Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Well if I get you well.your friend work in a company for a decade and suddenly lost the job and his life is negatively affected.hmm..i guess he lacks good financial intelligence,management plan and prudence.this calls to mind the need for proper management of earnings through savings just in case financial emergency arises as in this pitiable case.one can avoid debts and loans if you are disciplined enough to start saving early.this ultimately will keep you off financial stress,cushion against sudden job loss and give you a firm sense of financial freedom.cultivate the habit of savings,you can fall back on it in situations like this until you pick up again.
He indeed lacks planning and he had made himself that too much confident when it comes to money making or just recieving his salary.He had thought that it might already be that forever and didnt mind off the
possibilities that one day you might able to lose it and it did really happen.There are indeed people who did experience out the worst when it comes to this kind of scenario or situation on which you've been
laid off or they do fire you.
There's no such thing about guarantees in life and this is why you should really save up something which is for emergencies something like this or make out investment
while you are still that financially capabled because if time comes like this then you wont really be finding yourself on trouble.
Aside from saving how about investing in insurance company? Saving is good but if we want to make the best out of our money, I believe getting insurance accordingly is another good way of preparing oneself for the future.
Once these insurance matures, not only we can get our initial money but also the generated profit offered by the insurance plan. I also heard that insurance profits are tax free.