What Happens With Your Personal Finances During a Financial Crisis?
Since the globe is split into two considering Covid-19 case, wondering why, who, how put in on table, the fact of its existence impacted tremendously the reality we all were used to live in.
It worth to take a moment and think how to react adequately on the new environment. How to go through this crisis with minimum loses and hopefully high scoring concerning us and our beloved.
In other words, how to set a strategy and follow it in order to overcome the hard times lying ahead.
The main questions:
- What are overhanging risks regarding income, living standard, security perception. And how to manage those.
- What is the reasonable behavior and what to be the specific steps towards the goal.
I am not fond of inflating tension, but it is useful to face the facts and their probable consequences.
The global economy is in crisis.
We or our family members lose our job or income. Dispose with less money to support our needs or desires.
Most of us will face difficulties to pay for their loans, mortgages or any other financial obligations.
The sluggish consumption increases the risk of bankruptcy for many businesses.
Supplies are disrupted all over the world.
The most important economies in the world - those of USA and China - are in the eye of a storm. Covid 19 pandemic; increasing unemployment rate; internal political problems; forthcoming elections; trade wars paint a gloomy picture. Due to the high intensity of international economical linkage if something happenes in one corner of the world it inevitably marks up the entire globe. They say that if one of the giant economies sneezes the globe is getting sick. If we go further on with this metaphor, we would say that...