Financial Strategies for Thriving in an Economic teething period
Explore basic financial techniques to benefit amid a slump in the economy. Discover how to maintain your financial future right now.
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I'd like to share a few ways you can best survive the current economic situation. I call them "Tips for beating the odds".
Examine your finances again
The best time to examine your spending patterns and determine whether or not your budget is effective is right now. When attempting to figure out how to survive during an economic slump, it's essential to reconsider your objectives, income, spending, and even savings. Create a well-detailed budget that aligns with your income, and develop an in-depth budget that is aligned with your current income and expenses. Prioritize more attention to necessities like food, shelter, and utilities while reducing unnecessary expenses.
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Convert your hobby into a lucrative business.
What hobbies do you have that you don't get compensated for? the things that come naturally to you. Do you enjoy cooking? Do you enjoy conversing? Are you a writer? Nowadays, a lot of individuals get hired to cook for other people who are too busy to do it themselves. Others now make a living as ghostwriters. Some women began home creche businesses simply because they liked caring for infants and could make money doing so. Hive has given and is still giving people this opportunity to turn their hobby into a well-paying job. Lives have been transformed on this platform.
Image edited on canva
Quit Borrowing.
People frequently borrow a lot when their income is low. Some people borrow with the intention of never repaying it, while others borrow but may find themselves unable to repay it because of the economy's instability. Whatever the situation, you must cease borrowing money when a recession is in effect. You grow depressed as your debt load increases. Get rid of debt of all types as much as you can. Try to reduce what you need the funds for, but if this seems like an impossible effort for you, Rethink your lifestyle.
Diversify your investment.
During a recession, stock prices will usually fall, and this may affect some shares you currently hold in your portfolio. This is a good time to reduce the risk of this happening to you by spreading out your investments. There will also be opportunities to buy debt issuance funds during a recession. Many companies will offer bonds with fixed income and dividend-paying funds.
Build Emergency Funds.
These are funds you can rely on when you are in an emergency. These are not funds that you just put your hands into because you want to pay for something and the money is not enough.
Emergency funds here should be for life-threatening situations. Anything outside this, you should not touch these funds. They will be useful when it is needed.
Learn to accept difficult times as a change in your resilience and adaptability.
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I think turning our hobbies into a business is a great way to increase our income during tough economic times. The more income one can bring, the better. Cutting our expenses could reach a limit where we can't cut anything more.
If we don't cut our expenses and our income keeps increasing our budget will suffer, the more you earn the more the expenses, just like the saying “more power more responsibility”. In my opinion, we will keep cutting expenses till we get tired of making money😂😂 and we know that we can't stop making money. Even Dangote still keep looking for money
Lol, yes! You're right. Cutting our expenses is equally important. We humans can be greedy so matter how much we earn, we can spend it all on our desires and not end up with anything at the end of the day. 8 think the goal is to do both. To Increase income while cutting down on unnecessary expenses.
Such an amazing wrote up from you.
The issue of debt is one thin I run far away from. I don’t want it closer at all. And that just because it remains a burden on me.
The fact about putting all eggs in one basket is such a risky one. And you gave your pints on that too. I really learned something from this.
Making my hobby my source of income. There is no way one can get tired doing what they love. It would always remain fun.
Thanks for sharing
I am Pirate Q from dreemport
#dreemport #dreemerforlife
You can't get tired of what you have a passion for. we just need to find what the passion is so it drives the work
I couldn't agree more with you on these points you touched... Especially that converting hobbies to lucrative business and avoiding borrowing.
If both are done well, one is bound to have more for expenses, saving and investments.
Thanks for sharing, keep the spirit up dear ❤️
#dreemerforlife #teamflash
Thanks for your engagement😘
You're welcome
These are some nice tips for not only for surviving a recession, but surviving in general.
I especially like the one that says converting your hobbies into businesses. It is much easier to keep doing things we enjoy even when we're tired than things we don't enjoy.
!PIZZA
#dreemerforlife #teamflash
$PIZZA slices delivered:
@b0s(3/5) tipped @adetemi
So insightful, turning your hobby into a business also makes it less stressful than when you force yourself into doing what you don't like just for the sake of earning,
I've learned a lot from this post, good job T 👍, keep it on
#dreemerforlife #teamflash
These are very useful tips for flourishing in this economy, I can't agree less. Converting your hobbies into a business is easy to navigate because it's what you do on daily basis so earning from it, is another source income for oneself.
#dreemerforlife #dreemport
Oh my goodness 🤭🤭, these are great financial tips you laid down here. Alot of people fail to understand that their hobbies can fetch them money and thus, they kept wasting energy on irrelevant things... investment, building emergency funds.. examining our finances are such a
Great tips to ponder on
Thanks for sharing this master piece
I came via #dreemport
#dreemerforlife
Anyone who will genuinely practice what you wrote above would surely thrive in a bad economy as if he/she is operating from another economy.
People love to spend more than they earn and most times their aim is to impress others , I see that as a very bad idea because it leads to unnecessary spendings. This why we must learn to prioritize and keep our budgets alive. It helps a lot.
I love that aspect of converting our hobbies into lucrative business, it's a great idea all together right there. Most people don't know that instead of wasting their times and doing what they love without getting returns, they could use it to do that same thing and earn. Nowadays there are play2earn games, threads and so on, these are things we do for fun but along side get paid.. we need to go out there and look for means to survive.
#Dreemerforlife #Dreemport
I totally dig the "quit borrowing." It only makes things worse, especially when they keep piling up.
This is well written, Ade. I love the designs, too. Very impressive!
#dreemport #teamflash
Thank you, boss😂😂😂😂 still learning from you