The price of crude oil was at an all-time low earlier this year, which meant that our government almost ran out of money as an oil-driven economy, safe for measures that palliated the supposed tragedy that would have ensued. It is therefore imminent to have financial security, so as to sail through such difficult times with ease.
You need to take proactive measures to build and maintain your financial muscle. Fortunately there are several steps you can take to build and maintain wealth during these trying times. Here are a few:
Have other Sources of Income – No financial advise or smartness beats having different streams of income. If these streams are viable and sustainable, in situations where one of the streams fail, the others cushion the effect, and one is able to still stay afloat in spite of the eventualities of one of the income sources. Multiple streams of income have always been the age-old advice, and will still be very relevant in years to come.
Save in Foreign Currency – Having some “hard currencies” also help to buffer the shock of difficult times, in case there is currency devaluation. Some of these foreign currencies serve as safe havens and can be a form of security for trying times. If done right, you may actually make money through this period, instead of just striving to stay afloat.
Live on a Budget – If you have been spending money as it comes, now is the time to put a cap on it. Living on a budget helps you understand your expenses and how much you need to cover it. It also helps to prevent impulse spending.
Learn about financial intelligence – Also very important to note is the role of financial education. Better decisions are made when one has the right information. One can plan, invest, save, and only sail in waters that lead to safety. Being financially wise is second to none.