Things To Do/Consider To Be Financially Prepared For Next Crisis
Covid-19 has been a huge economic disaster all around the world.We will be focusing on the financial sides for this article.Covid-19 Has brought the world economic system to its knees.During these times only those smart enough to do these aren’t having much problem financially.Crisis occur from time to time so it’s better to be be safe financially than be sorry during those times.So here are some things to do/consider:-
1.Savings:-Yup the Most important thing is to have a Savings account and fund it over time.From every earnings put some amount into it for emergency times like this.Trust me u won’t regret having those emergency funds in needy times.
2.GOLD/SILVER Purchases:-Metals like gold and silver are considered safe heaven and that is for a reason.During crisis times people tend to invest in gold/silver for protecting their economy some countries even
back their portion of wealth into GOLD like australia that’s why their economy can handle the worst crisis when time comes.One can Buy Physical Gold/Silver which can be worn and also act as Safe investment. That u can sell whenever u need it.
3.Index Fund:-Index funds are another Way one can look to gain some passive returns if you know which level and when to buy.You can get passive returns of 10% in average overtime, see for yourself the charts of S&P 500.which is one of the major indicator of stock growths in US and reflects the economy.The returns are far better than Banks if u know when to enter and exit.
4.Multiple source of income:-During this pandemic tons of people lost their job.Many people were left homeless,tons of people couldn’t pay their bills why?because they only had one source of income.So having multiple sources of income can be beneficial.Let’s take myself as an example I’m a full time forex trader/Investor and i also make Content/Videography so i have two ways right now i can make money
through videography due to covid but im still earning full time with forex .Just like this we all have alternatives and should have alternatives in case such crisis occur you don’t need to have tons of jobs having one is fine but do have some sort of backup job during times like these.
These were some of my tips for being financially prepared for the next crisis to come which is imminent cause we are humans and bound to make mistakes that brings crisis again and again.