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Old 4th May 2020, 20:07   #31
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Default Re: Pause & reflect: How will your life change after the lockdown?

No new big ticket purchases for me.
Would try to avoid traveling domestic/international as have a small kid at home and aged parents.
Would try to hold on to cash as far as possible, and split up my money in banks, you never know who might go kaput !
No new investment ideas as of now, everything seems really dicy for a year or so at least.
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Old 4th May 2020, 20:31   #32
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Default Re: Pause & reflect: How will your life change after the lockdown?

Nothing much would change for me as long as the world doesn’t change drastically. As we don’t work, having retired early, most of our time is spent traveling, eating out, hanging in the city etc. About three days a week we go out and spend whole day eating lunch, having tea and dinner outside. This won’t change for us except we might avoid sitting in a more crowded section and would choose outside seating or seating near an open window if available.

We also use the metro extensively but might drive more often now. However, we will still use the metro when going to crowded places or where it is more convenient. We will probably use N95 type masks inside the metro and normal surgical masks in less crowded places. We won’t wear masks outdoors or even in malls if no one is around unless required by law. We would still hangout at the malls at less crowded times. We never go on weekends anyway. We will try to hangout in gardens and open areas when possible but in the brutal summer of Delhi that won’t be easy. We will still fly domestically and internationally but I would confess that I would be a little uneasy as it is not possible to wear a mask for that long. We won’t postpone any purchases at this point.

Having said all this, I am sure within days we will get less afraid and more careless as it is human nature. How long can we hide and stay away in terror? After a while the fear lessens and one gets back to life thinking what will be will be. For example, the first day I go out, I might be afraid to go sit in a restaurant but in a day or two, I would “risk” it. The next time it would feel more normal. I am more worried about how the world would be.Would there be a collapse of the financial systems? Would there be a breakdown in law and order? How many businesses, malls, shops and airlines would close? How many hotels and restaurants?

Last edited by khan_sultan : 5th May 2020 at 10:52. Reason: Line spacing for better readability
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Old 4th May 2020, 21:21   #33
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Default Re: Pause & reflect: How will your life change after the lockdown?

We have survived epidemics and pandemics in the past and I am sure we will get through this time as well. However, not without a huge cost to the economy. I think the writing is on the wall for regular joes like me to ensure a secondary income that could mitigate such risks and also help feed the family in times of crises.

I am curious to know from BHPians who have gone down that path and built a secondary source of regular income. Trading in stocks, being an online tutor are couple of things that come to my mind. Any other ideas?
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Old 4th May 2020, 21:50   #34
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Default Re: Pause & reflect: How will your life change after the lockdown?

Unlike most, I don't have a very radical reflection or realization, post Corona. While I do have my indulgences, for better or for worse, I have kept myself/have been kept contained from irrational spends.

I do have some significant learnings though:

1) Need for redundancies: have a backup for a backup for everyday utilities/ processes

2) War-chest of essentials: I'm not a hoarder, I generally buy essentials and non-essentials when they're at 10% or just over. This crisis has led me to ensure a basic minimum supply of food, other essentials and maybe even utilities such as bulbs (for eg.)

3) Self-sufficiency: while I have ensured I have the basic tools needed for electrical and plumbing works, I don't have the expertise beyond the bare minimum fixing. I think I might just take up an ITI (or equivalent) course for plumbing and electrical fundamentals

4) Redundancies and automation: While my family is against it, I really want to get a dishwasher and dryer (dishwasher because Indian cooking, and dryer because it isn't necessary given the amount of sunlight we receive). It'll be taking some income off our maid but I feel we spend way too much time and energy on washing utensils and getting clothes dried
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Old 4th May 2020, 21:50   #35
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Default Re: Pause & reflect: How will your life change after the lockdown?

My wife works as a tour manager and she is the top earner among us. From the day the panic stroke our shores, she is out of her job for good foreseeable time. Our savings were mainly from her income since my salary goes out for EMIs and we(read I) were spending much on the 'Wants'. Our plans to foreclose car EMI this year got stuck, all our savings had to be treasured now or else would run dry and burn out.

I have been staying at my in-laws house from March 14 and the expenses had gone down steeply, trying to save every penny I can. Have always thought of secondary income plans, but it never worked out need to start working on that from now.

No purchases anytime soon - be it cloth or be it gadgets. WFH would be the preferred way from now, can cut down cost of fuel and avoid getting infected.
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Old 4th May 2020, 22:42   #36
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Default Re: Pause & reflect: How will your life change after the lockdown?

Here are some of my thoughts:

1) More importance for job stability than just the paychecks.

2) Start saving more, reduce unnecessary expenses. No new smartphone, watch or laptop for atleast a year. Even when a upgrade is needed, won't go for a top-end model (equivalent to say a iPhone 11 pro) but instead a lower model that fits the needs. New car put on hold indefinitely.

3) Try to work from home more, which while supposed to be temporary, seems much more convenient. We could have a system where we work from home for 3 days and then go to the office for 2 days for meetings, discussions etc. It will save on office space, commuting costs, petrol etc.

4) Reduce international travel. While it might not always be possible for me, will avoid as much as possible.

5) Health is wealth - fix my diet and start going for a walk (when its safe to do so).

6) Try to stay more in touch with friends and family who live far away as we have been doing during these lockdown days.
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Old 4th May 2020, 22:49   #37
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Default Re: Pause & reflect: How will your life change after the lockdown?

Fitness and Health.
It is very clear, an eye opener and a deadly reminder that fitness and health are the only asset . This could be the only reason which might save you from Covid.

Apart from it , Savings and Investment will take next priority.
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Old 4th May 2020, 23:42   #38
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Default Re: Pause & reflect: How will your life change after the lockdown?

Being a medical professional here are my 2 cents over post COVID scenario
Telemedicine is not a new thing to developed countries, even developing countries like India are using it to some extent. Numerous applications like expert review/second opinion, follow up of ongoing treatment specially chronic diseases which require frequent visits, health care support to remote places where infrastructure is insufficient, alternative mean of medical practice to conventional system (in pandemic scenario like COVID) are already in use.

Although online consultation is flagged illegal by few state medical councils, registered medical practitioners are allowed to prescribe medicines over certain conditions.

There is a new trend of modern day medical seminar called as "Webinar" (Live Webcast). I have already attended few and got the certificate for the same. I guess actual seminars or conferences will see declining trend over the years.

Modern day education with E learning is picking up the speed. Many of us must have noticed those recent advertisements about online coaching classes enrollment by routine coaching class academies in your area. Till the time my daughter grows up, she won't be needing cycle/electric scooter for her school/college/classes, as she might be doing it online at home sweet home.
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Old 4th May 2020, 23:58   #39
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Default Re: Pause & reflect: How will your life change after the lockdown?

This period (and some unrelated young deaths in the family) has led to a lot of self-realization and sort of a contrary reaction to many:
1) I will plan less and live more. No more long-term planning - only short-term goals
2) ‘Wants’ now even have a higher weightage. Life’s unpredictable, need to get things done rather than postpone joy thinking about long-term horizon
3) Try different things, take risks, explore more places, have new experiences - we are on this planet for a short time, need to make the most of it.
4) Obviously the probability of getting an infection is higher in places like malls, cinema theaters - that doesn’t mean you need to stay at home. Once the lockdown is over, there are multiple places you can go, which are as safe as home. Will explore the unexplored.
5) I have more self-belief now. I’ll survive if things go wrong. Have enough trust in my or/and my spouse’s capabilities. So, won’t become overly cautious about saving for all the things that can go wrong.
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Old 5th May 2020, 00:21   #40
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Default Re: Pause & reflect: How will your life change after the lockdown?

One thing this pandemic has taught me is most of have too many excesses in our lives. All we need is "roti kapda aur makaan," translated- "Food, Clothing, and Shelter." We live with so much excess that companies who sell us these excesses are really feeling the pinch and laying off employees.

Other important lessons:
1. Be grateful for what you have
2. Prepare for any eventuality
3. Have a financial cushion for any eventuality
4. Develop hobbies to keep yourself entertained
5. Invest time in multiple health and fitness activities to ensure you can cope with any situation

Last edited by landcruiser123 : 5th May 2020 at 00:22.
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Old 5th May 2020, 01:59   #41
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Default Re: Pause & reflect: How will your life change after the lockdown?

No drastic change after the lock down. I eat bit more now a days (during lock down) and I don't like it. I want to go back to my normal cycle - light breakfast, 12 noon light lunch, evening tea+snack, and dinner. Try to be bit more selfish, may be.

I may start saying 'yes' to most of my 6.5 year old son's requests as well.

Last edited by Latheesh : 5th May 2020 at 02:07.
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Old 5th May 2020, 09:49   #42
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Default Re: Pause & reflect: How will your life change after the lockdown?

At a very difficult phase in my life as a small scale startup owner. A year and a half back I quit a rather high paying IT job in pursuit of passion and doing what I always wanted to do in life. Being the first year of my "baby", it was struggling enough and the mental stress was through the roof but it was rewarding too at the same time.

What I am keenly looking at is how the spending mentality of people change and how much life and economy will return back to being normal. I know it will take a lot of time but how long? I think we have to just wait and see.
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Old 5th May 2020, 18:35   #43
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Default Re: Pause & reflect: How will your life change after the lockdown?

Quote:
Originally Posted by man_of_steel View Post
At a very difficult phase in my life as a small scale startup owner. A year and a half back I quit a rather high paying IT job in pursuit of passion and doing what I always wanted to do in life. Being the first year of my "baby", it was struggling enough and the mental stress was through the roof but it was rewarding too at the same time.
Hang in there brother....as a start up, if you beat this phase there is nothing stopping you after that. Even if you won't, there are always more chances and opportunities.
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Old 6th May 2020, 14:58   #44
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Default Re: Pause & reflect: How will your life change after the lockdown?

What we are going through now is a shock and most of our thoughts are an immediate reflection of this unexpected shock. This is my practical observation of the current situation. I might reduce my expenses a bit in the short term but I am sure it'll be back to normal levels in a few months. So, I don't expect any drastic change in my life post the lockdown.

The whole economy will crash if all of us start spending only on 'needs' and not 'wants'. This means the majority will lose jobs if we stop spending. Like it or hate it, we all are part of the global economy now and our lives will be affected directly or indirectly when it goes down. We can argue that we can go back to the days of sustainable living but the reality is that it requires a radical change in our mindset and I don't see it happening in practice.

Things will surely get back to normal and maybe it could take a few months to a year but everything will get back to normal. We will start spending on Cars, Phones, clothes, pay EMIs, go on trips, and will certainly keep adding things to our to-do bucket list. We will also work hard to achieve them thereby helping the economy grow further. It's just that it could take some time but we'll eventually be there. Maybe we might start spending more on personal health improvement and savings will also increase, which is good.

Many people mentioned that a passive income is a must and we need to work towards it. While I agree completely with the thought, we need to also understand that it is not feasible for every household to have a passive income. It is not impossible but will come at the cost of something and could mean us losing our present (because we worry a lot about the long term future). We can always try but shouldn't burn ourselves in the process. It'll be good if we learn to appreciate what we have and work towards our goal. It is good to be cautious but fear shouldn't be the driving factor behind our decisions.

Let us look at all the many positive things happened due to the lockdown, appreciate it, help each other wherever possible, and enjoy life. Eventually, jobs will be back, businesses will grow and the economy will revive. All wee need to do is sail through the storm together.
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Old 6th May 2020, 19:10   #45
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Default Re: Pause & reflect: How will your life change after the lockdown?

Nothing much expect avoiding crowded places like restaurants and movies. Though I want to seriously consider alternate income which I have not thought about much.

In terms of savings I have been a super stingy person for a long time, actually from the point I started to earn. I always had the idea of 4-5 month buffer in saving.

Wife is also a non-spender as well and we have been able to shore up 11 months of buffer at current lifestyle. Golden words of parents, always live a lifestyle one notch lower than you can afford
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