For the first time in decades, millions of people will enter poverty. Not escape it. I wanted to share my honest thoughts and best guess on what the heck is happening. I’d love to hear your comments. No one knows the future, but we can start preparing for it.
Covid-19 is not going to disappear. It’s going to be around for at least two years and a lot of people are scared for their health. But just as importantly, a lot of people are scared of their wallets and their money, including me. So what is going to happen? Here is my best guess.
I want to say something. A lot of people have grown to expect positive videos from me. And I am doing my BEST to do that all the time. But sometimes, like most humans, I feel sad/down/negative.
This is one of those times. The more I think about it, the more I feel like we need to prepare for what’s to come (economy-wise). This video is a PREDICTION. Not a FACT. So if you disagree with my prediction, I am more than happy to hear yours. I hope I am wrong.
Best Guess: 1/5 Money
There will be a lot less of it, so save it. Don’t spend money on anything you don’t need. Don’t buy Starbucks coffee, don’t buy a car, don’t buy the stock market. It’s going to crash! Don’t even buy that H&M T-shirt or that extra suit you don’t need. Because weddings won’t be back for a while.
Best Guess: 2/5 Jobs
Many jobs are simply not coming back. Waiters, tour guides, hospitality industry. It’s going to take at least two years to get the same number of jobs back. So in this free time, you must spend it on education to get a skill, that can make money fast.
As a business myself, I’m still looking to hire people, but people with internet skills, people who know how to edit videos, people who know how to run Facebook Ads, build websites, create a
sales funnel, people with an IT degree, not a Philosophy degree. And these skills are going to be so much more important in the future.
Best Guess: 3/5 Freelance
With 20% unemployment in the US. It’s going to be a long way to get back to 5%. So this is the time to create your job. Go online and teach the piano, go online, and offer your design services. Traditional city jobs are pretty much dead.
Best Guess: 4/5 Medicine
If you are not sure about studying medicine. Then this is the time to do it! COVID-19 taught us the world needs you, the doctor and the nurse, the world doesn’t need me, it doesn’t need Gucci, it doesn’t need all these travel ‘influencers’. We are not essential you are!
Best Guess: 5/5 Patients
Once physical lockdown ends a new one begins and this one is going to suck. Because it’s going to be for two years. For two years no more large gatherings like these, no more group tours, no more busy offices, no more full airplanes, and no more money flying around.
This is the time to think different
Everything I mentioned above is possible if you are lucky. But if you are in the bottom 10% of society, it’s impossible. Not everyone can afford to upskill or to even have a computer.
That’s why income inequality is about to go up. The rich will stay rich, the poor will get poorer and the gap will go even wider.
Millions of people will enter poverty and not escape it
For the first time in decades, millions of people will enter poverty and not escape it. So if there is one thing we need to do for life after COVID-19 is to have more compassion. Look after yourself first and then look after your neighbor’s odds are, they’re having a harder time.
This is not the time to spend money, but it’s the time to give it. And maybe that’s how we’re going to beat this pandemic together. Stay home, stay safe, stay strong.
Public Reaction: Be Careful of The Next 2 Years | 5 Best Guess After COVID-19
Janet Deane: Thank you, Nas, for speaking the unpleasant truth. Financial recovery from COVID-19 will take a long time. Some people may not recover. But younger people need to look at their career choices, learn to curb unnecessary spending and learn to live with a different lifestyle for an extended period. We have no choice, so need to make the best of the situation.
Alyne Tamir: I’m surprised people are saying it’s fear-mongering – he said “It’s time to give money not spend it” meaning to help those who need it, small businesses, etc. Also maybe you disagree with the tone but he’s just saying what experts are saying.
Linda Simmons: Nas Daily I hear your worry and fear of how it could go, but look at the flip side, for everyone who will lose business it may be an opportunity for someone to start one. If the stock market crashes history has shown it is usually a good time to invest because it will bounce back. I agree don’t spend your money foolishly, don’t buy that Gucci t-shirt or a fancy latte at Starbucks but spend it at the local ma and pa coffee shop or local artisan, that helps get the local economy going. We might not be able to think global travel so find a nice little local B&B and get to discover what you have close to home. Spend your money on helping your neighbor get through this time because spending creates jobs. Stay positive!
Fritz Tuexen: sorry Nas, I know that travel videos aren’t really a thing right now, so you’re trying to adjust, but to me personally you overstepped a little in this one. Giving advice when you’re at the top already is kind of easy, especially telling people what jobs are necessary. I found this condescending.
Danny Basile: I know you said it’s only your opinion but I think you have to be a little smarter than that. I’m sure you mean well, but all I saw was a scared person spreading fear. Telling people not to spend, you potentially just cause a lot more people to lose their jobs. People listen to you and I think you should be careful with your opinion and choice of words. Listing business names directly was a harsh move. Just my opinion.
Ruth Rom: NAS I’m in South Africa. You’ve been here. The poverty here is insane. The govt is seriously imposing more serious draconian rules. Please connect with me to see how these are infringing on our human rights not like in America but here where our constitution is supposed to be protecting us!
Paj Nyiag Yaj: I say this is a brave video. This is a hard truth we don’t want to acknowledge. He is bringing up points that we do not want to hear. This was a good video. Hearing from all walks of life is good for all of us. Even if some do not agree.
Irfan Sheikh: I totally disagree. The market will follow your lead. If u don’t buy PPL will become jobless. Just buy economical versions. Starbucks will introduce smaller portions, value meals, H.M. will lower prices. But what u r promoting means freezing economy. Its time to support your local small businesses more than ever.
Vinesha Pillai: Thank you for making this, ‘medicine’ resonated with me. As a medical student myself, this COVID has hit the way we study and even if we’ll be seeing patients in our clinical years, a lot of that might change. But yet another very important thing is the cost of studying medicine. Unfortunately, the costs are exorbitant.
Subil Sabu: Nas has correctly said about the future possibilities that we may have to go through. It must have not affected some countries that much but it has definitely affected most of all …Many of us in our country is not receiving the actual offered salary they are giving half the salary or less than that due to COVID-19. Unless things going to be better we need to save the money. The possibility of unemployment has risen like anything. So we need to groom ourselves in such a way that we can stay strong physically mentally and financially for the very new Future.
Ali Devitt: Historically the governments of countries who have encouraged their people to spend money with stimulus packages, have been the countries that have the best economical outcomes in these types of situations. I agree, maybe not a good time to invest in the stock market, but it’s a good time to spend your money supporting local businesses.
Albert Lee: Chill everyone. He was the best guess what could happen for the next two years. Also, he’s not giving expert advice. It’s a bit of personal advice, so take it with a pinch of salt. And he’s telling you to be more cautious than being fearful. I didn’t agree with everything he said, but it’s his two cents. Take it or leave it. Then move along with your day.
Kamila Juzak: When speaking about frontline workers can we speak about other professions as well as nurses and doctors? Of course, they’re important but what about pharmacists, careers, hospital cleaning staff, delivery drivers, bin collectors, supermarket staff and so many more….we need to appreciate everyone equally as they are equally helping us survive.
Fadi Zreik: Please learn economic principles first before teaching people. If everyone stops spending money, on clothes, fun, and facility, there will be a much harder situation, and then will be no jobs for 30-40 % of people. The ability to pay is an economic driver that holds the economics. So setting a fear in people will lead to more and more poverty.
Shane Tingay: I disagree spend local, keep the economy ticking over. If you are not spending in the shop’s then the staff become unemployed. That then creates the chain reaction, delivery drivers, cleaners, manufacturers, legal teams, transport/logistics companies, etc all lose out & become unemployed.
Alison Hunt: I’m really surprised at the people that aren’t seeing the reality of the situation (National pandemic) and accusing you of spreading fear! I think this is great advice. I work in the health care system and you can’t bury your head in the sand and accuse people that have advice are spreading fear. It is the time to be extra careful but also appreciate the small things in life that we do have.
Pearl Y’mur: In this pandemic, I feel no fear! Why? Because I have faith in my Creator and Savior, my family belongs in one of those people who called them “poorest of the poor” I can’t afford to buy everything that a family needs to survive in this crisis, despite that I deeply believe that everything will be fine, everything will be okay and will back to normal like before. Just pray and have faith.
Warren Snaider: Thank you very much for your kind words and thoughts. Tzedakah (derived from the word for justice or righteousness) is an important part of my life. Although I am on a fixed income, I try to be generous. Once, at work, I turned a common phrase around and suggested that we should “give until it feels good.” I could comment on the other things you said but I don’t feel qualified. Stay well! Stay strong!.