Turn the Coronavirus Economy Into an Opportunity

It seems like everyone has been impacted by the coronavirus in some way. You may have had your hours reduced, been furloughed, or even been laid off completely, but that doesn't mean that you need to come out of the coronavirus pandemic worse than you went in. You have the chance to emerge victorious and turn the coronavirus economy into the greatest opportunity of your career.

It might seem like the worst time for a career change with a record 26.5 million Americans out of work, but if you've already been laid off, that might be the best decision you could make. Many people are already unhappy with the jobs that they have. If you were part of that cohort before the economic downturn, why would you go back to the same job you had before? No one is going to blame you for being laid off due to the coronavirus. Use this time to network and learn as much as you can about the field you want to go into. Many businesses are surviving the coronavirus, and are specifically looking for employees laid off from the industries that were hit the hardest.

What if you're one of the fortunate ones who've been able to keep their employment? If you don't already have an emergency fund built up, now is the time you absolutely need to be stashing cash away in a rainy day fund. A new car might be cheap, and vacation packages might look tempting, but no one can definitively say how long this economic downturn will last. You need to be sure that you have a savings built up in case you're laid off and can't immediately find work for the bills that you already have.

If you already have a sufficient emergency fund built up, now might be the best time to invest in the stock market and take advantage of some of the lowest equity prices in years. Much like the pandemic, no one knows where the bottom of this equity market is, and no one knows if we've already hit the bottom. The most likely scenario is that we're not at the top of the market, even if stocks go a little lower from here. If you're not already you should look into maxing out your 401k, and health savings accounts (HSA), if you have one. Once you've maximized both of those accounts, there are still many more opportunities to take advantage of while the stock market is depressed. Historically, now might be the best chance you have to increase your wealth for many more years.

The coronavirus has had many negative side effects, and many have even lost their job as a result of it. Retail stores are still trying to figure out how to open, and oil is at an all time low, but that doesn't mean that everything has to be bad for you as a result. Take advantage of the opportunities before you. Change your career path, build up your savings, and invest what you can. Save up the money you're saving from not shopping or eating out and invest what you can. Your future self will surely thank you.