Some Strategies to Face the Next Crisis

[reliable]

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.

[suvo05]

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.

[best2015]

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.

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

[dunfida]

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.

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.

[Alert31]

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.  

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.

[Sterbens]

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.

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.

[princesspoppy]

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.

[Shasha80]

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.

[Vatimins]

   • 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'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.

[rodskee]

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.

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.

[Mauser]

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.

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.

[lienfaye]

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.

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.

[ololajulo]

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.

[tvplus006]

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.

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.

[okala]

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.  

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.

[gesrhon7]

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.  

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 .   

[abhiseshakana]

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.

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.

[raidarksword]

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.

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.

[Philipping]

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

[mezzaluna]

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.