Staying financially stable during crisis.

[CALVINDOL]

Financial stability is literally one of the prominent goal and objective each an every individual on planet earth is striving and endeavouring to achieve by any means possible . Only a few minority of individuals today have been able to attain financial freedom and stability, and the numbers of those yet to achieve financial freedom and stability is still rising. One of the main reason to achieve financial freedom and stability is so as to be able to survive during governmental or environmental crises, some of which include: war, natural disasters, deflation, inflation, recession etc. Some countries of the world are presently facing some of this environmental and governmental crisis and only few minority of individuals and businesses are surviving. It is indeed very necessary that an individual have a financial back up plan to be financially stable when crisis occur .

Financial creation of wealth and riches seems to be quite slow during crisis, so the only way to amass in wealth even during crisis is to endeavour to do enough and sufficient investment and saving of money. Monetary investment and saving cold be our backup plan and strategy to survive during a crisis. Most crisis unexpectedly and unknowingly occur, so there is no better or proper time to prepare for them other than now .

 

[TOZZIBLINKZ]

The issue of accomplishing financial freedom and stability has been one of the most interesting topic with so many participants and up till date today only a few minority of individuals have been able to accomplish financial freedom and stability . Financial freedom and stability can only be accomplished when an individual is persistent and patient and also is able to make honest and positive move towards his or her achievements of financial . The achievements of financial freedom is easier said than done but most importantly we must endeavour to act on what we have speculated in our minds.

Being financially stable best better during times of crisis , governmental crisis such as increased standard and cost of living and also environmental crisis such as natural disasters and war , is definitely one of the many kind of crisis needed for an individual to be financially stable and equipped when it occurs . We have to be financial stable no matter what .

 

[Sotherefore]

Like you have stated , I believe all these things will be very much easier if you have a way of having a savings or investment. To be able to withstand crises and be financially stable during this period of time is to have enough investment, investment could be in real estate, government Bond or treasury bill depending on the one that interests you.

It also depends on the type of work you are doing because in most cases some people may be working but the salary they are earning is not sufficient for them to have reasonable investment or savings . As a result it will be very difficult for people like that to be financially stable in times of crisis..

We always try as much as possible to avoid crisis in our life because it slows down our achievement and limit certain things in our life making us so uncomfortable and sometimes sad.

 

[Shaf]

Whatever the crisis you find yourself in, be it natural or man-made, being financially stable can help you cope better than mat people.

For example, we are currently facing a worldwide macroeconomic crises in terms of inflation, rising costs of living and supply chain issues. Someone has who has the ability to make more money in such times can afford to have a better standard of living than someone without.
That's why it's important to have multiple sources of income. Even if one is seriously affected by crises, the others may be spared and can help keep you afloat.

That is one reason that attracts people to cryptocurrency, particularly Bitcoin. As a non tangible asset, you can access it anywhere in cases of emergency. This can't be said of gold and physical cash, and banks can also stop working, as we saw when the Russia-Ukraine war started. Ukrainians could use cryptocurrency to make transactions, but anyone whose money was in the bank was stranded.

 

[Abigael]

Financial stability is a very good quality of life that everyone strives to attain. You don't have to wait till crisis strikes so as to be financially stable. This needs to be your usual way of doing things. Then when crisis occurs, it gets you prepared.

Here are some of the tips that I can share for you to gain financial stability.

1. It all starts with having the right mindset.

Mindset is the overriding view that you have over something. When it comes to money, the right mindset is mandatory. So for you to gain financial stability, you need to view it as something that you are supposed to have.

2. Analyze your earnings and expenses.

Awareness of how much you earn and how much you spend is very important. The thing that always keeps people from being stable financially is when they are spending more than they earn. So you need to be aware of it so as to live within your means.

3. Save more - you should always start with saving before you budget your money. It is very important to have an emergency fund.