Everyone thinks about their physical survival in case of a disastrous scenario. Rarely do people think about financial survival. Say, an economic recession hit the markets tomorrow. Is the money you have kept in the bank safe? Would you have financial resources to survive in case of severe currency devaluation?
These are not the usual questions everyone wants to talk about, but people have been too early to forget the financial recession of 2008. The future is uncertain. Like the Brexit in Britain, the economy in your country can take a hit as well. When that happens, it’s important to stay financially secure. Even if the economy is relatively stable, there are a number of things that can go wrong. For example, you could lose your job.
Your financial security is as important as your physical security. Here are several tips on how you can secure your financed in the future:
Invest in Precious Metals
For a long time in history, there are only a few things people have found financial security in: gold and silver. If you are a young person, you are probably wondering why should I stock up on precious metals like gold? Precious metals like gold and silver rise in value when the value of the dollar goes down. So, if economic downturns hurt your cash wealth, precious metals wealth can still keep you from complete destitution. Gold metal prices are at high value since the recession these days thanks to Brexit and political uncertainties. Times have never been better to invest in precious metal.
Owning land is a time-honored way of indicating that you are wealthy. Land or property is the most valuable asset anyone can have. Prices of stocks fluctuate, but land always has an intrinsic value. You can leverage your land when borrowing money, sell land or develop land. Even when the housing market is at a low time, value of land does not diminish over time. So, if you really want to be financially secure in the future, you will need to claim ownership over a piece of land.
Have an Emergency Fund
If you suddenly need $10,000 to pay for emergency medical care or get your car repaired after an accident, can you pay for it without having to borrow? Individuals and all households must have emergency funds to fall back on during hard times. Without one, you are highly vulnerable to relying on loan sharks.
Get a Secondary Source of Income
Instead of worrying about what would happen if you lose your job, try to find ways now to mitigate these situations. You should secure a secondary means of income, like a freelance, work-from-home job you can gain experience in. The point is that if your main source of income is lost or disrupted, your family will not feel the financial burden right away.
You can also do things like controling your impulsive spending habits if that’s an issue. Bad financial behaviors like these put you at risk for predatory lenders, among other things. So, follow the above tips to ensure your financial survival in the future.