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The whole world is now passing a crisis moment. It is expected that we are going to face another crisis very soon. Economy is already going to recession. If the world really faces another great depression,  a lot of people will loss their job, business firm and industry will shut down, millions of people will stay in hungry and we may have to loss thousands of valuable life.

What should we do now? I can point out some strategies which can be followed to prepare ourselves for facing the crisis.

    • Try to cut down your present cost and save a portion.
    • Hold a handsome cash in hand or any savings that can be immediately convert into cash. Even if needed to make encash any long term savings, do  
       it.
    • Don't invest in any long term project at this moment.
    • Don't buy any luxurious goods for you or your family.
    • Don't engage in any borrowing. You should try your best to avoid it.
    • If you are salaried, concentrate to your own job seriously so that your organization don't get any scope to release you from the job temporarily or
      permanently.
    • And finally you should find out some of your own policies to face any serious moment.    

You can share your suggestion if any for facing the crisis moment that we are expecting to occur.  

What is coming in the future will require humbling oneself to survive. I have noticed how easily people reject good ideas to stay healthy and survive if they think they're too backward and primitive, but once crisis strikes they feel humbled and begin to consider your suggestions.
It's a little tough at the moment to convince people to consider what they see as primitive lifestyle. Many will think you are insane for suggesting them, so I just keep things to myself self and hope they get convinced, so that we can have more people to survive together in the future.
 The "easy way" will lead alot into problems in the future.

I think for most people this will either be what they're already doing or what they can't afford to do so I'm not certain how helpful this advice may be...

I would say investing in long term investments is a good idea for SOME people now and some people will have guarenteed income (most people also have severance and redundancy packages of they're on salaried income and lose their job - it's just new workers will be hit quite hard by this)...

Learn new skills and improve the existing ones to stay confident in your job security because companies will not lay off their best employees even if your company met a situation to get closed you can find a similar job with your enhanced skills.But all the important steps have to be taken by the government side because they have to resources to take care of the people who are in need.

There is a something in the future that does not look so good, after this pandemic we might face an economic collapse, high debts, and worst a second wave of this corona virus. What's best to do for now is to avoid any unnecessary expenses, just focus on what you need for at least every month. And I agree borrowing money is not a good idea during these times, but if it's reasonable and you think it'll worth the interest (if any) then why not? just leave it at the last option at the very least.

Most of these strategies are for people with some money, with some income, but for people on the edge these advices don't worth much! That social differences is something you need to pay attention when you make suggestions, the same strategies can't apply on everyone!
What everyone should do is to think about positions he can take now, with money or with work, and to try to keep good positions that can be profitable in short or long run, some can afford to wait, some can't. I'm afraid that more can't wait, and that's a huge global problem!
This topic is too wide, and it's hard to talk about universal strategies and solutions. This should be done on individual levels, and even then there will be unique cases that ask for special approach.

So this will get worse?  Do you think the internet providers will shutdown?

I live in the outskirts of a city where our backyard is empty, we use to plant veges here back in the days. My brother suggested buying seedlings to plant corn and sweet potato, I'm thinking of actually doing it while we are yet not sure what could happen and when this crisis will last.

I do not think it will be excessive like that, this is still in the speculations that we observe. it will only stress us out with negative thoughts and will lead to worries that will be mentally damaging. All of these experiences can be understood in the face of this significant challenge.

I agree with your comments on solutions to avoid the economic crisis caused by the COVID-19 epidemic. Currently, many small businesses are bankrupt and large businesses also face difficulties in doing business. Therefore, there are many people who are unemployed and receive unemployment benefits from the government. The best solution is to save money and avoid buying unnecessary items.

You are right, the global crisis may be coming, so far, it has been here because of the pandemic. However, we do not know whether the global crisis will be in that kind of crisis or not. However, I agree that we must have certain strategies, at least in order to prepare whatever will happen to the next crisis.
Personally, I also do some of these following strategies sin this pandemic era.

And regarding to the ways to face this global crisis, it may happen during and post this COVID-19. Money management is very important to be done for the shake of our life endurance survival. MOney management may include some terms such in the followings:
We can maximize our funds on the Cash accounts, not doing long-term investment yet. This will help most in the financial crisis.
It is also very crucial to know the income and outcome every month during this pandemic. So, we must arrange and make the budget clearly and safely in order to have a smaller outcome than income.
It may be difficult, but this is also one of the ways. Where we can minimize the monthly bills in order to save more money. Check the monthly bills that you have and try to minimize the outcome of the monthly bills that are possible.
It may be difficult to be done, moreover many people are out of the job. However, there are still some ways to earn money from various ways such as working online like in this forum? Well, this is actually and honestly my biggest income so far during the pandemic and lockdown era.

Well, actually there are still several tips again to be released. But at least, those have been represented.
https://www.investopedia.com/articles/pf/11/prepare-for-a-financial-crisis.asp

Maybe that will help but you have to prepare for the worst.
Look for some options that will make you independent from any company.
Also, try to look for options that will make you self-sufficient especially food.
Like growing your own vegies/fruits on your backyard (if you have one).
Maybe you can exchange some to your neighbor for something that they have.
Check for knock off sales first before going to regular priced items to save more money.
Live simply, don't just buy item just because you want to.

It is quite grateful to you to share your experiences and what to do when the economic crisis occurs. But in my opinion, a crisis or a major depression will not happen in the near future. This is the time when people should invest to make more money instead of hoarding cash. tens of millions of people around the world are unemployed, what they expect now is the social isolation order removed. they will work hard to pay back the debt and so will the economy again. times when the crowd is like-minded, it will produce a huge result. I am particularly interested in cryptos and securities in the US, which will be the most robust asset classes.

thanks for the tip op  . that is helpful incase some havent followed it but i guess many are already doing it except to " borrowing funds " people need funds so they ended up borrowing to someone else  while lenders also offers a good deal right now and will likely ask for repayment in an extended time   . thats not bad because we can prepare a cash for those long waits   .  knowing that most of us right now are doing an indoor business  like mini shops or online business  via cryptos

There are a lot of things that should be prioritized during this pandemic, it is not guaranteed that you should spend your money in some unuseful things in fighting this corona virus. You need to work for the best things in order to become stable and safe from the virus and you should spend your money in all those necessities so that you will not have any problem with surviving during this quarantine.

There are times where people forget the important things to remember and consider during this pandemic, we are all suffering even the governments are having a hard time to recover and fight this virus. Maybe this is an opportunity for us to understand that we are all vulnerable and money is essential to sustain our lives.

It is not good to rely on others, especially when they also need money to feed for their family. We should not rely on the government and ask for help, sometimes we need to work hard for us to have something to eat. When another pandemic occurs, we should know the essential of our hard work.

The best that we can do is to live our lives in the simplest possible way to avoid overspending on things that we don't need, the future is uncertain now, we never know what's going to happen after this pandemic, right now we are focussing on surviving this epidemic, this is very costly if we get infected by this virus, so everyone should be very careful and keep safe.

What works financially for one person doesn't work the same way for the society and the economy.
What if all people cut their costs and spend less?More companies will bankrupt because of the less consumer spending so the unemployment rates will go up.Less spending leads to an economic downward spiral.
All the other tips about not borrowing money,not buying luxurious stuff and trying to keep your job is just common sense.You don't have to advise people to do this,because they will do it without your advice. ;D
Investing in long term projects isn't always wrong.It depends of the project.Some projects might look risky now,but they will become very successful after several years,when the recession is gone.

Its funny how the world has just started seeing the effects of the pandemic and there is a thread for the next crisis.

Like these are the basic things that every human being should follow if they value their money, time and health. Whats new is these other than your own parents teaching you how to spend your money?

The crisis has led to people rethinking thir priorities and not just people, even governments as which sectors to focus on more for development. However these things will be working or seemingly working for few months only after the crisis. Nobody actually does anything to prevent a crisis because they think precautions are a waste if it never actually happens. Actually having a developed nation to handle a crisis is way beyond what the governments had in mind. Remote places in some countries cant even afford proper electricity in places even today still they are just an exception.

I would like to ask the OP, "Ways to earn extra cash?" Is that a troll statement you making there or are you serious? People will be killing to get a job after the crisis you know.

Actually, I have been preaching about saving at least six months of salary since 2017 to prepare for the incoming crisis. However, after experiencing this covid one, I realized that some people still can make some money even in this pandemic situation.

People still need food, entertainment, soaps, whatever. Hence, they can still produce something, sell something, do something to get some money. Don't just stay at home doing nothing guys!

we are yet not done with this current crisis, people are still going to die. some countries today are lucky because they have resources around them and some countries will starve.

we don't know yet whats to come in the next crisis by the next 50 years, we all probably are dead. and the new generations will face it. by that time as well its all digital so the crisis could be in a digital form.

What are you talking for?next crisis to take 50 years?is this som kind of a joke?this Pandemic
will not stay for another years because we can see now that the
world are having their own ways to stop this one and maybe in the next months vaccine will
be created.and also there are help from around the world
So the thing is we can survive here and also this topic is about finding next strategy on how
to face our needs to live like businesses even small but survival.

Thank you for your advice...
I feel we will be facing this epidemic for a very long time, the whole economy in the foreseeable future while this epidemic is still with us will surely plummet, I told my husband to stop smoking during this crisis, and I'm grateful he would listen to me, even though in reality it was difficult. frugality and spending money on household needs which is very important now.

      These are ideal tips that you mention, but they can't always be applied. There are people who barely survive from today to tomorrow and can't save money. Also, in the event of more severe pandemics than COVID-19, the money may not help. The lack of food worldwide could not be solved by money. Buying unnecessary things is generally a problem for a person. Why buy something you don't need?

Most of these strategies were not realized by people in first place, most of us live in comfort and forgot to prepare to prepare whats coming ahead. This time teaches us so many things, that is to be self sufficient and sustainability.  If a great depression strikes again it will be a long battle and everyone has to be prepared at all times.

Starting my own business is what I should do, I have enough savings to start a business so I can have an alternative income which I hope soon it will be my main income. The problem is if you rely on your job alone, you will never grow to that and you can't save much for the future, and only way to be prepared for the next crisis is just to have a lot of cash where you can spend right away, and I think I can get that by having a business.

There are many strategies to deal with the next crisis so we must always be ready As if not reading into this frustration for the first time You just have to be more discriminating with the help you render toward other people. If we save for the future from now on this epidemic will not affect us and we will be able to overcome it very easily. We have to fight and live We can make some money by trading because everything is closed Before that you need to know about trade If we are prepared it will not take long for this misery to subside.

This is what the people should do , but at the same time one should understand that the government too plays a huge role in situations like this. I was going through Instagram and stumbled across a video which showed how Taiwan have Zero new cases and most of them have recovered.
The government is giving away masks to people , they are making sure that everyone stays at home and is calling them everyday .
Zero New cases of Corona Virus is something that is very very difficult to achieve. In countries like USA and all the government does not care , they are lying about the money used to make medical supplies , they are lying about the stats and the measures are very unreasonable . If the government cares for the people the people would be able to make though it , because you cannot expect each and everyone to follow through.
In India people are getting beaten up by the government if they roam around , one should understand that this is completely unreasonable and negative reinforcement is only paving a way for the future troubles.
This is why one needs to choose a government efficiently , I would like to add Choose a government efficiently for the future .
People can do what they can do but at the same time 50% of it is on the government itself .

Well not everyone is capable of investing since in the very first place, they don't have enough capital to make an investment. Poor people are more vulnerable to be greatly affected by this sudden crisis because they are not prepared. Although it's still hard for them to save money for emergencies, I think saving is still more possible for them than investing.

But for those who are capable, I think this situation is a great lesson for everyone. Saving money is very important. It's having something to withdraw or to get in your pocket in times of crisis. I think some people finally realized this thing. We can't always depend on others' help.

What you have mentioned are for middle and upper classes but for those who are unfortunate, they don't even have enough money to budget everything for their daily expenses.

I am a student now and I have not made much money so I am not ready for anything when the economy is in crisis. But I think that speculators like me right now should not think about investing big now. We can get bank loans and long-term investments now, because the interest rates are low and the stocks are falling quite low. We have many conditions to invest now, but I encourage us to invest a little capital, safety first. ;)

We should now be prepared on the next crisis if ever it happens again in the future, here are many people who lose their job because of his things so we should know what to do now, we should save or even invest our money so we will have money to use for our needs like personal hygiene and stock of foods. Saving and investing money is really important regardless of the situation because you will benefit from doing that kind of thing. It's your own benefit if you want to make your money profitable in the future, you should invest now.

There are also some online jobs we can try in this time of quarantine so we can still make money even we are home.

We must make some strategic preparations to deal with the present and next crisis. The strategy, among others, if still work save part of
the salary saved in safe haven investments such as crypto and gold, only buy the items needed, don't loan money, and look for additional
income. Carry out the strategy that I have mentioned then I am sure we can face a crisis.

I agree to this. It is really hard to make money these days. My company deducted our transpo allowance due to we are now work from home. So my small salary turns into smaller salary. I must budget my money well. Every amount counts. No more luxury, no more borrowing coz I may not afford to pay it soon and take any incentives given by the company.

This crisis is not going to kill us as much as you think. My personal strategy is hold a part of crypto savings and trade by another. Now, I hold more than usually because of the pandemic so that I think hodling is more actual now than previously.

It's really needed to invest wisely as crisis might rise more since most of the economy of each countries around the world are really affected, if you have money to invest make sure to plan everything before deciding and jumping to any investment that you are planning to invest your money, remember that it's more harder now since most of those investors are trying to take advantage in any possible ways.

I like the number you talked about being serious with the work to avoid excuse to relief or permanently discharge the worker, this is a very good idea. Every other aspect of the item listed including saving of money goes on the seriousness of work, if you don't work, no pay; and when there is no pay you don't save so that being serious is a good advise.

You have mentioned a number of tips for dealing with crises but I would like to add one more which is "Dont Pregnant Your Wife when a crisis occurs". Sounds funny, but with the increase in family members, the cost of living is getting bigger and I am sure of that.

We wont know on when this pandemic would end.We arent still get freed into this situation as it becomes worst even more as the days passing.
Its totally dumb for us to waste up money and resources into this time.So its just right for us to think up for long term survival, those points in op
are indeed the best thing to be done if you dont like to end up to be on the streets just because you dont have any money left for food.
Its normal for us to take those last resort steps if needed or when our life or our family is at stake.Dont mind for investment if your life is in
danger in terms of sustainability.

Not all people do really have that financial capacity and majority of us is work-salary dependent.If this situation becomes even more worst
then i cant think of on what would be the world looks like.

The coronavirus epidemic showed so many people how wasteful they were about their money, I just saw a huge number of people who did not put off any savings from their salaries, which is quite wild for me, because. anything can happen, and you need to be prepared for everything.

All the major financial hot spots are facing the crisis and the virus is not showing any partiality to anyone, some of the third world countries are not having the same impact for the virus but it might be because of their poor medical system and the lack of testing.

What does it even mean  ::). A crisis in digital form  ;D.

The epidemic will change the perspective of people but i expect that to be for the next two years and then everyone will forget about it and continue what they used to do in the past  :D.

I couldn't call this an economic recession but just slowing the usual progress. The pandemic virus here is not market-related and there is no fall as businesses stop their operations during the market peak.

Believe me, as soon as the business will slowly open, we can see a nice growth within just a short period.

As for individuals, those listed by the OP is a common and basic thing to do.


This has nothing to do with the basics. This is not an advice that we can't just say easily to other people.

These are indeed great strategies. However, most of these are best not only in preparation for the next crisis but also in our normal day to day life. Even if there is no foreseen crisis in the near future it is always wise to cut down your cost to what is necessary and learn to save, avoid luxury goods if they're bought purely for its sake, borrowing should be done only when all other means are already exhausted, and so forth.  

I also want to add mate about having second source of income inorder that there's assurance that there is money to be save for future usage because in some countries salary are just in an minimum wage which cannot sustains family needs most especially if we have kids.Maybe some online works or online selling inorder that daily works cannot be affected.

I do not think that having a secondary source of income is enough, sure it will generate some cash but it wouldn't be enough. Maybe have two or more side hustle, I think it is better, there are so many things the internet offer for easy cash. Also start considering investments when you become financially stable because these passive income lets the money work for you. Also try applying for credit card and use it wisely then pay it when it is due to increase your credit score.

Since you are not mentioned the best invesment place that must be choose during the crisis, I may want to add some of them (CMIIW). We have to know first our intention we choose investing our money when the crisis comes like we need to store our money to avoid the decline in value of our currency so we need an investment place that we can say it as a store of value. And during this time we have been known thst gold is considered as of it.

In addition to gold we still have the foreign currency as another alternative like dollar or dirham whivh can be able to keeping our money is diminished in valeu. However, currently we have crypto currenncy which more promising than the foriegn curreny and can be made as a store of value as well. You can buy bitcoin as an example, take a look with bitcoin's price movement since this pandemic comes, it was really interesting. Even was able to beat traditional investment because most of them has decreased. But no with bitcoin, its price just increasing even a few times ago has risen to $10.000.

I agree with you. A crisis is an opportunity as well as a challenge. In addition to tightening spending, narrowing the scope of business, hoarding money, looking for opportunities to invest in crisis is also a good way to do it. You can follow along to buy good stock codes, real assets like real estate, houses, of course, at good prices.

how can you say that its an oppurtunity ? where in fact people actually loose thier jobs or loose thier opurtunity if they just got hired and are supposed to work if not because of the epedemic  but i agree that its a challenge and the weak will be destroyed if they will not stand up and fight . staying at home for a long time makes people lazy and result to get more hungry so they will eat too much  . they will use internet too much too and other expense will just move up instead of going down if they will save

There are opportunities in every crisis, we should learn from history that we can be wealthy if we find opportunities in recession like what is happening today. The cryptocurrency market and stock market are build of different emotions like fear, greed, depression and euphoria. These emotions represent the current prices, there are a lot of professional traders who earn huge amount of money when there is a fear in the market but we should manage our risk carefully especially if we will do counter trade strategies.

I only think about the economic downturn, not the economic crisis. The truth is that the economy is in need of your money and everyone's help. If everyone keeps your money the same way you do and does not invest, do you think the economy will work well in the future?
Despite the devastating corona virus, I believe that the economy will recover easily if we invest. businesses need our capital to continue growing. so I encourage people to invest with just the right amount of money, not too much cash. That will make the economy continue to stagnate.

The truth is that at this point of time the world should see themselves as one, but the funny thing is that they wouldn't , they will all still be selfish. Even if you're comfortable enough in this situation, there are still a lot of people out there who don't have enough.

If you have enough it's best to also give out to others. That is the only way we can all make it through this pandemic. If we all end up not helping each other , you might be in need of something and your neighbor will have that and not end up giving it to you. But like I said, it will be difficult for the world to be like this, it's left for the few that can do so to keep doing it.

I agree with this. It is quite unsure when and where a crisis might occur and all we can do is prepare. Prepare for it physically and financially, and probably in some other aspect too. I strongly agree with having a savings and a debt free life.

I think there should be some sort of insurance plans for the big companies. If you are a big enough company that you make over a billion dollars in revenue, that means you should be paying over a billion dollars in insurance so that you would be saved.

This is not really that bad for the big companies because they could do whatever they want and if they go under like they ALWAYS do, they would be saved by the country like they ALWAYS get, but this time the companies will be paying for it with the money they previously paid for. This way the public wouldn't be affected neither, because right now governments print money to save the big companies and that affects the inflation and that hurts the people who are already barely surviving when they did nothing wrong.

- Buy what you need not what you want.
- Economical but not stingy.
- Start a healthy lifestyle to reduce the risk of health expenditure
- Start producing for goods consumed and consume what is produced.
- When it's hard like this it's time to share, not selfish. No matter how small your contribution to the community around you is very meaningful.

In business, the strategy to overcome the after pandemic effect of the corona is an investment in the real sector. Because the real sector which in reality supports the economy, not the market. Anti-mainstream thinking is needed in these conditions because the situation is full of pessimism and uncertainty. Focus on growth not tightening budged. Pandemic creates a business that is keen to read opportunities.

In addition, for the time being, the business objective is not to accumulate profits but is intended to spin the economy so that even though the wheels are small and the spin is slow, the economy does not standstill.

The biggest problem during the crisis is financial problems Which many don't have? Therefore, to beat this crisis, you would like to plan for insurance later If we attempt to save even a touch from our own earnings, then we'll be ready to overcome this crisis very easily. you would like to believe the longer term and save you're right that big companies strategize through insurance plans and may easily overcome the crisis.

I am a salaried person and i live in capital city and my parents live in village. It is very difficult to save from salary after maintaining my family and my parents. Bounty and trade is my another source from where i can earn few money to solve financial support and i am trader so, saving from trade is easy but in the real salary is difficult to save.  Purchsing Luxurious goods in this bad time is a day dream for the maximum people for locked down. And Yes, every man should think any innovative idea for overcome this bad time.

Today it is really hard to make any decisions while we are having a pandemic outbreak even this will be gone for the upcoming weeks of months still it's hard to the whole economy and one of the best thing we must to do is making a lot of changes and making a come back to the world of market. Some of the countries avoid getting transactions came from another country because most of us scared to attached to the different items we've today. Also, it takes time before most of the country get their GDP back on the top there is some news and articles that the china is already done to the pandemic virus and now they are one of the highest in the world of economy and some of them state that this accordingly plans of their country but still this is a hoax or rumor we don't need to have a problem about the comparing and against another country we must need to focus on fighting the virus so the economy now is back to normal.

Those are pretty good idea from you to prepare for the next crisis, i will give additional tips from what i'm learn so far.
1. You must control the expenses, use rule of money after you get paid from your job, it can be 50:30:20 or anything else that you can do that.
2. Beware about owning liabilities, here is our money go away for. Always remember that liabilities always take money from your pocket.
3. Get the assets, this thing can make money even you're jobless.
So, with this additional strategies we already to face the next crisis.

We don't know when will this global crisis end or the next crisis will come so we should learn how to save more than just spending our money on unecessary things that don't have any value. I think one thing that will help us avoid from spending our money is to start planting seedlings at our backyard because it can help us sustain our daily needs when our plants start to bear.

You should live totally same as you did in 2015  and 2019 with Bitcoin. Spend only what you need to spend. Old bread and water.  With all the rest buy Bitcoin. 

This has happened already in my country, Covid-19 caused thousands of people fired and they have no jobs right now. Previously, most of them are working in private companies. In many cases, companies cannot survive because they have no activities, no income. They cannot afford to continue to bear the salary of workers. So, the solution is mass layoffs or massive reductions in the number of workers.

The solution:
- People must find out alternatives jobs during the pandemic. The most reasonable alternative is working online. Learning what online jobs that are suitable for them. Also, the government should support them to find out proper online jobs.

The fact is that the economic crisis around the world has been brewing for a long time and today's problems have only increased due to the coronavirus. Many capitalist countries are experiencing a systemic crisis, and in order to rectify this situation, each country must practically radically change the economic and political system of its state. Not only the government, but every person should take a different look at their capabilities, their lives and their future, so as not only to exist, but also to develop effectively in their lives. A few years later, one of the largest consulting company Mckinsey published its report. On what the economies of countries will depend on and which technologies will radically change our world in the future. The report most of all deals with the global Internet, about robots, about alternative energy sources, about various new materials and new high technologies. but the author, who drew attention to this report, focused on the fact that in this report there is not a single word about a person at all. Proceeding from this, it is clear that for humanity the problem of real existence will not disappear. on this basis, in order to get out of the global crisis and have hope for further development, everyone should think about their real capabilities. I mean not only physical health, but also mental comprehensive development so that every person can easily accept the challenges that humanity faces. learn everything that the whole world lives. This also applies to the cryptocurrency market. if a person wants to have chances for survival in the future, including he must understand and study cryptocurrency, which after some time will become an important feature of a person’s daily life.

Pandemic is an added fuel to the fire of the crisis, in 2019, economist and analyst already warn the world to the economic crisis since they have seen a significant increase in debts on top of that is the trade war between US and China, which I am skeptical about now if it is happening still, but it definitely make the impending economic crisis to intesify.

What people need to do no is save, that's the only thing they can do at least now since we are facing a bigger problem. But not all people have the capability to do this, there are people who are less fortunate whose life varies on what is on the table, these are the people who are homeless and jobless that the government needs to support also.

Every cases always have the end but we don't know when the era of corona virus will ended and we can start life normally and enjoy our working, more than two months ago we always stay at home and left our activities impact of corona virus happen.

Let's hope that our leaders are telling the truth, in US, it seems like the vaccine will be available by January next year.

https://www.usnews.com/news/health-news/articles/2020-05-01/white-house-says-coronavirus-vaccine-could-be-ready-by-january


It's coming from the white house so we can believe on them as they are not jut fabricating story just to ease people up with the current situation.
Also, other nations are working on the vaccine as well, so we might see them announce soon regarding the vaccine.

And focus more on basic needs like good foods, water, herbs/drugs, tools, useful information/knowledge, how to live & do well in crisis, how to live safely in crisis, security, communication tools, etc. These are part of what people should be buying or investing more in before/during crisis.

Addressing the issue of coronavirus epidemics does not lead to a solution to t he financial crisis in the future. Covid-19 was not the main cause of the financial crisis, but IT was its detonator. Therefore, in the future, financial crises will be repeated periodically and the reasons for them will be different.

The reality is what you mentioned, the economic situation was not that great and the slowdown was evident in many sectors and the pandemic will be the triggering factor and i am expecting the politicians to blame everything on the pandemic for the disaster rather than owning up to their disastrous policies. The amount of money pumped during the 2008 crisis is still in the market and now they are pumping money further and how long they can do that can be seen in the coming years.

As we did not expect the pandemic outbreak is still running into the world and there are a lot of people who cannot handle this kind of situation because this is not the thing they usually do in their everyday lives. Still, there are some people trying to scam those people who really need help some of the platforms today is getting help and making projects that are stating about they are giving fundraising to help people but they will not do this instead this is just a scam because there are people getting greed and desperate to make more earnings because there are a lot of places on the world that is affected by the virus are cannot earn more money because their job is not a home-based. Still, always make research if you are trying to invest today.

Recessions and measurements to save us are NOT new to me because by the times of 2008 economy slow down, I learned few thing and I am in plan to repeat the same to safeguard myself if recession happens again due to covid10 pandemic. By 2008, I do not have any big saving but now I have some crypto saving which must be one of the reason for me to be confident about handling any economy slow down situations. I guess cutting down unnecessary costs will be only high required thing, I guess we all need to follow.

As most countries are relaxing the isolation restrictions, I guess world economy is slowly recovering which means there are less possibilities for another crisis. Let's hope for better things to happen like there would be a vaccine for covid19 and no more starving or dying due to pandemic.

But many also say that this epidemic will certainly have several factors about the financial crisis in their area because some are used to deal with it so that this is more needed and will certainly experience a long crisis if the epidemic continues to occur.

The financial crisis will definitely continue in the coming years but I don't think it will be as bad as it is now because of Covid-19.

Sad truth is that there are people who don't even have any means of income now, not to talk of having savings to help them out when the time comes.

Those are the people I really pity at this time. And things now got worse because companies are relieving people from their duties so that they wouldn't have too much of expenses. It's really a sad thing, and how are those people who lose their jobs now going to survive since they don't have any other job? ??? This is going to be a really difficult situation for a lot of people. And this is why it's being said that people should try to have two means of income, because you never know tomorrow.

Even if they have savings, it won't work for a long time if the virus still out there, and they cannot work as usual. They need money to buy their daily needs, and they cannot count on from their savings. That will happens too with people who lose their jobs, and you can imagine how if their savings have been used to fills their daily needs, and they don't have anything to survive? I hope that everything will be back, although the situations are like to reset, as long they can back to work again, it will really help them to survive.

You can have 1 source, you just need to be very competent in spending. Too many people update phones, computers, plasma TVs and other, quite expensive things once a year, and many more often, even though many of them do it on credit, not thinking about tomorrow.

I don't think this is a good idea. Your suggestions seem to be passive and have nothing to do with the economy. You should know that, if there are many people like you, it will make the economy really not grow again. When the economy started to suffer from crisis, interest rates and stock prices also plummeted. Everything seems to be reset and we should take that as an opportunity. Fear only makes us forever poor.

Crisis are bound to happen but I'm not optimistic about another bad time happening anytime soon or amidst the COVID-19 pandemic. This raises fear in people. Vaccines are being tested each day for a very potent one which can save humanity from the COVID-19. The outlined strategies are good but who knows? Investing in a long term project with good prospects is good.

Recession due to a pandemic, indeed something that can be considered by accident, but in fact, many countries are already heading into recession when there is a trade war between America and China. When a trade war causes a recession in a country it is a sign that a country is not economically sovereign.

The current condition is a recession, indications include financial transactions in banks that began to decline in the number of daily transactions, then the trade balance is minus, and the state budget that relies on tax is mostly used for routine expenditure rather than a productive expenditure.

We will always hope for the best but must plan for the worst. If a recession or condition like this lasts for two quarters means it is certain that an economic crisis will occur that leads to depression. Are we able to avoid depression, for now, the vaccine is the only hope.

-try to increase ur salary ,
-save 20-30% , invest 40-50% and rest for living .
-buy what u need not what you want
- if buy something that the value will get down time by time , better buy 2nd part

The greatest strategy you could have is to have liquid assets, not really many people realize the power of liquid assets but that is really the most important thing. Even the richest people in the world have their wealth tied to their stocks, Jeff Bezos is the richest person alive right? How much money do you think he really has? He probably has less than 50 million dollars in any bank account, probably less. You know why? Because his wealth is his amazon stocks and not his actual money. From crypto to stocks to forex to gold, everything could drop.

But when you have a certain amount of cash, no matter what happens in the world even if your cash becomes less valuable, at least you will be ready. This is a bad idea for people who have over a million dollars in investments of course, but you need to have at least 20-30 thousand dollars in cash somewhere to be able to withdraw right away so you can use in emergency cases.

This pandemic virus should be thought us of what we should do now, as of this current situation having saved money is really great for us because we can have money to spend on our foods and for our daily needs as we are now jobless having money would be a great help.
Investing should do by many people so in the next crisis that will happen in the future (hoping that there wouldn't be anymore) we will have money to use for our needs because of having saved money that is profitable because of investing.
Well said, all great things came from hard things, if we want to be successful someday we should expect that there would be many hard things to face. Do not disappoint once you failed because that is still part of the process.

Quite funny that I came across a post here and someone was saying that people shouldn't be saving their money because it will be affecting the economy and causing it to fall lol. This is like a normal thing that everyone is going to be doing this time, whether the economy is falling or not, people just want to save their money and avoid stories that touch. You just don't know what can happen.

If you spend all your money now and things go really bad tomorrow, seriously, what are you going to do to help yourself out? And for the part of concentrating on your jobs, I think people should as well be looking for other jobs online to have as a means of side income.

Definitely we must need many strategies to survive in the economy that we are going to face after the end of current pandemic. Because, our economy is going to be complete different than what we had some 6 or 10 months back. It means our income stream may not be the same like before. So, we must need some practical strategies to cope the situation and definitely we need another one year of time to get back to a normal life.

Don't disregard info, someone might find this useful! Maybe not you, maybe not me. But someone may, let's keep an open mind!

If you still get income and also a savings, then it will still be good for the next few days, weeks or months and as long as you can manage your finances more wisely then that is the key to staying safe during a crisis. Well, but the problem is those who have even lost their jobs when lockdown is being applied for the first time, even some families in my country sell their goods or property just to buy food and other things to cover their living costs, because the solution is about sharing assistance from the government and / or donations made is still insufficient to cover the cost of living for the people.

Ideally, you should have your own land where you can grow food, where you can take water from the ground, you should have strategic supplies of clothing and other things necessary for the next 5-10 years. I think that this is quite enough to live well even in such a situation.
This doesn't mean that you need to isolate yourself from society. When you are calm about your position, you can do what you do more effectively to improve the position of other people in the world.

Any job that can be done online are in demand right now, the world will eventually shift to online job and this pandemic that we are experiencing now has open the doors for the employers to realize that some jobs now are possible to be done online, and there's less cost of doing that so they can minimize their operating expenses.

Yeah thats the way world will do facing the effect of this crisis,Though physical Job will remain in factory and man power corporation but still mane employees will lose their Job when the quarantine ends.

But this is impossible if you are  living in urban city or in metro's when living gives you small spaces to live.

It is always in need that we are ready for anything unexpected happenings to come just like this crisis we are facing right now. But since most of us have not been ready and fully equipped to face this crisis, may this serve as a moral lesson for us to be prepared the next time that another crisis might come.

I think you have already dropped down most of the necessary we must do to keep ourselves prepared if ever another crisis would come. For us to be able to have some handful of money, we must always be able to save at least a part of our income so that we can have something to spend with at times we need it the most. Avoid buying unnecessary things for a moment unless you have lots of money to spend but it would still be best to always consider spending only for important things first.

Most people around the world are experiencing an economic crisis, we must be able to make strategies to deal with the crisis. I suggest
in a crisis situation like now just buy something important, avoid borrowing money especially from banks, always keep some of the salary
we get and always try to find additional income. That way we can facing the economic crisis that is happening all over the world.

Some of these points sounds true and i agree with them but some i dnt agree with. Especially where you said something about people who work to earn salaries. Instead of concentrating on how to make your company not release, why not work towards trying to start something that will earn you a little stuff as side hustle while also offering your best to your company

Many have lost their jobs due to the present crisis, many are starving without food, better to save money atleast from now on. Do not waste money on any goods, pubs, mall etc. Let's all pray to all to be safe.

Nah, it's not gonna work out in real life

Unless you also have a good company armed to the teeth and ready to use their arms if necessary. In a Mad Max scenario (which you implicitly refer to here) all your stuffs will be quickly taken by the gangs of scavengers running away from cities, while you will be left praying for life with nothing left to live on. Remember, God is on the side of the big battalions, and may the force be with you!

You're right about that, there are companies right now that will be looking for ways to sack their employees and reduce their workforce. So, anyone that's working in an office or company should be serious with their job so that they wouldn't have to lose it. I am afraid about the continuation of such bad consequences because it may go worst in coming day than what we are having right now.

There are already some companies I know that have started sacking some of their employees, so people really have to be careful. And as for investment, I don't think there is any investment that is really short term except cryptocurrency where you can invest and pull out at anytime you want, and moreover you don't even know where the price is heading to next. So, you just have to be sure that you have enough money to invest.

I don’t think that everything will be only sad for us.
Gangs and seizures ... for this, states must cease to function. I think that this will not happen yet.
But in fact, if there is land, then you definitely will not stay hungry. You can raise birds and livestock. Even if it will be difficult at first, then you will get used to it. And already exchange meat for food. You can live, but it's hard

It all comes down to cutting your loss by not overspending and trying to save money and to have foods stock, there might scarcity of foods in your area if things worsen, there are reports that a vaccine is coming up but there are no guaranty of timeline, this pandemic can last for several months and be sure your business or work can survive this pandemic.

Thank you for sharing this strategy that could help face this crisis like the one we are already experiencing. I hope it doesn't get worse, I would add that people learn other skills than they already have to generate a new income. Because the current crisis affects us all equally and we must be prepared to act on the unexpected.

Yes online jobs will be in high demand, so if we want to make money we must adjust ourself in according to it. Working online require computer or laptop, good internet connection, and of course the knowledge to the job we are going to do. Let us comply with it. Let us choose on where we are best at. Online job is better now because we will be having no interaction with other people and there is no need to go outside to go to the office.

If the economy has a chance to finally collapse and if it collapses, then no savings will help, but material things is another story. I think it's a good time to buy a house or invest in something else material, gold, etc. Maybe even buy a piece of land and start microfarming lol

For me , it is better to diversify your fund so that it could be okay. If you don't have extra money do not put all of your money in investment, because at times like this, a fiat is more needed due to the needs of you and your family.

Well, some people are advising those people who can afford it to start an online business. I know that it counters some of the suggestions of OP not only the people who will start the business but the people around him but this can help in terms of having a profit in this pandemic. Though here in our province, the GCQ is slowly being raised and that means that the normal days are coming but in the long turn, you can use that business to save and get yourselves ready financially.

In simple words, save money and start investing!

No matter whatever happens you need to have enough of savings which is hard if you live from pay to pay check so you have to do some other job along with your daily job to earn money which will increase your cashflow then start cutting down your expenses as mentioned in OP.

in a situation like this all in a state of a dilemma, all the financial mess and can not be managed properly because a lot of expenses rather than income. so that all forms of investment are things that can not be thought of anymore because the need for money to meet their own needs is preferred. all forms of sales no one has ever looked at because now the focus is only on being able to meet daily needs so as not to be stricken by hunger and contracting a pandemic.

Yes, now is the right time for everyone to start saving money. These are the times a lot of people are going to start losing their jobs and the unemployment rate will be high. As for being serious with our jobs, sometimes that doesn't really matter, because in some cases,  some companies don't care if you're being serious or not.

I have already seen companies that have relieved some of their employees of their duties without minding if they are hardworking or not. Sometimes the level of connection you have does matters a lot, because if you are close to those at the top, they might consider you.

Sadly, it's not everyone that can have that kind of connection. That's why it's very important to learn news skills, and build a strong social network. If you keep focusing on one skill, the area you're working might end up becoming obsolete. Lastly, you should invest your money. During a financial crisis is the right time to invest your money since assets and stocks will be very low. That creates an opportunity to buy low and sell high.

Good pointers you have sir and it's the best time to be more thrifty as this crisis is still out there and it will only be over if vaccine is been produced for everyone to have a relax and calm down this crisis once in for all. This is the point that our savings will be used and will come in handy in drastic times of covid-19 continues because the economy is still is yet to recover and many people not be able to go back to work. People should embrace the new normal and make smart moves to spend less to survive long enough until we find cure and defeat this crisis.

Thats why we need to be ready what will come soon.

The effect of this Pandemic will remain for the whole year or even until next,and crisis will come towards each door ,but if we will have defensive action then there maybe a chance that we can survive inn this battle.

Of course, the pandemic has affected the economies of many countries, I hope that next time the government will be able to cope with such an epidemiological situation. The government must first take care of its citizens and support them in difficult situations. Let's hope that the crisis will pass soon, I advise you now not to make major purchases and think primarily about your health.

We are caught unprepared on this pandemic here in our country the worst hits are the transportation sector and the restaurant industry, it will take to long before they can get back to business, so even if they have savings they have no recourse but to sell some of their stuff, we all have to do away with luxury items and sell it in exchange for food stocks which is the most important item now.

How long will you continue saving up your money without doing any business that gives you daily income? Remember once you don't have money at hand, you are likely to make use of your saved money.

The only solution during recession is to get yourself busy with something that will fetch money for you. No matter how little it is

when the pandemic happened, medical devices through online delivery were sought after by many people to defend themselves from being infected. So it is true what you say is the main thing now to maintain health by following a pattern that has become a protocol for the prevention of pandemic transmission. although we know that with the economic pandemic so many have been disturbed both personally and nationally. it is feared that a new pandemic will emerge, that is hunger because of the inability of people to buy necessities of life.

That's why we need to be prepared for the next pandemic to come so that we will not suffer from this current incident happening today, a lot of lessons we can learn from this experience and for sure the majority will stock up some funds for emergency matters. There are so many sufferings today due to unexpected situation and I'm sure the government also learn something from this so I'm expecting next time that they will implement a strong measure regarding on economical survival in future.

In my opinion previously many people have been criticized and absolutely stressful and fitting to fix the impact of economic growth from the anxiety incurs actually, through this angle we found a lot of technic to face with the second wave of economic crisis which is controlled and usable for when time comes that were in the midst of privation, so despite the best efforts and strategy is came from the past experience therefore im sure that we holding a flexible to oppose the unexpected economic crisis.

   You have a point Upgate, just saving is not good, saved money is losing
value, it's better when money is work for you and generate some income.
During hard times its hard to earn, but not impossible. The recent crisis
was hard for some businesses, but for some it was profitable. Who could
predict this earned a lot.
   Strategy for crisis is find a way to earn, do something, observe and act, don't
just sit at home in fear.

I think that saving is the best thing to do to deal with the next crisis. The Asian, they never lose a lot of money during crisis since they always know how to protect their money and assets. On the other hand, Western people love to spend money as much as they can and use a lot of credit cards to buy luxuries, high-techs, and useless goods. There are many things we can learn from China and how they cope with this crisis.

This advice only applies to employees. I see some entrepreneurs have even gotten richer and many are buying luxury goods in the current conditions, they are really lucky, their business is staying strong in this "PANDEMIC"..

Of course..  borrowing is not a good thing if you use the money to buy things like cars, watches or new motorbikes.  at present even some governments in many countries make policies to delay loan payments (this rule applies to citizens who have already borrowed before this "PANDEMIC")..

according to the data, more than 60 million new disturbances arise because of this "PANDEMIC", this automatically makes the competition to get jobs going tighter.  for those who have become employees as well as possible to maintain your performance, or you will be replaced by others who very want your position..

Yes, people really have to be doing anything possible to help them when things start getting difficult. Thank God I have been buying and investing in a lot of things before and they have been helping me to grow my wealth level. I also save money, I have an application that helps me when it comes to savings.

I just set the amount I want to be saving daily and everyday, early in the morning, they will debit that exact amount from my account and save it for me. And the best part of it is that they also give me an annual interest on my savings that is about four times better than what Banks can give. Cryptocurrency has also been a good investment and what I love about cryptocurrency is that I have access to it at all times and can buy and sell whenever I want to.

Yes most of the american households are in a total debt if you see, they always are buying a lot of expensive goods that they can't afford with credit cards which are easily available to those who are salaries and most of the people of Western countries live paycheck to paycheck and that's the real problem. If you are saving a little bit of your salary then that comes handy when you are facing a crisis situation and also you should save for rainy days so as you won't have to take a loan in that situation.

We are now in the middle of the crisis, no one of us can tell when it will end, and even if this pandemic ends we will face another crisis surely. Save your money by not buying unnecessary things instead keep it and save. If you have a job just do your best for you to remain in your company because some of other company do cost cutting  or laying off other employees.Grow your garden by planting some veggies and fruit for your family.

The next crisis is going to be more serious so we all need to think about the future and save some More people will suffer from financial problems so I think it is better to invest in Bitcoin than to plant fruits. Because the price of Bitcoin will go up if I buy it now, I will get double profit if the price goes up and I will be able to save something for the future Then we will be able to overcome this crisis very easily.

In order to prepare myself for the next crisis, I try to accumulate as much wealth as I can.
The only mistake that I'm doing right now is that I have a lot of capital in USD due to my paid salary. In the coming weeks I want to get rid of it and invest in real estate or crypto things that do not get affected directly from a crisis.

Fellow member, this crisis is already far from over and you are already thinking about the next one? Such incidents occur once every 10+ years and thus you will get time to get ready, now is not the time to cut down costs but be diligent about how you will face problems that might come up.

"Double profit" sounds like something that the ponzi scammers are going to post about, I expect better from you, at least. Maybe 20-30% or more gains if held for several years but the next crisis - nobody knows when and whether bitcoin use will be increasing in prevalence then.

Well if you are anywhere in the North American continent, you should have access to bitcoin exchanges that are legitimately running and allowing US and Canada customers. A safe way is to put in ~10% of earnings in bitcoin every month or vary your mileage as per price of bitcoin.

I'm not sure about double profits either

However, I wouldn't be surprised in the least if Bitcoin rose to 15k in a matter of days or weeks if it ever comes to that. If it crashed from 9k to 4k in a matter of days, it won't take long to add another 5k to its current price. Moreover, the longer Bitcoin sits around 9k, the stronger will be the future price action, as has always been the case in the past. So buckle up and get ready for the coming roller-coaster

I think there is one general tip for all crisis, spend minimum and try to save as much as you can.
Real crisis hasn't started yet and we are about to experience its real consequences until end of the year and further. It's hard to tell how deep it will be and how long it's going to last.
Cryptocurrencies might be one part of survival plan but you can't rely on that only. Especialy not on "double profit" of Bitcoin price, like it was mentioned before. Cryptocurrencies are unpredictable and how the price is going to move or will they be helpful in crisis period it's hard to tell.

The best thing to do or strategy to face if there is any crisis is to obey the government rule and regulation, specially if there is a pandemic, we need to follow everything to stop the pandemic health crisis will drag the economy down and maybe financial problem will hit us, that is why we also need to save money so that we can help not only the government but also to those who didn't have anything.

One thing I have learnt during this time is that one should have backup ready so that not depending on a single income itself. Something financially, one should be doing various things so that in some way or other you can become financially strong. Also saving is important thing now and cutting the credit cards bills in coming years will be important thing.

That's very true. Covid came from nowhere. Lots of people are going to lose their job. Those who haven't any back up plan they will face a very bad period of their life.
After the covid is over no one can predict that when and what crisis we will face in future,
So we must need to setup a secondary financial backup plan to face any such situation in the future.

Saving includes not-investing in something long term or sketchy or high risk at all
But mainly yeah - do not rely on one way of income otherwise chances are you'll be screwed

This doesnt only talk about in pandemic situation but also this can also be a big problem when you face up emergencies that would really be needed some big amounts
of money like sudden hospitalization or some sort.
If you are a type of person that doesnt really mind much about having savings for emergency purposes then you will surely be fucked up when time comes when problems
do come out which do really need up some financial.
We should be ready not just on next pandemic or crisis even in just simple emergencies we do really need to have that backup plan.

All in all ,you need to become economically ,resourceful and strategic. Save keep  what you have in this pandemic situation because we all don't know when it will stop or if when is the cure for the virus so that we can live a normal life again.

Covid-19 from the first time from the city of Wuhan and spread throughout the world with the most infected is Europe and America so that this is happening a lot of bad things in terms of economic and human readiness that there are no jobs anymore maybe their savings have run out if COvid-19 is still and one of them is with government policy on how to do the citizens well.

Stop spending money for unnecessary things and act as if the only money you have is only available for primary needs like food and other necessities even though you really have the money to buy more than that. Save as much as you can or better invest to something with a guarantee of return in order to make a profit out of it.

Almost everyone experiences an economic crisis due to a pandemic, we do have to make a strategy in order to deal with this crisis.
First, avoid loans from banks, then make purchases wisely. Don't buy things we don't need, or reduce the purchase of luxury goods.
Then looking for additional income. With the strategy I mentioned should be able to deal with this crisis well. Hopefully this crisis
can end soon.

     I'll be saving these in my notes. posts like this one really does help. I hope you also posted the same on some social media apps so that more people would also be able to see these suggestions you have mentioned. The sad thing though, is that most of the people who actually gets to see this would obviously be able to comprehend these suggestions but would most likely ignore these and would rather choose to indulge in the wrong choices they have in mind despite knowing the grave consequences that may occur in the future. And when all things go to crap, most of these people would be pointing their hands to the government when they only have themselves to blame. sigh. people.

-merited.

Good point mate, those things are needed to be controlled in order to survive with this pandemic
virus, people needs to adjust in time like this.
We don't know how long this virus will stay as there's no available vaccine to fight and cure the
spread, it's your own self will that will help you
to fight against the virus and avoid you to allow spread to happen and harmed your love ones
your mentalities of surviving is the best
tool to make sure that you'll be able to continue and still alive while this pandemic still exist.

On an individual level your strategy seems very good, but for the hole economy it's not very helping. With cutting down spending you will just worsen the crisis for everyone. Cutting down unnecessary spending seems good but if everyone stops spending, where will the economic recovery coming from?
Same for trying to avoid investing in risky assets. So far the stock market is pretty resilient to the crisis. If you would sell all your risky assets and just hold cash then you will be losing money every year due to inflation. Being risk averse is good, just not too much, you might miss out on the recovery.

Indeed. Even there's no crisis to occur saving is a wise thing to do for the future of our family.

Dont live with a mindset of a one day millionaire, it means spending the money for wants and not for needs. Save if you can because you'll never know the importance of it until you are in a situation where no one can help you.

During this trying time those who have savings can survive without problem.

Lifestyle before the pandemic matters but I dont think it will be easy to condone excesses and some might be forced to change lifestyle during this time. Keeping job is for those that the service is important such as in medic or can be done online, more so the law with each government could affect jobs differently. Most jobs are getting online and new methods are adopted to get work done. Healthy life style and routine should be engaged to improve immunity and save other people around.

I think that most of the forum participants were ready for the crisis even before it began, having in addition to working in the office, they also had the opportunity to earn money on the cryptocurrency market. It is much more difficult to adapt to the new realities for those who did not have additional earnings.

I really learn from this post and this is time that we should really learn from the formal financial crisis. The world economy has gone through a lot of crisis and we should no that time like this are always there.

I really learn from this post and it has being good if the world knows that cryptocurrencies but since politics are the game for the world leaders it be hard to see it coming very soon and there much hatred for crypto as whole.thanks for your post .   

Those who are still calm in this situation are those who have multiple streaming income so that they still have disposable income or those who have enough savings for the next few years and the last who still have income. For those who do not have additional income, my advice is to increase friendships, thereby increasing opportunities to get information on business and employment opportunities.

You can also try to feel yourself, what are the characteristics of your success, the idea creator, image builder, motivator, master negotiator, opportunity seeker, established profile, controller, or system maker. In this pandemic, especially if we are in a jobless position, time is the most we have. In addition, we use to find work we use to upgrade our understanding, skills, and competencies for higher levels of competition.

I also believed that government can provide the vaccine end of the year as they already making great progress upon as i heard on some international news and local radio stations in our country.  The faster the progress, the more grateful we are so that we can ease a little bit and we don't stress out because of this pandemic that really gave a hard times to cope up to our daily lives and daily routines.

You say necessary words that we need to continue in our lives. The error is not saving enough savings if a crisis occurs or work is fired.
Do not sell anything of value these days and buy more assets instead of buying discounts, luxuries and other useless things.
Stay away from all investment activities and try to spend time with the family without spending any unnecessary money.
you can make it less than big loss and be rich

We actually need to follow some strict guidelines in facing some crisis that are yet to occur. We never know when will it occur so we need to be always ready when it comes. Having lots of saved cash that is physically present in a home will be helpful instead of those saved in banks so we need to properly budget our money when it comes to that. We also need to be cautious when it comes to our personal jobs since some of them wont survive if it faces another crisis and always be ready to look for alternate ways to earn money.

Every strategy that can be useful at this time of covid 19 pandemic is very important. We don't know if until when this virus would stay so,be thrifty and try to earn in some other way like here in cryptocurrency to help us to survive from this suffering.

Indeed! I believe we must practice all the useful strategies to keep going amidst of this crisis. As we are dealing with Pandemic, it thoughts as a very important lessons each day. Luxurious things in life are not necessary now, because there's a lot of restrictions anywhere in the world and we cannot travel nor buy those expensive goods due to some mall closures.  
For some average earner like me, I agree that money lending is really not a good choice. Instead, Saving money even a little portion from our day to day earning is a must, especially this time where we cannot go out for work and the Government cannot provide us everything and we can't rely on their relief assistance at all times.
I can see that some people are struggling now, especially those who has no savings. So, I guess the learned a lot from this pandemic, and started getting back on their feet by slowly finding some alternative ways to earn despite the Virus still around. Saving money is a must rather than spending with unnecessary things. So let us Save now to avoid suffering later 😊

This is the best we can do in order to help but there are those people that either have enough money to spend for their family or doesn't have enough. The government should always be ready in these kinds of problems but they are used to face social and other problems and most of the time they make wrong decisions.

While rich people are swimming with alcohol and toilet papers, most of the people are struggling to get some of it. Saving money is not enough since you will still be using that if time comes. Why not put that money in something that could generate profit in the long run so you will not just rely on your salary to save, you can save and at the same time, you have an investment.

There are many strategies for dealing with the next crisis, but if these are not followed properly, the situation can get worse. Here are the strategies
1) To make all the workers more aware on the basis of training on physical distance and health care
2) Develop the habit of using masks
3) Change in the work environment
4) Appointment of officers to ensure health and safety issues.

It is about financial literacy after all, the people who are mostly suffering in this current crisis are the people who are not financial literate where they do not have enough knowledge about budgeting, saving and spending their money. They do not have savings because it is not their priority and they are now affected because of the crisis. It is sad to see that there are also people who are blaming the government even though they are the one who are wrong because they do not give a care to financial literacy.

Our future depends on what we do everyday, if we improve our financial literacy; there is a high chance that we can survive on the crisis that we may face in the near future.

the symptoms that are happening I caught thinking. among those who were affected by the epidemic coid-19 new habits. learning by the net and shopping online, intellectually the people who lag behind technological progress will evolve with the habit of knowing about the world of the internet. they will know its usefulness.
online business we are unaware of selling online will find it evolving, this business opportunity to build the economy by organizing together. all the calamities there are positive things..?

Yup! I agree on that. Being business minded could save you in these recent times. We are no longer talking about whether you have a blue collar or white collar job because most of us are put into the same situation, it's all about whose got a creative business ideas and those people who can do everything to earn even if it means on doing things below your educational attainment :D.

However, financial literacy is not the issue all the time. There are so called "poorest of the poor", they are so unfortunate up to extent that they will not eat the whole day if they will not work, and take note, not a simple work but a dirty/hard job. That's sad to know :(.

Well, if you really want to beat up inflation rate you need to be rich, no poor person with 100 dollars will beat the inflation and actually make a change. Let's say you have 20% increase in your portfolio, that is what... 20 dollars? That will not help you get any richer, which is why working towards beating the inflation is not really a good idea.

However if you have enough to money to actually make a change, the best way to go is almost always gold, it really does increase above the inflation rate and if you want you can put it in bitcoin as well that would help too. If you can buy real estate and rent it out, that would be superb as well, that way your estate will gain value over years but also it will give you rent income as well, with enough places you can turn that income into another purchase and another and continue to grow bigger.

Gold is extremely overhyped

And it is pretty much useless on its own. Seriously, what are you going to do with it, use it as a weight? Moreover, holding any significant amount of physical gold entails a negative cash flow since you have to store it somewhere with costly measures of security and protection. Put simply, it is a huge pain in the ass in terms of overhead costs. Even gold coins are cumbersome unless you are into this sort of thing for real

I think not only for the next one, but the current ongoing one as well. I mean I agree that economic stats might be looking better right now, however that is due to governments giving more money and easier loans that would be forgiven in the end and that means stats will look good while people would have hard time buying regular groceries.

So, I would agree that crisis is not as bad as it used to be, but right now we are still in a recession type of situation where people have hard time finding money to survive. Hence, all of these strategies could still work right now as well and remember, whenever you live bare bone and have a hard life while earning more than you live, you are making your future better as well and will not have to do that type of life quicker.

In my opinion, the pandemic has undermined the existence of businesses on almost all lines and levels and caused a domino effect for other businesses. Large companies such as Hin Leong Trading in Singapore can go bankrupt, the pizza hut franchise holder has declared bankruptcy. One of my relatives who works at Astra Motor has also received a pre-alert of the possibility of termination of employment in large numbers in the future if conditions continue.

If you need income to live and want to beat inflation then the solution is investing in the real sector. If the real sector really grows, the economy will really spin and welfare will be more evenly distributed and the inflation rate will also be lower. Hoarding and saving money during a sluggish economy like this is an unwise move because by saving money the economic cash flow is getting reduced so there is no growth.

The Coronavirus Covid-19 epidemic has put the government economy and healthcare system in an unprecedented crisis. To date, no effective vaccine or treatment for the virus has been discovered and it is unlikely that it will be available in the near future. Therefore, adherence to social distance home quarantine lockdown is being taken as the main strategy to prevent the spread of this disease. As a result, billions of people worldwide are now living at home.

I would like to add some other tips for people in your list:
1. Try to find source of new income. If you are doing job try to get some part time job side by side. Never get over dependent on one source of income. No matter how much overtime you do your employer would still lay you off on the name of Cost Cutting.
2. Always keep an health insurance.
3. Once you feel that you have enough liquidity. (Money for atleast next 3-4 Months). Don't keep rest of money in cash. Invest in long terms stocks. Crisis are the best time to invest money.

Change your mindset from saver to investor. It's just these small changes that would make you much better off in this crisis and any upcoming crisis.

and yes don't forget to keep enough buffer for any pending EMIs.

It takes a lots of research and testing before the vaccine will be available, with that the economy really feel the pressures if this will continue, it will create more damages.


Also with that strategy, more people will continue to suffer especially those who are only relying with a day job which most of small businesses are close.

There should be some sort of mask storage for situations like this one.
Because there was huge issue in the beginning of the epidemic with mask availability

good tips, the core of what I understand is, save cash as well as possible, invest in something that is certain, and use cash in things that are really needed. if there is an opportunity to make an income, and that is a good way, then take that opportunity. to be honest, until now I've been thinking like that. however, we need to really manage this as well as possible.

That seems to be the hardest point for most people to grasp

Because a regular job gives you a false feeling of stability and certainty, which are not there. And it is not even so much about overworking as such (which may make sense in certain circumstances). A lot of people tend to think that it makes them more valuable to the company. However, this is not the case as what extra hours actually contribute to is your employer's certainty that you desperately need to keep this job, i.e. resulting in the opposite outcome, not the one you may envision and hope for. Really, would you willingly choose to overwork if you didn't depend on that job?

True Indeed! I think quick promotion and appeasing the boss are sole reason why people develop tendency to overwork. What actually should happen is working for a different source of income in that same time. People always remember not to keep all their investment in one Asset. But the same thing applies on sources of Income also. Why keep all your income from one source? Shouldn't we apply the rule of don't keep all eggs in one basket here? I have seen this habit in most of the financially stable people that they never depend upon one source of Income and whatever may happen it's a very low chance that all sources of Income would shut down due to some reason.