SEC17 WK:#4: the effects of economic hardships on families

Introduction

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Hey Steem Kids & Parents,

Ismail Shah here. The topic I am going to write about is a mix of motivation and sadness, let's focus on the situations and hardships my family faced during economic challenges.

Financial Challenges

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One of the biggest challenges my parents faced during economic hardships was the increase in rent for our shops and the rising costs of the products we sold. For instance, we might purchase a product for $1 and sell it for $1.25.

But when it came time to restock, the price had increased to $3. Imagine the difficulty of maintaining our inventory at the same level when faced with such prices.

So, to overcome this situation, my father invested a significant amount of money again to make our business successful. Without reinvesting, we wouldn't have been able to restock, Without restocking, we would risk losing our business and customers.

Additionally if the prices of groceries continue to rise, it becomes challenging for people to afford them. This could lead to decreased sales for us as well. If customers are unable to buy our products, it becomes difficult to generate enough revenue to cover expenses such as rent.

Mentality

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My parents were mentally disturbed because of the high prices of rent and the high costs of products. So, I convinced them not to close the business. I assured them that once prices stabilized, we would regain profitability. I explained to them that fluctuations in business, including periods of loss and profit, are a natural part of the entrepreneurial journey and profit is not guaranteed.

The Biggest Effect

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The most worst and distressing effect we experienced was highly emotional. It wasn't my father who faced it, but rather some of our relatives. They had been saving money for their unborn baby's arrival. However, when they went to the hospital for the delivery, they faced a major problem: the bills. But somehow they managed to pay it. However, the child was not in good health, and the hospital recommended oxygen therapy I guess, which further increased the bill. I believe this is the most impactful effect that anyone has faced.

Also, i wana discuss some thing about a normal living person, like if his salary is 25k rupees and the grocery and all the rent is covered in it and just think that the rent of his house goes up to 30k and the price of the grocery get to 10k - 15 rupees than how would a 25k earner pay it?

Conclusion

To be honest, economic hardships don't just affect my family; they impact families across the entire country. We have to find a solution or we will have no food to feed our self.

I would like to invite: @patjewell @suboohi @abdullahw2

Thank you for looking and reading my blog☺️!