How to Protect yourself from Financial crisis
Hello Everyone,
As well we all know, in life there comes the good and bad days. The good days are actually time to prepare for the rainy days but some tend to ignore this or pay little attention to the seasons. it is important to make adequate plans before things get unfavorable.
One thing I have come to realize from certain smart people is irrespective of the economic situation they are unaffected. They thrive and glide in the midst of financial downturns because of certain secrets they've come to know about. Here are things they do;
1. Control your spendings
One thing that tend to put people in unfavorable situations and cause to be hit is because of their poor control of their spendings. This are should be thoroughly prioritized. The difference in advancement between certain colleague in their workplace most times is their control of their expenses. It's not always about your inflow but your most times your outflow.
2. Look for Ways to increase your Income
Depending on a source of income is not a smart thing to do if you intend to stay above any unexpected turn of event. Layoff, retrenchment are things that could happen with inflation hitting hard on several companies. If also you intend to become to financial independent, a single source will not be enough. The importance of having other sources cannot be overstated especially it concerns staying ahead of a financial crisis.
3. Having Solid Savings
The need for savings cannot be overemphasized. It provides some form of security gives you a way out in times of unforeseen events. Adhering to the the first highlighted way of protecting yourself i.e controlling your spendings and expenditures will help you a great deal in building your savings.
Personally I recommend saving in HBD or getting into the polycub stable farm i.e pHBD-USDC to make the most of your savings as up get minimum of 20% APR which is the best you could get anywhere.
Conclusion
Life is not always certain and could easily take an unexpected turn, the reason it is important to stay vigilant and prepared so as to avoid any financial disaster. With adequate plan, several financial crisis can be averted or cushioned
Thanks for Reading
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Side income and never investing what you need in the short term are very important, great post mate! Thanks for sharing your content on Leo Finance!
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Thanks My pleasure. Yeah, LPUD is something I look towards. Thanks for dropping by. I definitely will be participating
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I agree with what you say in this post. And although all the recommendations you gave seem correct to me; the most important is, according to my opinion and personal experience, to diversify the sources of income.
I say this because, as I see it, if the money we earn is not reaching us, we only have two options: 1- Increase our sources of income; and if it is not possible to do this, then 2- Reduce expenses.
But all will depend of the point of view that we have about matter respectively. Thanks for sharing this interesting post. Greetings.
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The point of having multiple stream or diversify also seems more vital as the best way to survive whatever comes in the future is make sure your income far outweighs your expenses. Greetings to you too. Thanks for stopping by
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Having a healthy spending habit, regardless of one's financial situation is the best.
One thing I've mastered over the years is to always spend like we're in a bear market, regardless of the market condition. This way, I'll always be covered
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Yeah. That's one habit I'm seriously trying to master. The frugal lifestyle is the best way to survive no matter the market condition faced. This way you get hit seriously when the bear or financial crisis hit
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Protecting ourselves from financial crisis is important. Once we are in abundance we should learn from the ant and gather for the famine seasons. That way we will be able to ride the winds of time.
These are good and effective points. Thanks for sharing.
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Yeah, I am going back to eating ramen noodles to control my spending. In all seriousness though, I really have to cut my spending on food. I am spending too much.
All those money I spend on food could go to POLYCUB LP pools to earn me more money.
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I agree with every point especially on saving and working on extra income. Raising a family has denied me the ability to control my spending as I have responsibilities but I am looking into your suggestions as my only achievable route to tackling that.
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All three very common sense measures. I do alright on the first two. Our savings are not what they might be. But we are working on that as well.
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Controlling spendings is something that could be hard for a guy like me but thats how to save something for the future.
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A very good one every thing you said will help and I found your post educative thanks for sharing
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