A few years ago I decided to reorganize my finances. I set up an emergency fund to sustain me for several months. I paid up all my loans. I started tracking my expenses. Together with my wife we planted a few acres of pine forest. I started investing in Unit trust and Treasury bills. I started a business with my younger brother. I developed a diversified portfolio of assets. I became financially literate by reading hundreds of resources on finance and money. I started an online financial education program under “The Money Engineer” brand to share this new found knowledge.
It is as if I was preparing for some catastrophe to come. Little did I know that things were really going to get bad in 2020. The global economy has shrunk. Businesses have collapsed and millions have lost employment. Surprisingly my investments are beginning to yield fruit. The trees are growing despite the lock down. I am still earning interest on my investments in unit trusts and treasury bills even in lock down. The crisis has not spared the business and we have had to close operations for some time. My job may not be secure in the long run, but I have since reduced my dependence on a job. I am able to weather this storm because I have diversified my income, assets, skills, and knowledge.
In times of crisis it helps to reflect on what we could have done different. This helps us to prepare for the next crisis (and there will always be another crisis!). The only thing within our control is to prepare as best as we can.
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