A financial crisis is by no means an easy thing to deal with mentally. Stress can affect your body as well, and whether you are working or you got laid off, you can quickly get burnout. Every year thousands of people face some shape of the financial crisis, but 2020 took it to a whole new level when the pandemic started.
Whatever the case is, the financial situation should be a topic more people discuss and learn how to prevent. Naturally, we cannot predict everything but making sure you can get by when you are dragged into a financial crisis is necessary.
Since they don’t teach that in school, we will try to give our honest advice to improve your financial mindset (and status). We will talk about what you can do to make your situation easier even if you are not in a financial pickle and show you what you can do if you already are.
Let’s begin!
Emergency fund
Did you think about rainy days and putting some money aside, even if it’s 100 dollars a month? Imagine saving that much for a year. You could have 1200 dollars, which could cover some expenses when you are in survival mode. Not much, but if you have almost nothing, you would be more than willing to take it.
It is the most common reason why people take it for granted and don’t put effort into creating an emergency fund – it looks like it’s nothing. Remember, no matter how much money you set aside, it will have a use when you least expect it. While emergency funds exist mostly to pay some unexpected bills, they can be more than helpful when facing a financial crisis.
Create a plan
Okay, so you are having a problem, and while it’s inevitable you will think about it repeatedly, you can also take some action. If you can’t pay bills, you have time to consider what are the options. Could you redo your CV and start looking for jobs online? While there is competition, you will need to do whatever you can while you get yourself out of it.
Once you are done with that thought, think about jobs. Search for teaching a language online (English native speakers easily land a job like that), copywriting, becoming a Virtual Assistant. If you are scared you don’t know enough, put some time into learning the basics, and then when you land the job, learn along the way.
While it can be way out of your comfort zone, being in a financial crisis is not a comfort zone as well. Side hustles from home will save you from commuting and spending additional money (you should keep). It will also add up to your portfolio, and you will have a new set of skills even if you decide it’s not for you once you got out of the dire financial situation.
Investing
Despite the popular opinion, many realized forex trade can be a good side hustle if you do proper research. Suppose you are willing to put a couple of hours to find a licensed and regulated brokerage. In that case, there should be no problem regarding security and worrying if somebody might steal your money.
There are regulator websites that keep track of regulated companies, and if you can’t find the one you are interested in on their list, please move forward and search for someone else. It would be best for brokers to check broker reviews since they will give you an insight into which platforms a particular broker offers and their portfolio.
Read the comments as well! We mentioned Forex to accumulate money on the side since you can invest as little as 100 dollars and decide to buy a share for 50 or even 20 dollars. It’s up to you, but be sure to create a trading plan, set your goals, and do all that with your broker. Just be sure to research enough. Good luck!
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