Updated: Dec 1, 2020
Seeing people lose their jobs and be left with nothing (except a few loans) breaks my heart.
During this tough time, most companies try to save themselves first, and everything else comes next.
However, there is no need to blame them because that's the idea of CAPITALISM.
A few days back, I was discussing it with a friend. He was worried because he has lost the job, didn't have much savings, and had to pay a hefty EMI for his home loan every month.
After the discussion, he was relieved from the stress and had clear plans to execute it for the next few weeks.
It leads to the prime question on the table, "What is Stress"?
You can give any fancy definition of stress.
But the stress occurs, "When you are unable to manage either people, situations or your thought process."
The Hidden Devils That Nobody Wants to Discuss!
Each one of us preserves some hidden devils on our minds. They will be troubling us all the time and are the primary route cause for our stress.
Some of those devils look like this –
"How to pay these home loan EMIs."
"My savings will only last for 3 months, what if I lose a job."
"No one will buy my flat now, even if I want to sell."
"My manager doesn't like me, what if he was asked to fire some people in his team."
"How to pay the school fee."
To get peace of mind, you need to sit and make a peace treaty with all of them.
Let me explain.
Imagine all the worst possible things that can happen in your life from now onwards and write down all of them on paper.
I will take my friend's example. His worst scenario was like this.
He had savings only for the next 3 months. What if he doesn't get another job at that time? How to pay the house EMIs after that?
Well, it was a big devil for sure. However, we should learn to deal with any devil!
I asked him, what was the total outstanding amount pending towards home loan. He said approx 40 Lakhs.
My next question is, what's the current market price? He said around 80 Lakhs.
Next, I had asked him whether he is ok to sell his flat at 80 lakh, and he was ok for it.
Then, I had asked him to upload the details on all the major real estate classifieds.
From here, he can expect three outcomes in the first month:
He might get a job before selling the flat.
He may not get a job, but he may be able to sell the flat.
He may not get a job and may not be able to sell the flat.
With option 1 & 2, he is happy with it (because his primary worry is paying EMI after 3 months).
Unfortunately, if he has to face options 3, then he will have to put more effort into finding a job and selling the flat, but with a reduced price.
I don't want to mention all the permutations and combinations here. My friend should try to get another job, and at the same time, he should try to sell the flat by reducing the price. I am sure someone will buy above 40 lakh (as it was his outstanding balance toward the loan) if he reaches the right sales channels.
Similarly, we have to sit with a pen and paper and should write down our action items across the situations.
Whenever you get into a situation, look at the paper, and act!
If you can't write your own plan, you can seek help from any wise friend.
The Days of Job Security Are Over
When the company fires you, it is not personal; it is business.
Some people say, "I have a good job, so I am fine."
The time to protect your family is not when you are unemployed. Now it's time to plan your life and career.