News all over the world is becoming more alarming. Currencies are at a steady devaluing pace. There has never been a time in history when all countries are interrelated and everything that happens in one giant economy affects all the smaller ones.
Any individual who wants a stable financial future is faced with a gloomy possibility. How do you think can we overcome this impending financial distress?
Be your own boss
To be in control of your finances, strive to be your own boss. Go into business. Study the trends and identify which basic goods and services you can offer. You will realize that there is no better way to avoid financial distress than being in control of your finances.
Have a second income
If you are relying on a salary as an employee, do not wait until after several years to get your promotion. Look for another source of income that will improve your current status. You may not be working in the job that suits your talent or interest, so look for ways to earn money by doing what you are really good at. Keep your present job as you venture into business or other projects.
Invest and save
Avoid the tendency to spend or upgrade your gadgets when you receive your salary. Learn to save a portion of your income; for instance, keep 25 to 50% of your income in the bank or invest in something that will augment your earnings. If possible, learn a new skill or specialize on your strengths. Now is the best time to prepare for the future.
Keep a simple lifestyle
Lastly, keeping a simple lifestyle begins in the mind. When we begin to understand that having more will only cost us on maintenance, then we can adopt a minimalist lifestyle. A shelter is a necessity but a car is not; hence, you can invest in a real property but try commuting to work and rent a car only when necessary. You can save both on maintenance and fuel if you let go of an automobile. In addition, avoid dining out frequently. Besides getting poor nutrition from fast foods and restaurants, your money can be well spent if you do your own cooking.
James has over 10 years of experience managing funds and being a financial adviser. He also works currently at a top financial institution in New York City working with high-profile clients.