How to Prepare for Economic Collapse?
Protection from the financial crisis and individual financial crisis measures have become one of the most researched topics of recent times. We need to prepare for the financial crisis, but how?
Here is the guide to protection from the financial crisis:
– Never worry about the future. Financial crises bring opportunities as well as negativity.
– If you live alone, try to find reliable housemates who will share your rent and bills.
– Selling your car will save you lots of expenses such as taxes, fuel, repairs and maintenance. If you do not want to sell, avoid using as much as possible. Use public transport. Best to walk for short distances.
– Increase your savings. According to global research, people use 40% of their income for luxury expenditures. Make a detailed list of your expenses. Prepare a plan for your expenditures, except for compulsory expenses. Decrease your luxury expenses and create a fund with your savings. Use this fund to meet your mandatory requirements and pay your debts.
– Never use new loans.
– Remember, if you are a businessman, the market will shrink and people will be afraid to spend money. Therefore, it is useful to avoid about new investments.
– Reducing investments is better than bankruptcy. Cancel any investment that you think will not be a profit.
– If you are paying rent, request a discount from the owner. No one wants to lose the tenant who regularly pays in the event of a crisis. Finding a new tenant is particularly cumbersome in times of crisis.
– Prepare your family, psychologically for the crisis period. Let them contribute to the savings measures you take.
– Avoid receiving new items such as phones, computers, furniture.
– Avoid high-risk investments such as stock exchange, forex, and bitcoin.
– Reduce your bill by replacing your phone line with more economical options.
– Cancel any subscriptions you use for entertainment purposes, such as cable TV, gaming sites.
– Smoking is one of the most ridiculous things to do during the crisis. It’s unreasonable to spend money on something that causes cancer.
– In the economic crisis, the market is stagnant and trading is troublesome, but ultimately people have to live. Even though it is less than normal times, we have to go somewhere, buy and sell things, eat something. Research simple additional business opportunities that will increase your income during the crisis.
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Thank you for your interest.