Everyone should have a financial backup for darker days

in LeoFinancelast month

We are in full pandemic for some months and we are still behaving as if nothing changed in the world and everything is as good as it can be. Wrong! The world has changed, the economy is going down and the mechanics are starting to fail in different industries. And considering that each industry is supported in a bigger or lower percentage by other, when one fails we might have a domino effect all over. We still have financial stimulus which hold the ropes together, but if this will continue we might see how the entire puzzle breaks down.

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And in these day there is something we should all think of - putting aside some money and have a financial backup for such black days. How many of us started doing this or have it planned in the future?... I think very few and this is alarming as we might all fall down when this bad situation doesn't start to getting over and we are faced with heavy decisions. I believe we should have at least 6 months salary for such times.

Having a financial backup of 6 months will let you be able to plan for your next move in the workforce field. Not only that will keep us mental healthy, will let us keep our usual life and will allow us have the same confidence in pursuing the next challenge. It is very important to have our tonus kept high as it will give us the energy to search the next job, to have the hopes for it and pursue it continuously. This might be the difference between fail and success and believe that it does matters.

Beside ensuring the financial backup for around 6 month salary, one could also try to decrease the monthly expenses as much as possible. In such times you need to see what things you really need and what you were simply paying just because it was easier to do so instead of taking the time to stop the subscriptions or just check if you really need those. You might have become superficial in time regarding your expenses just because money where always coming in, but now that have stopped you need to try to lower your expenses. And you might observe that doing so you will not affect your lifestyle, but just be more cautions and aware of what expenses you really need.

Reduce recurring expenses, spend less and raise money for darker days.

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Well financial backing is necessary for me it even goes further in helping people not make hasty decisions about their asset because they need money

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Yeap, we all look cautions of what is to come.

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IMHO, having backup for 6 month is a bear minimum. I would have a much better sleep if having for 12 or 18 month.

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That is indeed much better to have a bigger buffer, the case mentions was mostly between jobs where supposedly the market has a good offering and anyone active enough can get a new job in time.

But yeah, 1 year or more for financial backup looks good enough to keep your stamina up and be positive about finding the next challenge.

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"Meh. I am a spoiled brat. I prefer to be in debt and wait for goverment to save me"

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Man, I come from the place where people not only save for their future but their ultimate goal is to add assets for coming 7 generation too.

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Do not miss the last post from @hivebuzz:

October 2020 is the World Mental Heath Month

If currency do not devalue then I can guess I can easily survive next 5 years without going to office.

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That's what the silvergold stackers do, we have plenty of money saved for the Rainey day or life changes. Not only is it fun to stack, but you are also saving without even putting much thought about what you missed out on by doing it.

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I completely agree with you. Things are becoming worse. The gap between the poor and the rich is getting bigger with each passing day. This pandemic will only increase the gap.

Having 6 months of salary as a backup could change many people's lives because they wouldn't be so afraid to make a change. Right now, many are working their day job only because there are bills to be paid. They would love to do something that they love and that's truly theirs but their financial backup isn't as strong as it should be to really make the change.

I'm planning on leaving my job next year because I've been working there for 10 years now, and although it's a job I love, I need to make a change. I'm tired both physically and mentally because, in that area of work, I won't get the salary I need to sustain a family.

Damn, I wrote a paper on this. I think it just proves that your post was thought-provoking! Thank you!

Have a great day!

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Inflation is only going to get worse and you need to have a back up plan, be it buying gold or cryptos or earning them, but you can't just have fiat moeny and rely on it, not at the level it is currently being manipulated

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