Although it may seems impossible to completely protect a nation, organization or business from experiencing meltdown but if you have the adequate knowledge of how it can affect, you will be able to put up plans to minimize the impact or mitigate it completely if possible. .
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You will need to effectively planed, review and as well monitor the state of your business operations on a daily basis to get information that will enhance financial viability, i will be sharing few tips to engage in other to stay alive even at such a time in addition to my experience shared few days ago, link.
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capturing within the context our nation, the rise in debt levels, fluctuations in markets price especially the drop in oil prices, having this few money saving tips well structured i think will save as a lifeguard to surviving any meltdown or economic crisis.
- Accept the freedom mentality
Debt is said to be mental slavery and as such freedom from it will go a long way to grant freedom to a territory, business or a nations economy, this will demand a high level of discipline and determination to stay off debt no matter how promising it may appear. be always ready to say No to debt.
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- Savings for Emergency Funding
you may be thinking that you are Financially stable until when the system economy begins to drip, when this happens the income of the territory can be put in jeopardy, so far the fact that we can tell when the economy starts dripping, the emergency fund savings becomes very crucial, thereby taking preventive measures for the raining days.
Tough times always last longer than you would think, so debts from these times are always greater than anticipated. Since most people are used to living on their entire paycheque, they don’t have anything extra to repay this debt. So, they have to either increase their income or significantly downsize their lifestyle to afford repaying the debt at their current income level.
- Downsize to a More Frugal Lifestyle
This would be a great and more strategic approach, if you can reduces your expenses then your savings can greatly increase, you will not actually struggle to adapt when the new normal arrives.
Living frugally may sound difficult but its isn’t as difficult as it sounds to you, its not depriving yourself of things that brings you joy but its about being conscious and deliberate in how you spent and dispense so as to reduces expenses with absolutely minimal impact on your lifestyle.
The key is to ensure the cuts you’re making aren’t too extreme, or it will be difficult to sustain in the future. Learning how to get by with less is the key to recession proof living. Here are more frugal living ideas to save money.
Make tough decisions and stick to them
With or without you are experiencing critical moment or situations in an organization, the need for critical decisions can not be throne under the Capet, this will be done in different categories, could be reduction in the number of workers or slowing down in the push to lunch new product within a space of time.
- Diversify Your Income
Diversify of Income is very key to Surviving an economic meltdown , Like the saying that goes “**don’t put all your eggs in one basket88,” Applying this adage could be would be wisdom maximize to your source of income.
Relying solely on a particular job for all your income has inherent risk, because if the economy tanks and you lose your job, you’ll also lose your only income and your ability to meet all your financial obligations.
When you have drops from different sources of income, no matter how small, it could be very helpful because if you start experiencing difficulties in one sources, joy is likely to come from another, just imagine if the only sources is being strut down, the entire system becomes helpless.
If you have a fairly flexible schedule you can consider getting a weekend job, and if you have particularly strong skillset or are developing one, you can look for ways to cash in on those skills. For example, if you’re a strong writer you can look into freelancing articles and blog posts, if you’re crafty you can sell your creations on Etsy, and if you’re handy around the house you can consider advertising your services on Craigslist. Don’t let these examples limit you, though. Any skill or talent your have could potentially be turned into a way to earn extra income.
- Diversify Your Investments
Adding to income diversification, one will also have to diversify investments as well. for instance if all you have is pushed into a stock market investments, if anything happens it will be a serious knock down but if spread across board will be saved in the days of heavy rain fall.
Go through your investment portfolio and make sure your investments are spread out across different industries and even different types of assets so that when the market tumbles, your investments won’t be as affected and your losses won’t be as deep.
you can find this very practicable in this blockchain ecosystem, looking at the first layer tokens and the second layer token, you will find many windows were you can spread your tentacles across board.
Prepare and always be intentional
In my humble opinion, After you have structured though decision, you must have to be deliberate and be consciously intentional about the decision made and also follow up to enhance Effective continuity.
You can simply handle this by putting up a maintenance routine that will put the system on check so that if visited or inversed by crisis, or other relative event, will still have a root.
This i know will be very useful if considered and effectively engaged, the result will bring joy and rejoicing to a soul, thanks for having me 