Survival Strategies in a Recession π₯π₯π₯π₯πͺππΌββοΈππΌββοΈππ½ββοΈπ¦ π΄ββ οΈ
In the days to come ,with the projected recession that will hit nation's of the world,those that will survive are men and women of wisdom and understanding.
One of the things that motivated me to share this were the words of Earl Nightingale he said"never let a day go by that you don't learn something new and don't fail to pass it on to others.
Now to guide us wisely in the days ahead ,we must understand assets and liabilities and how to approach them.
Robert kiyosaki defind asset as "anything that put money into your pocket while liabilities are those things that take money from your pocket"
In a recession people purchasing power will drop,alot of people will loose their jobs, government, companies and business enterprises will lower wages and income, economic opportunities are likely to suffer in current downturn.
Now in a Recession it is wise to spend less in liabilities and prioritize spending on assets, there's a need to spend within the limit of your earnings,there should be an emergency fund savings,pay down debts to ease stress,live a simple lifestyle,if possible suspend allocating fund to liabilities for a while eg purchase of personal equipment like:cars,shoes,tv,phone, luxurious drips etc.
Invest more on improving yourself,your skills, learning, behaviors,and strengthen your relationship.
Find a need and consistently provide it for people to buy.sell something needed.
Hope this help someone out there ,I love uptrennd community.truely yours
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