What is necessary to understand first and foremost is the fact that your financial wellbeing doesn’t depend on the price of oil, global financial trends or even your boss, but only on your own efforts and perspectives. Today’s economic crisis is not the first one in human history, which means we have an opportunity to learn from the mistakes from the past, as well as to arm ourselves with time-tested rules and principles. Let’s talk about a few of them!
- Don’t be a victim of circumstances
Stop being a victim! Even if it seems that you are at a dead end and the only thing you can do is to sink into despair, keep doing something. And if you try hard, you may find out that the situation isn’t actually dead end. After all, everything depends on your perspective, the way you choose to see things.
- Search for opportunities
Stability in your principles and goals is a very important thing, although the trait you will need to survive the times of crisis is flexibility. According to the statistics provided by Stanford University, approximately 40% of people miss thousands of opportunities just because they are afraid to change the path they have outlined. Others simply don’t trust themselves and prefer to scrape the bottom of the barrel. At the same time, by far not all the companies suffer losses in the times of economic recession – some of them earn millions. That’s exactly why you’ll need the ability to search for new opportunities and not be afraid to take them.
- Buy cheap, buy twice
To survive during crisis, it is vitally important to cut expenses and try to save as much as possible, although it is still necessary not to overdo it. A made-in-China screwdriver is cheaper than a German one, but there is no guarantee it won’t break down tomorrow. Keep a close eye on your daily expenses, because you might have a surprise noticing how much your financial life can improve by cutting off some unnecessary expenses.
- Become an investor
Just like in case with companies of different kinds, not all the market sectors are down during economic recession. Some asset classes tend to rise or at least to hold steady, and that’s actually an opportunity to earn. Gold is a classic example – it is a crisis commodity, which is why its price always rises in the times of uncertainty. It’s alright if you don’t have much experience in this field as your investments should not necessarily be large. In this particular case, online trading is the perfect option – trades may be as cheap as $25.
- Have fun
To master the art of saving and work hard is definitely important, although no less important thing is to allow yourself time to relax and have fun from time to time. A trip to the cinema with your spouse and kids won’t cost a fortune but will still have a great mood-boosting effect.