Some Strategies to Face the Next Crisis

[azmirihaque]

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.  

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[Ucy]

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.

[jackg]

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)...

[Findingnemo]

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.

[Twentyonepaylots]

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.

[iv4n]

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.

[bittraffic]

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.

[apaben]

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.

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.

[silversurfer1958]

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.

[Rengga Jati]

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.

snip

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:

1. Maximize Your Liquid Savings

We can maximize our funds on the Cash accounts, not doing long-term investment yet. This will help most in the financial crisis.

2. Make a Budget

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.

3. Prepare to Minimize Your Monthly Bills

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.

4. Look for Ways to Earn Extra Cash

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

[TimeTeller]

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.

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.

[Paycoinzzz]

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.

[imstillthebest]

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

[Latviand]

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.

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.

[Saisher]

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.

[davis196]

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.
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.

[TheUltraElite]

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.

[mu_enrico]

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!

[electronicash]

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.

[rodskee]

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.