Quote from: azmirihaque on May 10, 2020, 04:15:23 PM

The whole world is now passing a crisis moment. It is expected that we are going to face another crisis very soon. Economy is already going to recession. If the world really faces another great depression, a lot of people will loss their job, business firm and industry will shut down, millions of people will stay in hungry and we may have to loss thousands of valuable life.

What should we do now? I can point out some strategies which can be followed to prepare ourselves for facing the crisis.

   • Try to cut down your present cost and save a portion.
   • Hold a handsome cash in hand or any savings that can be immediately convert into cash. Even if needed to make encash any long term savings, do
   it.
   • Don't invest in any long term project at this moment.
   • Don't buy any luxurious goods for you or your family.
   • Don't engage in any borrowing. You should try your best to avoid it.
   • If you are salaried, concentrate to your own job seriously so that your organization don't get any scope to release you from the job temporarily or
   permanently.
   • And finally you should find out some of your own policies to face any serious moment.

You can share your suggestion if any for facing the crisis moment that we are expecting to occur.

I would like to add some other tips for people in your list:
1. Try to find source of new income. If you are doing job try to get some part time job side by side. Never get over dependent on one source of income. No matter how much overtime you do your employer would still lay you off on the name of Cost Cutting.
2. Always keep an health insurance.
3. Once you feel that you have enough liquidity. (Money for atleast next 3-4 Months). Don't keep rest of money in cash. Invest in long terms stocks. Crisis are the best time to invest money.

Change your mindset from saver to investor. It's just these small changes that would make you much better off in this crisis and any upcoming crisis.

and yes don't forget to keep enough buffer for any pending EMIs.