Try to save money while you still can, will you ?

[FireDAOJackie_Z]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

[cabron]

Wasn't there a separation pay for those workers who worked for a decade in a company?
If he did receive a sum, he needs to start a small business to survive in the real world. A little cooking skill just cooking street food may just be his savior. Your friend will survive. He'd be lucky if he isn't a father yet in this ridiculously made up crisis time.

I have seen this happening when my brother lost his job as well with 2 kids still and a mortgage to pay, it's a pain for a father to see themselves this low because he is unprepared for what's to come. If he had just saved something, maybe he wouldn't have had to ask for a loan to start a small business.

[Tellek Garing]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

It is my conviction that life operates in cycles, and as such, we cannot expect things to remain in a constant state of abundance.

The adage from "The Richest Man in Babylon" rings true: "If you cannot save money, the seed of greatness is not in you." Therefore, it is wise to exercise prudence in managing one's finances and to save during times of prosperity.This practice can serve as a lifeline during times of financial hardship when one's sources of income may become limited or depleted.

In essence, by cultivating a habit of saving, one can fortify their financial stability and prepare for unforeseen circumstances.

[mk4]

Saving money should be done by default, not only when financial/economic problems arise.

Don't solely stick with saving money though; attempt to increase your income by having side jobs/businesses/gigs. Growth from employee wages take a crap ton of time and effort for it to increase.

[Ultegra134]

Saving money should be done by default, not only when financial/economic problems arise.

Don't solely stick with saving money though; attempt to increase your income by having side jobs/businesses/gigs. Growth from employee wages take a crap ton of time and effort for it to increase.

Exactly. You should have at least half a year's worth of salaries for emergencies, not to mention a whole year to be on the safe side. Saving is vital if you wish to have purchasing power at any moment and have money set aside for emergency purposes. Thus, it's important to have various sources of income, which could be a side job as little as being paid by signature campaigns; that way, you'll still have a flow of money supposing you lose your job, like the OP mentioned about his acquaintance, which will provide you with some peace of mind till you can find something else.

[Xcode7]

yes, of course it has to be done, but not everyone is able to do it by managing money well, so some are set aside for future savings.
when you currently have a large income or more than the necessities of life, of course everyone wants to save or invest, that's good, but not everything can go as it should, for example, suddenly you want to take a vacation, so it drains a lot of savings or losses for people who choose to invest .

for an unpredictable future I prefer to make a business even on a small scale but be able to provide income with fast turnover, that's better I think even though all risks are possible to happen but at least without having to take time myself but still can make money even if it's small.

[Pokapoka124]

The layoffs this year has been crazy. The world wasn’t prepared for this, hundreds of people have been laid off in the tech industry only this first quarter of the year. They say it’s an after effect of Covid, who knows, maybe these companies are planning on replacing human workforce with AI.  
Learning a skill now will be difficult without a means to support himself and family. Doesn’t your friend has savings? It’s fishy living on one source of income. There are side-hustles and investments he could try like investing in real estate, airbnbs, vending machine business. If I were in your friend’s shoes, I would start mass applying for jobs and update my resume to meet criteria of the role. The last thing you want to do after being laid off is take a break.

[Uruhara]

At least from the story that the OP told, we can take a lesson, namely that we really have to prepare ourselves from an early age. like saving while we are still working and have income. And not only saving but we also have to set aside money to invest in our future. and don't forget to prepare an emergency fund too early on. but about the friend that OP told me about, I hope he will be given severance pay from his original company. and your friends can use the severance pay as capital to start a small business or to look for another job. because the current conditions force us to be able to continue to make money to survive.

[Gayong88]

The first and foremost step towards surviving a tough economic condition is to avoid becoming panic stricken. Keep yourself calm and do not wait for the worst to happen. Also, keep a tab on your monthly expenses, as mostly at times things get difficult when we do not have a proper insight into what we are spending money on.

Dude, he's not alone. there are still a great many people who are in the position of losing their job, who do not have the skills and other abilities to be able to find another job quickly. My suggestion is this help your friend to gain new skills, learning something new can give him a chance to get back his roots or his job after this financial crisis.

[Marvell1]

Don't wait for inflation to happen to save, but save every day, every month, every year... save not only to deal with inflation but also to prevent emergencies. But saving will not help you have a better life in the future when inflation is higher. In addition to saving, you need investments to increase wealth, investing is the best way to fight inflation.

Tell your friend not to get discouraged but to find another job because if he hesitates, it will only make his financial situation worse. When one door closes, another door opens.

[kryptocanon]

Nobody actually gets rich with a salary alone. Someone should steadily imbibe the spirit of diversifying earnings into a different segment of investment for days like this. If truly your friend doesn't have something he can fall back on after working a decade for a company, then I assume he's not just investment-wise.

[xSkylarx]

You are a good friend since you are still there for him even in bad times! Try to help him as much as possible since he really needs it. I've experienced this before twice, and those real friends of mine are helping me a lot. There are no solutions for him. He needs to find work so that he can support his family. For sure, doors will open for him if he just keeps looking. Also, that is the greatest lesson in my life: we should save in case of emergency, like those ones that will last you six months even if you don't work. I'm starting to save right now, but I also make investments from time to time to secure my future and that of my family. 

[bitzizzix]

This is a must because we never know the job we will have in the next few years, so it must be planned while we still have work.
And as much as possible have savings and investments that don't depend on work income, and have to have side income in any way to get extra income, and this is what I'm afraid of when I lose my job.
and for now I'm trying my best to set aside a portion of all my income for savings and also a little for investment, and I'm grateful to be in this forum because apart from getting a salary from my job, I also get additional income here which I use very well for savings and also for investment and that's all for the future and also for backup when I'm no longer working.

and the story that OP mentioned, many people have experienced it and experienced life changes while still working and also when they have stopped, so it is very important to contemplate and also plan because we will never know our fate in the future.

[Godday]

Previously may I ask you that what country are you from?  If you say that the inflation in your country put you in an extreme economic situation then I think the challenge you have to face is how to survive with minimum cost.  Maybe we can't talk about investing in stocks or cryptocurrencies because in such difficult economic circumstances we have to fulfill our primary needs first.

[Dickiy]

Did your friend not get severance pay when he was kicked out of the company? I think that money is enough to survive until he finds another income.
Unexpected funds must be prepared properly not only at a time when you are feeling difficult, now you have an awareness of this (learning from seeing other people) that is a good thing, but you also have to pay attention to the many sectors that must be fulfilled to deal with these difficulties, such as in the need for health insurance, food, and other needs, you must classify it to be safer so that the budget you make meets your needs too.
I myself have that. I deliberately classify funds for things that are unexpected for me to be calmer and so that there is no accumulation in one container.

[FireDAOJackie_Z]

Did your friend not get severance pay when he was kicked out of the company? I think that money is enough to survive until he finds another income.
Unexpected funds must be prepared properly not only at a time when you are feeling difficult, now you have an awareness of this (learning from seeing other people) that is a good thing, but you also have to pay attention to the many sectors that must be fulfilled to deal with these difficulties, such as in the need for health insurance, food, and other needs, you must classify it to be safer so that the budget you make meets your needs too.
I myself have that. I deliberately classify funds for things that are unexpected for me to be calmer and so that there is no accumulation in one container.

Sadly there are few companies in my country that offer severance pay. My friend is definitely not entitled to that benefit, even for working for so long. Having no savings makes his financial condition even worse. Now he has to provide for his wife and daughter, sometimes his parents included. How can he survive without income for long ? I am trying my best to help him find a job and also lend him some money to get through the tough time.

[MiF]

Many people wanted to save money but it is really hard, in my country the minimum wage is very small and it is really hard to budget specially when the basic needs price rises so there's nothing left to save and most of them take a loan because the salary is not enough, so i think saving is for the people who has above minimum wage and for rich people. Saving is good but not all people can easily do saving.

[lovesmayfamilis]

It is quite risky in our time to live one day, according to the principle earned, spent. It is necessary to save for unforeseen expenses from the moment a person receives his first salary. There is a good percentage scheme for how to become wealthy by saving only five percent of your salary once a month. And with the advent of bitcoin, this scheme becomes an even more profitable option.
Your friend, who worked for 10 years, must have received similar signals of instability several times during his work. There is simply no stability at such a time, and the fact that he did not save money for a “rainy” day shows that he is not a very wise person. I would like to believe that he is still young and has gained good experience in order to be more prudent in the future.

[topbitcoin]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

If me i will focus on saving money because inflation is something that can affect on a lot of people include us. And we can't rely on other people beside ourself. And i know you are a good friend, but just make sure you create border until where you want to help your friend with his life.

[Rruchi man]

Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family.

Always remember that there is no Job security, it is why you must and make good use of any opportunity you have to gather and save up money in investments and assets. You have learnt from your friends experience @OP, prepare and plan for the rainy days because the rainy days will always come. It sounds really sad when you think about it but when things are going merry, never forget to plan for the days that things appear thick. That is is the circle of life, the difficult situations help you appreciate the good times. Your friends life has not ended until he decides he wants to quit, people have been in his similar situation and even worse and are doing better today still, he just has to get himself together and plan well with his wife.

He can take loan from close friends and family to start up something if possible, that is if there is already a plan to start one but money has been a hindrance.

He can also declutter and sell off somethings that his family can do without for the time being to raise money, these are just a few options.