In our current world, even those fortunate enough to hold a job find themselves gripped by the fear of potential unemployment. The daunting reality is that securing new employment has become increasingly challenging, leaving individuals vulnerable to financial instability during job transitions due to insufficient savings.
People are now more stressed about money than before coupled with the fact that inflation and rise in commodity prices affect people's spending negatively as well as their financial strength. If I am to be sincere, the financial situation of the average Nigerian has worsen in the last 12 months and I am sure that it is affecting people around the world. A lot of people are now using short term loans and credit cards more than before just to survive because it is very difficult to survive in this harsh economy.
It now looks like everything is a crisis and people are fatigued already. Just like me, a lot of people aren't listening to the news again because we are fatigued about the economic problems which couples with other problems. It is no doubt that people are getting indebted, people are working beyond the age of 75, and a lot of people are finding it hard to get propeties for themselves due to the increased rate in price.
It is no lie that people cannot meet up with their financial standards and this has caused them to give up on pursuing their financial goal because it is now difficult to archieve their goal. People are now interested in short term spendings than on long term goals and this has caused people to live short term luxury even when they do not have any financial security.
People who sell this crisis make a lot of money from it as they are willing to keep doing it since that is where they make money from. You will realize that lots of this financial experts whom you listen to like Graham Stephan always sell the fear that there will be a recession, or a housing crisis, or any other financial problem and since this speculations do not come to existence, people just do not get started with securing their finance.
The prevalent economic challenges are reshaping financial behaviors and priorities. The fear of unemployment, rising debt, and the struggle to meet financial standards have shifted focus from long-term goals to immediate survival. As individuals grapple with economic uncertainties, it's crucial to strike a balance between vigilance and resilience. While caution is warranted, succumbing to perpetual fear narratives may hinder proactive steps toward financial security. Navigating these challenging times requires a thoughtful approach, emphasizing practical financial planning and adaptability to better weather the storms of our dynamic economic landscape.
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