How to Handle Financial Crisis?

Index:

Why do you enter into Financial Crisis?

Is knowledge of Finance Compulsory?

Handling of Financial Crisis?

Some General Tips

Why do you enter into Financial Crisis?

Finance ……. a term that is linked to numbers, but are they only numbers from 0 to 9?

Take a moment and think about it.

Yes, it is related to numbers, of course, but the range is much wider than just overlooking numbers.

It is more about planning, a deeper understanding of your needs and goals rather than believing in these schedules to double your money overnight.

Believe me, no one and no one can become a millionaire overnight.

It takes a lot of hard work in the right direction, determination, sleepless nights, postponement of death and adopting an ideal and healthy lifestyle.

Getting into these false pitfalls set up for us in a very attractive way, we end up doing things or buying things that don’t really make sense.

In other words, as our oldest says, spread your legs according to your sheets.

Some examples of this include buying fancy shoes, dresses, and other accessories that you think will be needed in your everyday lifestyle are dumped into your wardrobe and result in your waste of money.

Another example is excessive use of credit cards, especially by young people.

(Reply if you need an article explaining it)

With this we can conclude that Finance is a deeper understanding of numbers to make the right decision at the right time, which helps to grow our resources.

So first create different sources of income and build a nice portfolio of asset management and then spend it on your luxury items.

Is knowledge of Finance Compulsory?

This doesn’t mean you can’t become a millionaire at all if you haven’t done a specialization in Finance. In our society there is a clan called “Baniyas”, we consider them the most knowledgeable person in dealing with their finances.

Did they study finance?

Have they graduated from the top Business School?

Are their spirits specially designed from birth?

Answers to the above questions will certainly be ‘No’, what is the reason behind it?

The reason behind their knowledge of Finance is their careful observation of how things work in the market, that is, observing the supply and demand of money in the market and making predictions based on it, which often turn out to be correct because they are not made on the basis of gambling or intuition, it is made on the basis of realistic grounds.

Handling of Financial Crisis?

The above points should be addressed in the future, but if you end up in such a debt trap now, here is the way out.

Of course, the method of dealing with a crisis depends on examining the situation. So here’s the general way out to just give you the sketch that can help you in your situation.

Make a journal of all of your available assets (i.e. liquid assets or in the worst case, you can afford to sell out).

On the other hand, in the same way, list all of your debts to be paid off and your current obligations (such as monthly home expenses, child expenses, or your parents’ medical expenses).

First, settle the short-term liabilities with the most liquid assets and keep a reserve for the next six months as pregnancy time to recover from this crisis.

Then try to cover as much debt as possible with the remaining assets.

Finally, when all your available assets have been cleared and your obligations still exist, try to find with the calm mind (since stressful decisions cannot be treated with stress) the means by which you can afford the same.

Make sure that the resources you choose must be authentic and reliable. Stop taxing yourself by taking out a loan from informal sources.

I know formal sources have their procedures, documentation and regulations, but this rush is worth being threatened by informal sources.

Some General Tips

Here are some general tips, finally, to reduce your monthly expenses and your emotional burden that has nagged you for so long.

Communicate it with your family. (This will certainly act as a double sword)

First, they will act as your path leaders and moral supporters

Second, they will contribute to your struggle to keep everything intact.

Please don’t trust anyone else as they may be looking for the moment just to take advantage of yours. There is also a saying in this regard, “Don’t judge a book by its cover.”

Try cutting out all the beautiful things in your lifestyle, such as a meal at a gourmet restaurant and family trips to vacation destinations.

PS: I hope you like my little initiative to calm your stress level. Reply and let me know your reviews if they are negative too, I would appreciate them.