Now we can observe the consequences of Coronavirus pandemic on us. The employees are becoming short temper, impatient and mental unstable. This is happening because of following two major changes in society:
- Deduction of Salary: Many formal private organization started deducting salary of their employees and deduction of salary reached up to 50% -60% of total salary. That much of deduction in salary is not manageable by employees. The salaried employee can manage deduction in salary maximum 25% of total salary because our life set according our income. The salaried employees love to take loans to accomplish their needs. Many of us have home loan, car loan, and personal loan and many other types of loans. The government and banks are not giving any relaxation in repayment of EMIs. In the other hand banks are imposing heavy fines on lenders and principal amount increasing rapidly. Because of that the tension and stress are increasing gradually which makes people mentally unstable. This mental imbalance lead to a person to attempt suicide also. The 67% suicide behavior is increased during COVID-19 according to internet source.
- Unreasonably Increasing Inflation:“The inflation is the taxation without legislation” is said by unknown. The inflation is increasing in our country by leaps and bounds. Almost up to 40% expenditure of common man is increased in his monthly budget.
Learnings: Don’t depend on your primary income and develop your secondary income (passive income). Your loan amount should not more than 40%-50% of your total income. At least 10% total income save for your future needs. You should learn financial management for proper utilization and investment of your resources.
Solutions: You should take advice of financial adviser for preparing our financial plan. The financial plan covers all your present and future need of money as per your present resources. Under financial planning, you should have health insurance and term insurance (Private employee must take both). Also you can invest in gold, mutual funds and share market (for good returns).
You can also start consultancy work as your secondary job. Write good book and do patents to earn royalty based income throughout your life.
Dr. Irshad Ahmod Khan
Executive Director
Swatantrra Sahayak Foundation, Bhopal
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