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.
ware and always procrastinate about saving, maybe that's what happened to your friend too. But on the other hand, maybe your friend only has a mediocre salary, which is enough for his daily life with his family, and makes it difficult to save. But if for example the salary is quite large and exceeds the needs of the family, maybe it's because you feel complacent with having a job, which your friend might think, you don't need to save anymore, because the job already exists and maybe your friend thinks that the job will be very long term. That's what is called being too calm to forget about the worst possibility.
If you were him, how would you survive this tough time ?
If that's the case, the best thing to do is find another job. The most important thing is to be able to cover all the needs of the family first. Because when the situation changes drastically like that, capital definitely won't exist. Having skills also won't be enough if it's not accompanied by capital, so even if you want to try to open a business, you definitely won't be able to.
So the only way is definitely to find a new job as soon as possible.
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 ?
Saving is also a good step, but maybe the risk will be eaten up by inflation. So I advise you to save as well as invest. Whether it's in crypto assets like bitcoin, or into other assets.