Author Topic: Defending yourself against a financial crisis  (Read 1002 times)

Barbaro

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Defending yourself against a financial crisis
« on: January 26, 2009, 01:19:26 AM »
One of the upsides of the current upheaval in the global financial system is that people are more careful about spending their money. Rightly so. With many people facing a clear and present danger of losing their jobs, the smartest move would be to stretch one's money as much as possible. Because you'll never know if tomorrow you will still have a job.

In the US and other western countries, it is inevitable that a number of big and small businesses will go pfffttt and close shop due to the financial crisis, displacing thousands of workers. Many companies will also downsize their operations to ensure their long-term survival in the face of a slowing economy which will jack up the number of jobless people. That is why our OFWs are worried sick about their jobs. The government, through DOLE and the DFA, has in fact, started monitoring job losses of Filipinos worldwide.

In Singapore, the employers of some of our domestic helpers are reportedly becoming more irritable because of their investment losses. If employers of our DHs in the Middle East, Europe, Singapore and Hong Kong were hit badly by the global financial storm they may no longer be able to afford the services of domestic helpers and we could be seeing a steady stream of distressed OFWs coming home to an uncertain future. Anxieties about job security are not just confined to OFWs. Even local employees have reason to worry about their jobs, especially those in companies which are largely dependent on foreign markets like the export industry and BPOs.

You really shouldn't wait for a crisis to happen before you start to worry about your financial situation. Always remember that a lot of good things don't last. Sooner or later the good times will end. You may be earning well now but there's no guarantee that 5 or 10 years hence you will still be on easy street. You should be prepared all the time. Save as if there's always a financial crisis looming in the horizon. Save as if your income would stop flowing anytime soon. With this kind of attitude towards saving you will be able to accumulate sufficient monetary resources that can tide you over when the next economic turmoil hits. Let me share with you a number of strategies to help you save and build your defense against a financial crisis.

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