I've had that in mind for quite a few years now and I think it's something everyone should at least give it some thoughts, although it has to be answered considering different variables.
First, we all have several monthly expenses we probably can get rid of in case of need. Stuff we purchase or memberships we enroll into just because we have higher income but we can forget about in case of real need. That brings us to a longer buffer no matter how much money we have saved. Second, there are assets we might be able to sell and get additional income, especially if we own a house and can move to a rental one. And third and most important is speed as the faster we downshift, the longer our earnings will last.
For most people, it is quite easy to add concurrent expenses as their income grows, but they take too long to react in the opposite direction when needed because they have never gone through such a situation and it is hard to assume and not easy to recognize.
Finally, crypto is a whole new open frontier. On top of accumulating as we do here in Hive, and staking to get additional passive income there are new opportunities to try, especially in the new DeFI arena exploding right now. To me, part of the reason the huge growth of DeFI is due to the uncertainty we are all facing due to the economic conditions the whole world is going into. DeFI offers a quick, low-risk, and fast way to experiment with new income options for those who have some fiat to purchase crypto or some crypto to exchange into some of these new tokens.
Some tokens from new DeFI dApps are experimenting HUGE growth and those who are already in crypto should take the time to educate and carefully enter with small amounts into this new world as the returns are too important not to consider.
The new created WHive offers a way to do so using Hive tokens and letting anyone enter some of the Ethereum based DeFI dApps exploding right now.
I have looked at what I can cut immediately by way of subscription, and it is significant if in that hard place. I don't need entertainment most of the time, when in need, even less. At some point, if it doesn't generate value - it is gone.
While there are some practical considerations - I think a lot of this is mental, where we hope things will improve before we have to cut.
I have barely looked into this yet - and I feel I am already far behind the 8-ball.
Never too late. I'd suggest to look at the Wrapped Hive videos and get a small quantity of WHive from your Hive and then swap it into one of the new Defi protocols token as Aave (LEND).
First, you will learn with a small amount, second, you will have a chance to diversify your portfolio and third, you will invest in one of the tokens who is experimenting a nice pump as all the Defi ones are experimenting.
I believe we are far away from reaching tops, Defi offers a nice way to avoid KYC required by most centralized exchanges and offers many ways to gain income for users providing liquidity, that is one of the reasons it is growing so strongly.
What are the main DeFi tokens are out there now?
They are pumping every week but right now there is LEND
Balancer and one that is doing incredibly great are Yearn Finance, but I am not familiar with it and have to go deeply into its whitepaper of explaining videos.
All of them run in the Ethereum Blockchain which is the one you can access through WHive.
You can take a look at this site where there is info of all the Defi protocols and tokens
https://defipulse.com/
It is a whole new world, that is why I recommend starting very small in just one protocol as Aave purchasing some LEND and from there, start learning and understanding before investing some more or getting into other projects. But the fact that is a participatory new way of offering finance is creating this growth explosion. Just two days ago, Uniswap volume exceeded that of Coinbase.
!ENGAGE 20
ENGAGEtokens.