The outbreak of Coronavirus across the globe has rendered millions of employees jobless and because the discovery and potency of a vaccine even after six months is not guaranteed, millions more might lose their jobs. The sad story is that, most of the affected people were trained to be job seekers and not employers of labor, therefore, they lack basic vocational skills to start a new life which makes life completely unbearable and committing suicide an option.
Most of the affected employees have invested substantial productive portion of their lives serving their employers trading their precious time for the monthly salary which in most cases is not enough to take care of their basic needs. With the neck breaking effect of the coronavirus and the subsequent shutdown of the economy, most employers have no option but to reduce salary of workers or completely sack some of them. However, most of the affected employees do not have a side business neither do they invest some part of their income in order to create wealth and provide for a raining day.
Do not get me wrong, there is nothing wrong in being an employee, but there is everything wrong in not having extra source of income aside from the salary. This is against the backdrop that there is no job security anymore; that an employee can lose his or her job at any time due to an external factor such as coronavirus; that such an employee has an existing lifestyle which must be financially supported such as payment of rent, school fees and other bills but without regular source of income, it would be difficult and almost impossible.
The most unfortunate part of the story is that, most of the affected employee are no longer employable due to their age or lack of basic skills to fit into the 21st century technological savvy labor market. Most of them do not have any other money-making skills which can be translated to business ideas; most of them are old enough before losing their job and cannot be employed anymore due to their age and proximity to retirement
It is therefore important for every employee to wake up to the sad reality that salary alone is not enough to take care of their current needs not to talk of the future financial needs. There is the urgent necessity for them to start investing in their financial future by identifying profit investment options which can guaranteed return on investment that is sustainable. They can also start a side business even as an employee and retire there in the evening after the close of the 8-5pm job. They can invest in real estate by having rented apartment or shops which can be bring regular monthly income or invest in dividends paying stocks.
For employees who still have few years of service before their retirement age, kindly follow this golden advice by making adequate provision for your financial future. There is no job security any longer, external factors such as coronavirus can cut your labor life short; your health can develop issues and you will need money to stay healthy and alive. And even if you successfully completed your service years, the meagre pension and retirement benefits takes long time before you will receive it, most employees live miserable life after retirement because they are no longer financially viable to sustain their existing life. And where the retirement benefit comes handy, it is not enough to take care of their needs. Therefore, make hay while the sun is still shining. For more details, talk to us at Firdaous Integrated Services Limited.
Abdulkareem Azeez
FIS President & Director of Studies