Financial savvy is a must to survive after Covid-19

Being financially savvy lets you bounce back after the pandemic. ( pic)

If you are deeply concerned about the Covid-19 pandemic, you will be equally interested in how to recover from it economically.

Thousands have died from the Coronavirus, and governments have announced stimulus plans and financial relief amounting to trillions of dollars. Millions more have lost their livelihood.

An ounce of prevention is worth a pound of cure

Due to the foreseeable economic recession, governments around the world are spending a lot of money to rescue their economies.

This is a huge problem, demanding massive effort and resources. With cities locked down and residents required to stay at home to save lives, businesses will suffer and people lose their jobs.

These steps are necessary to curb the spread of the deadly virus. We simply have no choice.

How did the virus spread so fast? It was the travellers. Sick people and carriers brought the disease from one country to another, thanks to today’s advanced transportation systems.

To curb cross-border infection and stop the spread, some countries screen and block travellers and demand timely transfer, treatment and quarantine measures for confirmed and suspected patients.

There must be more prevention measures upstream. What can you put in place to isolate the infected cluster quicker?

How do you identify patient zero? How do you avoid letting the virus migrate from animals to humans?

Billionaire philanthropist Bill Gates gave a TED Talk in 2015 to urge for preparation for the next outbreak.

If we had done enough, there would be a much lower death toll, and less financial disaster.

A problem well stated is a problem half-solved

When you run out of money, you may be desperate enough to commit acts that harm not only yourself but your family, friends and community.

If you borrow from a loan shark, the debt gets much harder to pay off due to the outrageous interest rate.

In desperation, you might commit a crime to get fast money by robbing a bank or snatching a handbag and causing injury to others.

Your family will end up depleting their life savings to try and save you from the justice system.

To solve this problem downstream, the government spends a lot of taxpayer money to crack down on crime, provide social welfare and hand out cash aid.

You can throw as much money as you like at the downstream problem, but your trouble keeps boiling. Poor people still face all sorts of financial and social issues.

Of course, there are some upstream solutions already in place, like EPF as a mandatory retirement fund.

Early financial education is the key to amassing wealth. ( pic)

The financial industry comprises of insurance, unit trust, banking, financial planning and fund management.

These provide for healthy lending, funding businesses, providing jobs and encouraging people to save and invest for their future.

The question is, can you go even further up-stream? The answer is yes, via financial education.

How do you get working adults to save enough, spend below their means and not incur huge debts that they can’t pay off?

You have to teach money management skills at the school level.

Since the current school curriculum doesn’t include learning about credit cards, loans, interest and investments, how do you raise money-smart children?

You first make sure that the parents are financially literate, because kids learn money habits by observing their parents.

Therefore teach the parents so that they can instill sound money values in their children.

People with money problems are often not aware of the importance of financial education until it is too late.

Some who have more awareness will want to learn faster and more effectively, and will buy online courses and other related services to get better results quickly. is blessed to be able to do this, helping more people along the way. You too, can play a part in this endeavour.

The ripple effect from reading the e-book can bring value to your family, friends and community.

If you are one of KC Lau’s thousands of paid clients, members and students, you have just contributed to the sustainability of financial education.

A rough estimate is that one paid customer supports 63 people who have downloaded free stuff from

These include e-books, free financial webinars, Facebook Live workshops and Youtube tutorials.

Every paying client not only helps themself, but assists another 63 fellow Malaysians to get a step closer to financial success.

If you think this is cool, do take a look at our many online training courses on accumulating wealth and living in financial freedom.

This article first appeared in

KC Lau’s first book Top Money Tips for Malaysians has sold thousands of copies. He launched the first online personal finance course specifically designed for Malaysians, entitled the Money Automation System. He also co-founded many other online financial courses including the Bursa Method, Property Method, Founder Method and REIT Method.