Some Strategies to Face the Next Crisis

teosanru

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Quote from: deisik on July 10, 2020, 05:15:36 AM

Quote from: teosanru on July 09, 2020, 09:58:02 AM

I would like to add some other tips for people in your list:
1. Try to find source of new income. If you are doing job try to get some part time job side by side. Never get over dependent on one source of income. No matter how much overtime you do your employer would still lay you off on the name of Cost Cutting

That seems to be the hardest point for most people to grasp

Because a regular job gives you a false feeling of stability and certainty, which are not there. And it is not even so much about overworking as such (which may make sense in certain circumstances). A lot of people tend to think that it makes them more valuable to the company. However, this is not the case as what extra hours actually contribute to is your employer's certainty that you desperately need to keep this job, i.e. resulting in the opposite result, not the one you may expect and hope for. Really, would you willingly choose to overwork if you didn't depend on the job?

True Indeed! I think quick promotion and appeasing the boss are sole reason why people develop tendency to overwork. What actually should happen is working for a different source of income in that same time. People always remember not to keep all their investment in one Asset. But the same thing applies on sources of Income also. Why keep all your income from one source? Shouldn't we apply the rule of don't keep all eggs in one basket here? I have seen this habit in most of the financially stable people that they never depend upon one source of Income and whatever may happen it's a very low chance that all sources of Income would shut down due to some reason.

deisik

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Quote from: teosanru on July 09, 2020, 09:58:02 AM

I would like to add some other tips for people in your list:
1. Try to find source of new income. If you are doing job try to get some part time job side by side. Never get over dependent on one source of income. No matter how much overtime you do your employer would still lay you off on the name of Cost Cutting

That seems to be the hardest point for most people to grasp

Because a regular job gives you a false feeling of stability and certainty, which are not there. And it is not even so much about overworking as such (which may make sense in certain circumstances). A lot of people tend to think that it makes them more valuable to the company. However, this is not the case as what extra hours actually contribute to is your employer's certainty that you desperately need to keep this job, i.e. resulting in the opposite outcome, not the one you may envision and hope for. Really, would you willingly choose to overwork if you didn't depend on that job?

ancafe

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Merit: 747

good tips, the core of what I understand is, save cash as well as possible, invest in something that is certain, and use cash in things that are really needed. if there is an opportunity to make an income, and that is a good way, then take that opportunity. to be honest, until now I've been thinking like that. however, we need to really manage this as well as possible.

petuel

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Quote from: Negotiation on July 07, 2020, 11:08:22 PM

There are many strategies for dealing with the next crisis, but if these are not followed properly, the situation can get worse. Here are the strategies
1) To make all the workers more aware on the basis of training on physical distance and health care
2) Develop the habit of using masks
3) Change in the work environment
4) Appointment of officers to ensure health and safety issues.

There should be some sort of mask storage for situations like this one.
Because there was huge issue in the beginning of the epidemic with mask availability

Golftech

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Activity: 2128

Merit: 520

Quote from: Salauddin1994 on July 09, 2020, 09:45:32 AM

The Coronavirus Covid-19 epidemic has put the government economy and healthcare system in an unprecedented crisis. To date, no effective vaccine or treatment for the virus has been discovered and it is unlikely that it will be available in the near future.

It takes a lots of research and testing before the vaccine will be available, with that the economy really feel the pressures if this will continue, it will create more damages.

Quote from: Salauddin1994 on July 09, 2020, 09:45:32 AM

Therefore, adherence to social distance home quarantine lockdown is being taken as the main strategy to prevent the spread of this disease. As a result, billions of people worldwide are now living at home.

Also with that strategy, more people will continue to suffer especially those who are only relying with a day job which most of small businesses are close.

teosanru

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Activity: 2114

Merit: 619

Quote from: azmirihaque on May 10, 2020, 11:15:23 AM

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 would like to add some other tips for people in your list:
1. Try to find source of new income. If you are doing job try to get some part time job side by side. Never get over dependent on one source of income. No matter how much overtime you do your employer would still lay you off on the name of Cost Cutting.
2. Always keep an health insurance.
3. Once you feel that you have enough liquidity. (Money for atleast next 3-4 Months). Don't keep rest of money in cash. Invest in long terms stocks. Crisis are the best time to invest money.

Change your mindset from saver to investor. It's just these small changes that would make you much better off in this crisis and any upcoming crisis.

and yes don't forget to keep enough buffer for any pending EMIs.

Salauddin1994

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Activity: 868

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The Coronavirus Covid-19 epidemic has put the government economy and healthcare system in an unprecedented crisis. To date, no effective vaccine or treatment for the virus has been discovered and it is unlikely that it will be available in the near future. Therefore, adherence to social distance home quarantine lockdown is being taken as the main strategy to prevent the spread of this disease. As a result, billions of people worldwide are now living at home.

abhiseshakana

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Quote from: beerlover on July 08, 2020, 04:29:27 PM

Well, if you really want to beat up inflation rate you need to be rich, no poor person with 100 dollars will beat the inflation and actually make a change. Let's say you have 20% increase in your portfolio, that is what... 20 dollars? That will not help you get any richer, which is why working towards beating the inflation is not really a good idea.

However if you have enough to money to actually make a change, the best way to go is almost always gold, it really does increase above the inflation rate and if you want you can put it in bitcoin as well that would help too. If you can buy real estate and rent it out, that would be superb as well, that way your estate will gain value over years but also it will give you rent income as well, with enough places you can turn that income into another purchase and another and continue to grow bigger.

In my opinion, the pandemic has undermined the existence of businesses on almost all lines and levels and caused a domino effect for other businesses. Large companies such as Hin Leong Trading in Singapore can go bankrupt, the pizza hut franchise holder has declared bankruptcy. One of my relatives who works at Astra Motor has also received a pre-alert of the possibility of termination of employment in large numbers in the future if conditions continue.

If you need income to live and want to beat inflation then the solution is investing in the real sector. If the real sector really grows, the economy will really spin and welfare will be more evenly distributed and the inflation rate will also be lower. Hoarding and saving money during a sluggish economy like this is an unwise move because by saving money the economic cash flow is getting reduced so there is no growth.

FanEagle

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I think not only for the next one, but the current ongoing one as well. I mean I agree that economic stats might be looking better right now, however that is due to governments giving more money and easier loans that would be forgiven in the end and that means stats will look good while people would have hard time buying regular groceries.

So, I would agree that crisis is not as bad as it used to be, but right now we are still in a recession type of situation where people have hard time finding money to survive. Hence, all of these strategies could still work right now as well and remember, whenever you live bare bone and have a hard life while earning more than you live, you are making your future better as well and will not have to do that type of life quicker.

deisik

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Quote from: beerlover on July 08, 2020, 04:29:27 PM

However if you have enough to money to actually make a change, the best way to go is almost always gold, it really does increase above the inflation rate and if you want you can put it in bitcoin as well that would help too. If you can buy real estate and rent it out, that would be superb as well, that way your estate will gain value over years but also it will give you rent income as well, with enough places you can turn that income into another purchase and another and continue to grow bigger

Gold is extremely overhyped

And it is pretty much useless on its own. Seriously, what are you going to do with it, use it as a weight? Moreover, holding any significant amount of physical gold entails a negative cash flow since you have to store it somewhere with costly measures of security and protection. Put simply, it is a huge pain in the ass in terms of overhead costs. Even gold coins are cumbersome unless you are into this sort of thing for real

beerlover

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Quote from: el kaka22 on May 13, 2020, 09:14:30 AM

I think there should be some sort of insurance plans for the big companies. If you are a big enough company that you make over a billion dollars in revenue, that means you should be paying over a billion dollars in insurance so that you would be saved.

This is not really that bad for the big companies because they could do whatever they want and if they go under like they ALWAYS do, they would be saved by the country like they ALWAYS get, but this time the companies will be paying for it with the money they previously paid for. This way the public wouldn't be affected neither, because right now governments print money to save the big companies and that affects the inflation and that hurts the people who are already barely surviving when they did nothing wrong.

Well, if you really want to beat up inflation rate you need to be rich, no poor person with 100 dollars will beat the inflation and actually make a change. Let's say you have 20% increase in your portfolio, that is what... 20 dollars? That will not help you get any richer, which is why working towards beating the inflation is not really a good idea.

However if you have enough to money to actually make a change, the best way to go is almost always gold, it really does increase above the inflation rate and if you want you can put it in bitcoin as well that would help too. If you can buy real estate and rent it out, that would be superb as well, that way your estate will gain value over years but also it will give you rent income as well, with enough places you can turn that income into another purchase and another and continue to grow bigger.

NavI_027

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Merit: 186

Quote from: Savemore on July 08, 2020, 12:38:01 AM

It is about financial literacy after all, the people who are mostly suffering in this current crisis are the people who are not financial literate where they do not have enough knowledge about budgeting, saving and spending their money. They do not have savings because it is not their priority and they are now affected because of the crisis. It is sad to see that there are also people who are blaming the government even though they are the one who are wrong because they do not give a care to financial literacy.

Our future depends on what we do everyday, if we improve our financial literacy; there is a high chance that we can survive on the crisis that we may face in the near future.

Yup! I agree on that. Being business minded could save you in these recent times. We are no longer talking about whether you have a blue collar or white collar job because most of us are put into the same situation, it's all about whose got a creative business ideas and those people who can do everything to earn even if it means on doing things below your educational attainment Cheesy

.

However, financial literacy is not the issue all the time. There are so called "poorest of the poor", they are so unfortunate up to extent that they will not eat the whole day if they will not work, and take note, not a simple work but a dirty/hard job. That's sad to know Sad

.

super bako

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Quote from: Savemore on July 08, 2020, 12:38:01 AM

Quote from: FlightyPouch on July 07, 2020, 06:53:48 PM

Quote from: princesspoppy on July 03, 2020, 11:33:09 AM

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.

This is the best we can do in order to help but there are those people that either have enough money to spend for their family or doesn't have enough. The government should always be ready in these kinds of problems but they are used to face social and other problems and most of the time they make wrong decisions.

While rich people are swimming with alcohol and toilet papers, most of the people are struggling to get some of it. Saving money is not enough since you will still be using that if time comes. Why not put that money in something that could generate profit in the long run so you will not just rely on your salary to save, you can save and at the same time, you have an investment.

It is about financial literacy after all, the people who are mostly suffering in this current crisis are the people who are not financial literate where they do not have enough knowledge about budgeting, saving and spending their money. They do not have savings because it is not their priority and they are now affected because of the crisis. It is sad to see that there are also people who are blaming the government even though they are the one who are wrong because they do not give a care to financial literacy.

Our future depends on what we do everyday, if we improve our financial literacy; there is a high chance that we can survive on the crisis that we may face in the near future.

the symptoms that are happening I caught thinking. among those who were affected by the epidemic coid-19 new habits. learning by the net and shopping online, intellectually the people who lag behind technological progress will evolve with the habit of knowing about the world of the internet. they will know its usefulness.
online business we are unaware of selling online will find it evolving, this business opportunity to build the economy by organizing together. all the calamities there are positive things..?

Savemore

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Quote from: FlightyPouch on July 07, 2020, 06:53:48 PM

Quote from: princesspoppy on July 03, 2020, 11:33:09 AM

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.

This is the best we can do in order to help but there are those people that either have enough money to spend for their family or doesn't have enough. The government should always be ready in these kinds of problems but they are used to face social and other problems and most of the time they make wrong decisions.

While rich people are swimming with alcohol and toilet papers, most of the people are struggling to get some of it. Saving money is not enough since you will still be using that if time comes. Why not put that money in something that could generate profit in the long run so you will not just rely on your salary to save, you can save and at the same time, you have an investment.

It is about financial literacy after all, the people who are mostly suffering in this current crisis are the people who are not financial literate where they do not have enough knowledge about budgeting, saving and spending their money. They do not have savings because it is not their priority and they are now affected because of the crisis. It is sad to see that there are also people who are blaming the government even though they are the one who are wrong because they do not give a care to financial literacy.

Our future depends on what we do everyday, if we improve our financial literacy; there is a high chance that we can survive on the crisis that we may face in the near future.

Negotiation

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There are many strategies for dealing with the next crisis, but if these are not followed properly, the situation can get worse. Here are the strategies
1) To make all the workers more aware on the basis of training on physical distance and health care
2) Develop the habit of using masks
3) Change in the work environment
4) Appointment of officers to ensure health and safety issues.

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: princesspoppy on July 03, 2020, 11:33:09 AM

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.

This is the best we can do in order to help but there are those people that either have enough money to spend for their family or doesn't have enough. The government should always be ready in these kinds of problems but they are used to face social and other problems and most of the time they make wrong decisions.

While rich people are swimming with alcohol and toilet papers, most of the people are struggling to get some of it. Saving money is not enough since you will still be using that if time comes. Why not put that money in something that could generate profit in the long run so you will not just rely on your salary to save, you can save and at the same time, you have an investment.

Heart18

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Indeed! I believe we must practice all the useful strategies to keep going amidst of this crisis. As we are dealing with Pandemic, it thoughts as a very important lessons each day. Luxurious things in life are not necessary now, because there's a lot of restrictions anywhere in the world and we cannot travel nor buy those expensive goods due to some mall closures.
For some average earner like me, I agree that money lending is really not a good choice. Instead, Saving money even a little portion from our day to day earning is a must, especially this time where we cannot go out for work and the Government cannot provide us everything and we can't rely on their relief assistance at all times.
I can see that some people are struggling now, especially those who has no savings. So, I guess the learned a lot from this pandemic, and started getting back on their feet by slowly finding some alternative ways to earn despite the Virus still around. Saving money is a must rather than spending with unnecessary things. So let us Save now to avoid suffering later 😊

Nhor1011

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Quote from: azmirihaque on May 10, 2020, 11:15:23 AM

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.

Every strategy that can be useful at this time of covid 19 pandemic is very important. We don't know if until when this virus would stay so,be thrifty and try to earn in some other way like here in cryptocurrency to help us to survive from this suffering.

mezzaluna

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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.

Philipping

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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

Topic: Some Strategies to Face the Next Crisis (Read 1434 times)