Financial crises happen and will happen again in the future. If you think that the crisis of 2020 is the last one, you are naïve. In some ways every crisis has its own benefits and shows the weakest points in your life. Were you fired? However, do you really love your job and colleagues, do you have great possibilities to be promoted? Answer yourself honestly. A company is closed? But does it produce a product that customers really like? Changes are not painless, but we all need them to understand ourselves better and our impact on the world we live in.
Poor Dad Rich Dad and Ladder Advisors
Nowadays, one of the most important questions is about our personal finances. Well, I came across the first article talking about a possible financial crisis in the beginning of 2019. Generally, in the time of economic instability, wise resource management is a must. If you have not prepared yourself and your budget for tough times, it’s high time to do that. If you are a novice in finance, check out the Internet and reviews, and discuss your financial concerns with advisors (e.g. Ladder Advisors). It’s not the right time to run to the bookstore to buy Robert Kiyosaki’s book. Do not misunderstand me, Poor Dad Rich Dad is a must-read but not during turbulent times. Just now you need to see how you can manage your finances in the most reasonable way and what your current and expected income is. Once you realize you are lacking of financial skills, see your finance advisors to discuss how you can relocate your money. In some cases paying one single monthly payment at low interest rates will be more reasonable and cost-effective for you than paying 5 or 10.
However, I must say that you are lucky experiencing this turbulence during the era of the Internet. Many costly courses are now free and you can use your free or less active time gaining new knowledge and skills.
This time shows that skills such as coding, running a blog or any other Internet-related ones can let you survive and are even more essential than a diploma from prestigious Universities. The crisis has touched countries in different ways, e.g. China has returned to their normal life. Working on the Internet, you are global. While your neighbors are sitting in their homes and complaining about their unprofessional government, you can increase your income by offering your services or consulting clients from other countries that have just recovered from the crisis.
A few friends of mine argue that it’s not possible that everyone goes into online businesses as we need bakers, hairdressers, gardeners, etc. However, in this article I wrote about successful entrepreneurs who run their offline and online business. And here is one of my favorite YouTube channels about succulents.
Of course, it will take time to build a YouTube channel , blog or POD business, but when a crisis comes out of the blue, you will ask your financial advisors to buy the maximum amount of shares because of their attractive price.