NEW DELHI, April 2 -- For many across the world, the first year of the novel coronavirus pandemic was a financial struggle. India had not seen the scale of job losses and salary cuts that happened during the pandemic in quite some time.
The pandemic, however, imparted some key lessons on the importance of following basic financial planning principles- create an emergency fund, get adequate health and life insurance, remain invested, irrespective of market volatility, and avoid borrowing to fund your lifestyle.
The sales of health and life insurance policies and individuals opting for moratorium despite the additional costs show that many were unprepared.
"The events that can potentially destroy you financially happen rarely in one's life...