Your debt, your job, & financial apocalypse
Strategies to survive financial chaos
Preparing for an economic collapse
It’s no secret that your debt and your job are closely connected. Unless you’re one of the lucky few who are debt-free, one of the reasons you work is probably so you can pay your debts.
The prosperous and thriving economy that we’ve been enjoying may easily turn into a recession. Given the current Coronavirus turmoil we are experiencing, do you think you will make it if times truly become difficult to live in? What do you think will happen if a financial apocalypse hits? Learn to use ALL your resources. There are ways to recession-proof your career.
Will your debts still follow you? Probably so. Unless there is a total breakdown of all communications and money transfers, your debt will still be a monkey on your back. Regardless of the economy, you’ll still be responsible for paying it.
Will your job still be around so you can pay your debts? Probably not.
So what can you do to resolve this dilemma and better prepare yourself to handle financial chaos? What kind of plan can you put in place for your money and savings?
Most importantly, what steps can you start taking if your resources are limited?
How to prepare for a financial turmoil
1. Start paying down your debt. Absolving yourself from debt will be one of the best things you can do to free yourself from your financial burdens.
- Put your credit cards away. About a decade ago, CNN Money reported 8 million Americans have foregone using credit cards altogether, so why not follow suit? If you rarely use your cards, your payments will make more of an impact.
- Send more than the minimum payments. Even if it’s a small amount, every extra dollar you send will bring down the debt, as opposed to mostly paying interest and related charges.
- Make a plan and follow it. Determine where you can save money from other expenditures and use these savings to pay down your debt. Don’t be shy to use every possible resource available to you including coupons. You may also reconsider your habits of eating out and grocery shopping.
2. Reduce your dependence on your current job.
- Start developing saving habits now so you can make your money and resources stretch as far as they possibly can when it counts the most.
- Establish more streams of income. Can you use your hobby to offer products or services to others? Can you make items to sell? Perhaps you can pick up items at flea markets and garage sales and then sell them for a profit on Craigslist or eBay.
3. Prepare your resume and be ready for change at any given time.
Update your resume professionally. Hiring managers can tell the difference between a home-made resume and a professional resume almost at first glance. Many job seekers hire a professional to write their resume and they are competing with you in getting the jobs you may be interested in. Have a new resume to help you stand out. You are in fierce competition.
Have two interview attires ready at all times. Know what to wear to a job interview ahead of time. Have two entire ensembles ready. If an interview opportunity comes along in 48 hours, you may not have enough time to think about what shoes you want to wear, or whether your haircut is ok. Be ready!
4. Acquire a healthy collection of gold and silver coins. They’ll be your best bet for ensuring that you’re able to provide for yourself and your family when the dollar devalues, inflation grows rampant, and supplies grow scarce!
Thinking of the financial apocalypse may sound morbid, but having a plan to fall back on in case it happens is smart. Start putting these guidelines into your money plan today to secure a bright financial future for you and your family.
About the author:
Mandy Fard is a Certified Professional Resume Writer (CPRW) and Recruiter with decades of experience in assisting job seekers, working directly with employers in multiple industries, and writing proven-effective resumes.