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.
Topic: Try to save money while you still can, will you ? - page 23. (Read 2627 times)
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.
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.
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.
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.
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.
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.
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.
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. 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.
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.
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.
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 ?
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.
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.
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.
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 ?
Jump to: