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Use the COVID crisis to stress test your personal finance plans

A learnings from a crisis must not go waste. The pandemic can be a good time to shore up your money matters

April 27, 2021 / 02:06 PM IST

A few months back, I came across this wonderful comparison between war-time and peace-time managers by Ben Horowitz, in his insightful book ‘The Hard Thing about Hard Things.’ The key point that Horowitz makes is that the skillsets required to lead companies through war-time are completely different from those needed during peace-time. And hence, what follows is that peace-time leaders are not necessarily the best leaders when companies find themselves suddenly in a war or a war-like situation.

This concept is quite intriguing and if we think about it. It is also applicable to our relationships and our money matters.

“Life is what happens to you when you are busy making other plans” – John Lennon.

This wonderful quote states in one line how most of us live our lives. While we make extensive plans for most eventualities, something suddenly happens and takes us by surprise and throws all our plans haywire. Take the last 12 months itself as an example. Who would have thought that a virus could throw the entire planet and literally every way of life as we knew it, so out of gear?