Some Strategies to Face the Next Crisis

[Renampun]

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.

[wingfield_crypto]

      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?

[ecnalubma]

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.

[Viscore]

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.

[Negotiation]

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.

[fiulpro]

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 .

[plvbob0070]

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.

[drlukacs]

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.

[Eugenar]

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.

[MCobian]

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.

[JoMarrah Iarim Dan]

    • 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.    

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.

[HotRod4Life]

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.

[Golftech]

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.

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.

[carter34]

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.

[ShowOff]

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 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.

[carlfebz2]

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

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.

[FanatMonet]

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.

[ene1980]

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.

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.

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 does it even mean  . A crisis in digital form  .

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.

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  .

[chaser15]

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.

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.

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

[Darker45]

   • 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.    

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.