Malaysia is now implementing a Restricted Movement Period from the 18th of March until the 31st. During this period, everyone is advised to stay home. This means no social gathering, no religious events, and no school. However, staying at home for two weeks is not going positively impact finances. Most companies except for the essential ones are asking employees to stay at home. While this might seem all fine and well, it’s actually worrying. As a result from the lack of production, companies will likely see a loss which can translate to employees getting a pay cut. So what can you do to help secure your finances?
Many of us are probably wondering if investing is a good idea now. After all, the stock market is crashing and each day brings a whole new environment for investing. Real estate, gold, and even cryptocurrency are seeing really low numbers.
Therefore some of you might be thinking it’s a great time to invest! But please do your research before investing in anything. Firstly, make sure that you have enough money to support you and your family if anything happens.
Next, read up about the company or asset’s CURRENT situation. Each day brings a new environment to the finance industry. You will need to be prepared for anything that can impact your investments. Make sure the company you’re looking at can survive these times and emerge strong. See what experts are saying and read more than one persons opinion.
I would also suggest that if you do choose to invest, then do so over a long period of time. Do not dump all your cash in within five minutes. Practice dollar-cost averaging during this time to minimise losses.
Many companies still require work to be done, no matter how slow the pace might be now. While freelance positions might be hard to get, it’s still worth a shot. After all, online companies such as media based ones will need to produce lots of articles during this time.
Perhaps you can reach out and help write a few articles or publish content on a freelance basis.
Besides, there is plenty of work that can be done via the Internet. Someone might need help with their studies. Thanks to Skype you could do a little tutoring session from the comfort of your home.
Additionally, check out if anyone around you needs help. Especially homes with old folks who are unable to go out during this time. You could offer to walk their dogs around the neighbourhood, grab some groceries, and even cut the grass for a small fee. Of course do this reasonably, keep a safe distance and practice good hygiene.
As crazy as this might sound, please remember to support local businesses. These folks will be running the biggest loss as they lose customers. I do not encourage you to leave your home during this Restricted Movement Period.
However, if you really do need to go out to grab some groceries or takeaway a meal then please do so with local businesses. Visit that aunty with the yummy chap fan instead of going to a chain restaurant. Buy your bread and canned food from the kedai down the road if you can.
Please do all these reasonably. Only leave the house under the utmost necessary conditions. But when you do, please think of others and how their businesses need your help.
In the long run, you will be helping our local economy!