four ways in which how our economies could recover. All of which are dictated by the Gross Domestic Product (GDP) and time.

L-SHAPED RECOVERY

The L-shape recovery is a sharp decline followed by slow recovery. It is the worst type of recovery scenario, it may take several years for the economy to bounce back, and is also called a depression.

W-SHAPED RECOVERY

The W-shape recovery is also a sharp decline followed by a rapid bounce back up near the point of descent, and then another period of sharp decline before it ascends again into full recovery. It is projected that it will take 2 years.

U-SHAPED RECOVERY

The U-shape recovery is a gradual drop, followed by brief stagnation, then a steady and healthy rise afterwards. This could take 1–2 years.

V-SHAPED RECOVERY

The V-shape recovery is a sharp decline followed by rapid recovery back to normal levels. This would take less than a year and is considered the best-case scenario.

A U-Shaped recovery is what most CEOs are expecting

According to Marketwatch, in a survey of 3,400 CEOs across 109 countries by YPO, a 60% majority of them expects a slow U-shaped recovery from the pandemic.

Save up and make that money

These are uncertain times, we can’t be too choosy. Massive layoffs are happening across the globe in unprecedented scales. Big brands are closing one after the other. Important economic players like the airline industry might not even recover. Oil and gas companies struggle to keep afloat amidst price wars between Saudi Arabia and Russia. In my city alone, a good number of establishments have closed their doors permanently. This is not an isolated case.

“ we just can’t win”

That’s what my former boss used to say when we are faced with tasks that are too unsurmountable. But it’s not a call to surrender — far from it, it’s acceptance. Take a step back but keep pressing forward. Keep doing the job but within a realistic margin.

Jobs are now a dwindling and finite resource

Whatever has happened to the world is not your fault. Take whatever job you can. No decent person is gonna look down on you for it. There’s a good chance they are going through the same thing. The markets have been affected to a degree that it doesn’t matter who's sitting in office anymore, it will take some time to recover. Be wise. Leverage your capabilities and find any source of income. Adapt. If opportunity comes your way, seize it. Chances like those are an invaluable and finite resource. If perhaps opportunity arises in another country, pursue it, don’t let borders be a hindrance. Be sure to choose a hazard-free occupation. Your health precedes all. You are your most valuable asset.

Even the wealthiests of people have been through countless ordinary jobs before they became who they are now. Jeff Bezos, who is arguably the richest man alive, used to work at Mcdonalds before his online book selling company Amazon became the juggernaut it is today. In my recent visit to Seattle, I saw entire city blocks and skyscrapers brandishing the familiar colors of Amazon. I wouldn’t be surprised if they owned half of the city. Be your own Jeff Bezos, be an inspiration.

Save some money and invest. The economy is at a downturn, when the markets are at their lowest, the can only go in one direction — and that is up. Better yet, invest on yourself. If you’ve managed to save extra money, go back to school — this time you have the most potent weapon of all and that is your newfound conviction. Increase your hireability. Get certification and training. Strategically plan your route. As of November 11, 2020, we have more cases of people infected with COVID-19 now than when we started the lockdowns.

The ones before us have gone through similar hardships, and now, we are the ones next in line. It’s our turn now. As the landscape changes, new labour demands are emerging, and these gaps need to be filled.

Don’t be too hard on yourself

Whatever has happened to the world is not your fault. You are innocent. Taking a step back is not weakness, it means you’re smart — and that means you’re strong. Keep moving, build up your skills and your resources, so that when time comes that everything is more-or-less back to normal, you’re more than ready to be on the front lines and lead the charge.

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