15 Practical Tips to Survive a Hostile Economy
However, based on personal experience there are a few hacks - disciplines if you will - that can help alleviate such situation or totally even counteract it. Below are some fifteen practical tips that the regular everyday person can adopt to help retain sanity of mind, improving their financial situation on the long run:
1. Creating a source of revenue: This is first consideration and the seed required for every attempt at financial growth. Whether you're employed or self-employed, make sure you have a daily profitable engagement between the hours of 6 in the morning and 6 in the evening. In most of these kinds of environment, people struggle with unemployment or underemployment. Whatever your case is, ensure you have a source of income - regardless of how small - and more importantly create free time to enable you seek out better opportunities.
2. Budgeting and Expense Tracking: Creating a budget to manage your current income and expense pattern is very crucial. Assessing all your expenses to identify areas where you can cut back and save money will go long way.
3. Emergency Savings: Save or invest a portion of your income as an emergency fund. This fund will come in handy during unexpected crises and help you avoid falling into debt or further indebtedness.
4. Diversify your Income Sources: Take a stock of ALL your acquired skills - particularly those you overlook - both soft and hard - see which you can monetize and start monetizing. Also, take a stock of your material possessions and also see those you do not need and can monetize and start ASAP. Explore multiple ways to generate income apart from your regular daytime job. You may consider starting a side hustle like freelancing, some part-time work, or even starting a small business to supplement your earnings.
5. Living Within Your Means: This may sometimes be difficult especially when you have a family to cater for, but this is the time you need to avail of this mental discipline of staying within means. Share things when you don't have to own them. Avoid extravagant living and avoid accumulating unnecessary debt. Prioritize essential needs over wants and try to lead a frugal lifestyle.
6. Lead a Sustainable Lifestyle: Explore ways to adopt a more sustainable lifestyle. For example, learn how to pick up new skills and develop yourself on a daily basis. Learning how to Learn, Unlearn and Relearn is a real thing. Learn how to grow vegetables and some of your own staple food. Learn to use energy-efficient sources and appliances, ensure you're physically active and find alternative means of transportation to help save money.
7. Avoid High-Interest Loans: Do everything possible within your power to stay away from high-interest loans or credit card debt. These can quickly spiral out of control and burden you with excessive repayments.
8. Learn Selling and Marketing: Selling and Marketing is by far the one skill that every human must endeavor to learn. In my opinion, it's a skill that outweighs and outlives all other skills combined. What's more, they only require a couple of basic tools and those are already inbuilt in your body. Apart from the fact that it is an enduring skill it is also about the only skill that can help an unemployed individual to start from ZERO to earning a commission and then to the point of owning and running their own business.
9. Investing in IT Education and Vocational Training: In this day and age, it is wise to invest in acquiring an Information Technology education or a Vocational training to improve your chances, skills and employability. This can lead to better job opportunities and higher earning potentials as it improves your capacity to expand and monetize skills and knowledge from other areas of past learning.
10. Community Support Structure: Maintaining a healthy support structure is important in any environment but its particularly crucial in third-world economies. These are essential within the immediate family and within close community members. Community support systems can be very helpful, therefore, seek always to build relationships with trustworthy individuals in your circle who can provide advice and assistance during tough times. Lastly, you must also be ready to lend a helping hand when required as what goes around, comes around.
11. Protection Against Health Risks: Most third world countries have very poor health management systems, so it's critical you learn how to effectively manage your personal health and those of your loved ones. Make your food your medicine, moderation is key to all things, always stay physically active, avoid obesity, avoid hard drugs and get adequate rest as at when due.
12. Security Alertness: As the state of economy of a country worsens, the rate of crime increases. Therefore, wherever you are and in whatever you do, make safety and security consciousness top of mind.
13. Stay Informed on Current Affairs and Government Programs: Be abreast of the happenings around you and in tune with government policies and assistance programs and initiatives that may provide financial aid or support during challenging times.
14. Stay Positive and Unrelenting: Financial struggles can be psychologically and emotionally draining, but maintaining a positive mindset and being persistent in your efforts towards improving your financial situation can and will make that significant difference you're looking for.
15. PRAY Always: In as much as this may sound pretty unconventional, the force and energy that the words of prayers generate can neither be quantified nor overemphasized. It is essential to stay connected to the Source of All Creation. Speaking regularly with a sense of gratitude about your needs and challenges to that power that creates all and keeps all functioning everyday adds to you that layer of assurance and assistance that science may never be able to explain.
Remember, surviving in a hostile economy takes resilience, adaptability and courage. While these tips can help, it is essential to remain calm in the face of unexpected challenges and remain open to seeking further strategies and support when needed.
Till next time, I wish you Godspeed.
- Ralph B. Golden.
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