Amidst the Cova 19 pandemic there are three things you need to ensure you are
doing checking in on your loved ones making sure you dodged suspect people
coughing around you when you're out for groceries and making sure you survive
the economic downturn that the world is facing and while I can teach everyone
how to coffin to their elbow I can help you maintain or even improve your
with you 5 steps to survive financially during a recession and if you're new to
the channel then hit the subscribe button below for more a life changing
content step number 1 stash cash when the economy starts to dip our jobs and
our income can be put in jeopardy and it's for this reason that saving as much
money as you can is recommended now if you've been listening to my advice then
you should already have an emergency fund in place but if not then don't
worry because you can still make efforts to save money even in a financial
recession you see right now it's never been easier to save money unless you
were coping with the stress of this pandemic by shopping online they're
really the only thing you should be purchasing at this time or groceries
this means that the couple hundred dollars you spend every month to go to
the bar with your friends or spend on new clothes for the office can be put
directly into your savings now I know that right now your spending is lower
than usual or at least it should be but when stashing away cash try and save
about three to six months worth of your normal living costs this means the
amount of money you would have been spending if we weren't all on lockdown
by doing so you can avoid the slippery slope of having to cover your day-to-day
cost with credit which can burry you financially now I usually recommend
sending 5 to 10 percent of every paycheck into your emergency fund
but in these tough economic times job security is as uncertain as it's ever
been which is why I recommend you put 100 percent of your disposable income
that's left after your core expenses are paid into this account well I hope it
doesn't happen if you were to lose your job you have at least something to tide
you over until the economy starts to rebound or you find new employment if
you want to be extra careful when planning out your savings efforts then I
recommend performing some water scenarios where you assess your
savings runway of different circumstances were to arise for instance
how long could you last if you're supposed to austere job if your hours
were cut in half or if you lost your job completely if you can save enough money
for the worst circumstance possible then you can at least have peace of mind that
you won't have to hand over the keys to your house or beg for food if you were
to lose your job step number two pay down debt
now that you've stashed away a good amount of money it's time to get serious
about your debt getting out of debt especially high interest debt should be
a top priority especially as the risk of job loss Rises my advice is to do
whatever you can to pay off your current debt from highest interest rate to
lowest or transfer your most costly interest balances on to lower APR
financing vehicles also whether you're still employed or have recently lost
your job do yourself a favor and call up your credit card company and bank as
soon as possible many lenders are providing temporary hardship concessions
such as allowing you to make interest-only payments waiving interest
payments entirely or even suspending all payments for a set amount of time
another way to access cheap cash in order to pay down your costlier debts is
to apply for a home equity line of credit most individuals who have equity
in their homes can apply to draw out money against US equity but the key is
to do this while you still maintain your employment status after losing your job
the bank will see you as too much of a lending risk which is why if this is a
method of debt repayment you were considering then you should do it sooner
rather than later in fact with interest rates being
extremely low during this recessionary time this may be one of the best cash
flow tools to use so that you don't have to rely upon credit to pay for your core
expenses one important point to note with a home equity line of credit is
that it can put you at risk of losing your home see you're using your home as
collateral to gain access to the solana credit and the bank can repossess your
home if you default on payments so keep this in mind if you decide to pursue
this financing option step number three diversify your income most of us are
familiar with the saying don't put all your eggs in one basket and this adage
could be applied to your source of income relying solely on a particular
for all your income has inherent risk because if the economy tanks and you
lose your job you'll also lose your only source of income and your ability to
meet all your financial obligations in fact I think that besides the lessons of
the importance of community and access to health care what many people will
come to learn out of this global pandemic is that relying upon one source
of income ie their job is a lot riskier than they
probably ever imagined you see where as past recessions employment rates were
less affected Luke Ovid 19 virus has put a strain on the workforce meaning that
more people will lose their jobs the longer the economy stays idle and
people who never thought they'd lose their job are in for a rude awakening
and this is where having multiple streams of income can really help if one
income source starts to dwindle or gets eliminated completely you'll have other
sources to fall back on to help keep you afloat
now diversifying your income can mean many things it doesn't necessarily have
to be getting another job in fact if your spouse is working in a different
industry than you you have some income diversity right there however if you'd
like to expand your horizons and bring in some more income you can look into
many different options such as tutoring online doing freelance work or
delivering groceries while people try their best to stay inside well it might
be hard to even think about doing more work amidst this pandemic the reality is
that you probably have more free time now than you've had for years and
setting yourself up with a second or third source of income and something
that you should be working on in fact these efforts can contribute greatly to
your ability to grow your wealth during and after this recession is past the
average millionaire has seven sources of income and as you begin to develop your
own supplementary income sources you can actually not just survive but thrive in
these harsh economic times step number four protect your investments during
recessionary times it can be easy to get emotional around your stock holdings
markets dip and rise almost daily and on a string of down days it can be easy for
people to get nervous and cash out their holdings to try and salvage the
remainder of their portfolio value however the key to surviving financially
during a recession when it comes to your stock holdings is to stay the course and
rely upon your long-term investing strategy unless you need the cash for
your core expenses cashing out your stocks during the recession isn't
advisable what I recommend is that you strap in for the emotional rollercoaster
and hold on for dear life recessionary times means a lot of turbulence in the
market but down periods are always followed by times of prosperity heading
into the 2008 recession stocks lost more than 50% of their value in 17 months
before shooting up nearly 400 percent over the next 10 years this means that
you need to injure the bad to benefit from the good and you certainly will if
you don't panic sell at the bottom step number 5 prepare for the upswing one of
the great things about life is that what goes up will always come down and vice
versa meaning that while we are going to hard
times now there will be better days and when those better days come you need to
be prepared you see in the last recessionary period in 2008 the job
market took a big hit with unemployment seeing a nationwide high of 10%
unfortunately young workers were hit especially hard for May 2008 to March
2011 nearly 1 in 3 people aged 25 to 34 had a period when they were out of work
compared with 17% of workers aged 50 to 61 now obviously I don't share these
statistics to scare you but this information can be essential in
understanding when the upswing will occur economist suggests that an uptick
and unemployment is one of the last developments in a typical recession so
when this time comes you have to be ready to pounce on new opportunities
that present themselves however in life I believe that you don't have to get
ready if you stay ready which is why during this time of isolation you need
to use your free time to ensure the following activities are taken care of
the first is to use your free time to upgrade your skills this could come in
the form of working on a new designation or upgrading your computer skills by
taking in an Excel course I know that it's 10
to use all this free time to watch TV or play video games but the reality is that
neither of those activities are going to allow you to make a big move after the
recession and dramatically improve your financial position in fact keeping your
skills current offers two main benefits first it allows you to be up to date in
case you lose your job and need to apply for a new role second it will actually
help upgrade your skills which you can use to secure higher paying positions
once company's hiring budgets recover from these tough economic times
once you've sharpened your skills it's time to update your professional profile
make sure that your resume contains all of your most recent experience and
credentials so that you'll be ready to fire it off when the time is right
moreover make sure your LinkedIn profile has a picture and a summary that's more
than three lines this is the first thing recruiters look at and will be a
make-or-break component when applying for a new job once you have your
professional profile updated it's time to network during recessionary times
many people are experiencing very slow days at work and this is a great time to
extend an invite to chat with people who work at organizations you've had your
eye on not only will these people be more willing to chat but this will put
you at the forefront of their mind when the economy turns around and that
company starts to hire on more people thanks for watching if you want to go
from the life you have to the life you deserve then hit the subscribe button
now
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