How to prepare for the coronavirus crisis?

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The virus epidemic originating in Asia has already spread to most countries. Experts say that the peak of the disease is still ahead of us. Many people have important questions. How to prepare for the coronavirus crisis? In the face of a real threat to both our health and finances. The current situation can develop in many directions. That is why I will try to provide several possible scenarios of events. Along with information on how to cope in various possible situations.

Facts instead of emotions
Many people, especially women, like to be guided by emotions in life. Meanwhile, common sense, knowledge and experience allow us to make the right decisions. Remembering that none of us is infallible. That is why it is denmark whatsapp database establishing several action plans. Depending on the different situations we may find ourselves in. At the same time, in each situation, providing yourself with resources that will allow you to calmly survive the coronavirus crisis.

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Should I overpay my mortgage?
Many of my readers have mortgages. This is a big burden on the household budget and a commitment that raises many concerns in the face of possible job loss. The question arises, should you overpay your mortgage? Although I believe that it is worth getting rid of all credit burdens. However, we are currently dealing with a crisis pandemic. In my opinion, in such a situation, it is worth having cash. In the face of possible job loss and other sources of income. Therefore, during the coronavirus crisis, I would not overpay mortgage installments. Maintaining free funds as a financial cushion.

Shares of listed companies
Another interesting issue is the topic of stocks on the stock exchange. After a period of bull market, another bear market has come. Which is a natural economic cycle that many investors have been waiting for. The valuations of many companies were already very high and detached from their fundamentals. Therefore, after a wave of declines on the WSE, I am not surprised by questions about readers. Is it worth buying shares now? In my subjective opinion, the valuations of many companies listed on the stock exchange have become attractive. I mean, of course, a longer investment horizon. That is, the possibility of another bull market and the sale of securities, in the perspective of 2-4 years. Of course, there is no guarantee that subsequent waves of discounts will not push the indices even lower. Therefore, in my opinion, it is worth buying in stages. Remembering about diversification, as well as choosing the right companies. Those that have a better chance of surviving and maintaining financial liquidity during the coronavirus crisis.

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How big can the crisis be?
In fact, no one knows how big the crisis caused by the epidemic will be. Although some people may say so, these are just guesses. We have at our disposal economists' forecasts, macroeconomic data and similar situations from the past. It is worth preparing simply for several versions of the development of events. Along with the possibility of losing your job and other sources of income. That is why it is so important to have a financial cushion. Allowing you to survive without stress, at least a few months, and preferably a year. Even if the crisis turns out to be short-lived, financial resources will allow you to sleep peacefully. Thinking about how to invest some of them. Instead of worrying about buying groceries, paying bills, repaying loan installments, etc.