In this episode, Nick Saponaro sits down and talks with Steve McGarry about current events, which are the sudden outbreak of the Covid19 virus and the status of the economy. Both topics may have negative connotations to them at the moment, but it’s still something that everyone should talk about and discuss.
When you start monitoring the cash flow to your business or your earnings, having a slow month is one thing wherein you can easily say that you’ll bounce back in the next week or month. You’re able to make ends meet because of the extra cash that can bridge from this month to the next. However, when an economic shift happens in such a way that the government prevents your business from operating, it poses a long term impact on the said cash flow.
Similar to a domino effect, with the average business having 27 days of cash buffer, no cash flow means not being able to pay off the shortcomings for this month and onto the next. Because of the historic debt levels small and large businesses have internationally, the continued pandemic may contribute to the closing down of hundreds of thousands (maybe millions) of business globally. Unfortunately, this means a lot of working-class individuals will lose their jobs and means of livelihood.
Positive Perspectives May Work, But Don’t Push It
While many still try to see the positive light of the current situation, saying that businesses will soon go back to the way it used to is a bit far fetched. There’s no doubt that everything will start operating differently. The gig industry might have more workers compared to the usual operations that everyone knows of and is used to seeing. On the other hand, there is something to be hopeful about because the summer season is finally coming in, and based on previous flu seasons, the heat can somehow help combat the virus’s wrath.
What You Can Do To Have A Realistic Approach To The Future
Start focusing on things that can help better yourself, such as learning a new skill, going online and studying several lectures according to your preferences, or take a step back and figure out what you want. You may also try engaging in stuff like Divi, which has a passive income that can give you a steady cash flow to help you and your family overall.
These are a few platforms that can produce cashflow with low barriers to entry:
Real Estate cashflow
Music royalties cashflow
Online businesses cashflow
Listen to the full episode on SoundCloud here