Category: Personal Finances

Opportunities Knock despite Covid-19 Crisis

Despite the financial stress, uncertainty and knock-on impact the covid-19 crisis is causing for the economy, businesses and households, there are also multiple opportunities for people to create wealth for themselves amid the crisis. Looking at history various companies that have grown into massive multi-national companies were in fact born during a time of recession.
Look beyond the challenges to see the opportunities. Here are a few opportunities to look at.

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Lockdown Financial Health Check

Lockdown did force us to slow down, to reflect on our lives and businesses / careers and to make certain adjustments. Sometimes we need to face the harsh reality and answer the tough questions, whether we like it or not.
Financial wellbeing is one aspect that comes to mind. Whether lockdown had a severe, mild or no financial impact, this is a good time to spend time on your financial wellbeing. Is your finances in order? What changes do you need to make to be in a better financial position if something like this has to happen again?

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SARS Relief to Benefit Cash Flow

Concerns were rightfully raised about the various relief options been announced to help individuals and businesses been affected by the national lockdown enforced to stop the spread of the coronavirus. Amidst the negativity, uncertainty, stress and questions, SARS announced their relief measures. Eventually the dark cloud got a slight silver lining for some tax payers. The SARS relief options whereby a portion of PAYE and provisional payments will be deferred with no interest and penalties, will truly benefit taxpayers’ cash flows. This is the kind of relief most people, being heavily affected by this crisis, were probably looking for and hoping to receive from all role players.

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Your Saving Grace: An Emergency Fund

The real value of having an emergency fund will only be fully appreciated during an emergency like the current pandemic. During the lockdown period imposed to stop the spread of the coronoavirus, both businesses and individuals are severally impacted. The individuals and businesses who are probably less stressed are the ones who have an emergency fund in place.

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Coronavirus: Business and financial lessons

The impact of the coronavirus on the economy, businesses and individuals will be phenomenal.
Suddenly terms like ‘unforeseen circumstances’, ‘in case of an emergency’, ‘in the event that’, ‘potential risk’, ‘probability of an unforeseen event happening’, ‘what if’, ‘if it happens to you’, became a harsh reality and the real meaning of these terms became clear. Yes, ‘emergencies’ and ‘disasters’ can in fact happen. It can happen to all of us and it can happen at the blink of an eye.

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