Coronavirus Economic Impact Will I lose my job? How to make yourself more valuable

So a big question right now is could you lose your job with the events that are unfolding? Well, I say the answer is yes. The economic shock is going to ripple through everything. There's no doubt about it. There will be job losses across the board. Whether you panic or not is irrelevant though. There are a lot of videos coming out saying to calm down and not to worry, but I want to say something slightly different and that is you should be concerned but perhaps not panic, but it should motivate you into action. Sometimes it takes things like this to make you sit up, realize you're actually pretty vulnerable, and reevaluate your whole situation. In this video we'll discuss how I see the current situation, what this means for you, what you can do about it, and how you can use it to come out stronger. There is going to be a global shock to the economy. Consumer spending has suddenly dropped for everything other than staple goods. Businesses are becoming unsustainable as their revenue has dropped, but costs remain the same. The Federal Reserve in the US and other economies are trying stimulus via quantitative easing, but this might not have the desired effect or at least the magnitude of what they're expecting. Regardless, there is a severe strain on the global economy right now and probably going forward for the next few months. So this video is not really meant to instill fear, but rather what I see as an important reminder that few things in life are actually ever safe. Naturally, it's easy to see consumer facing industries like the airlines, retail sector and the entertainment sector severely affected. But if you think you're safe being in, say, the tech sector or similar, bear the following in mind. If you're providing, say, technical services to the severely affected sectors, consider whether they will have the money to pay for your services. With less money for them, there's less money available for you and your contracts or worse if they were to go under right now, there are things you can control and things you can't. How bad the economy is affected is currently an unknown. It might be fine if companies get through the strain that's existing right now and for the next few weeks, or if the government provides the adequate support and stimulus packages. But if not, what can you do? So what can you control? If you're in a full time job role, something that's worth considering is how can you make yourself more valuable to assume a defensive position? Companies are likely to be looking to lean up in some way, lean their workforce to save costs wherever possible, at least to sustain themselves during this period. So think about skill sets around your existing ones that you can take on that will increase your personal value to your company directly. And you can start doing this over the next few weeks because the ripple effect is going to happen. It could happen over the next few months into next year. Think about additional tasks you can take on that will help your team should they ever need to lean up aside, you should also be thinking about additional skills outside of your career. So side jobs say photography, editing, writing, all the things that you can develop that may have potential to earn you additional income on the side. Now is the time to be strategizing your next move. Not following all the media mania. It's not worth wasting your time. Now's the time to work on yourself to make your to make you more future proof industries could change permanently after all of this is kind of settled and done. Some jobs will disappear, possibly for good, and others will likely increase in demand. Think online video conferencing as an example. This is really just a little note about the concept of building your armor and your survivability. That's it for this video. If you're interested in learning other practical methods to help find your way in life, click on the subscribe button and hit the notification bell. I'll be releasing a lot of new content over the next few weeks.