Did you know that millennials are making far more money than the generations that came before them?
Shocking! As it may be, that is the truth! However, the reason it is so hard to believe is that it doesn’t reflect in our bank accounts. We are always empty!
This may have become a funny trend; it doesn’t do as well at times of financial emergencies. So, is there a way to reverse our poor saving habits and have a rescue corpus for those troublesome moments? Of course, there is!
In this article, we give you five tactics that will help you in a financially desperate situation:
- Investments: There is no other way around it, especially because money lying idle is money getting lesser! Inflation is at an all-time high, & there are limited scopes of employment. What this means is you need to make the most of what you have. To do so, you need to invest your money in fruitful ventures.
While it requires some financial understanding and expertise to venture into stock markets, you don’t need to know much to invest in precious metals. The work is rather simple: you buy Gold, then you sell it off for more cash. To learn more, click here.
- Cut down on non-essential expenses: Every dollar you waste is every dollar that could have been invested and grown into more dollars. This may be hard to do since everything is more expensive now than it was twenty years ago. You wish to live your life to the fullest and drink and eat the best things, travel the best, and afford all the dreams you have, However, this shouldn’t come at the cost of your financial safety. It is important to know what you absolutely can not do without, and what you would be okay to spend on.
- Liquid cash: Never put all your money in places where you can’t free it from at your disposal. Mutual funds usually come with a lockdown period. If you invest in real estate proactively, be prepared not to have it sold right when you demand it unless you have bought a property in the most-sough areas of the town you are in. Then too, be prepared to wait. The more lucrative a property is, the more it will cost you.
Most of us may not have enough money to invest in real estate, so we are inclined towards more stocks and funds investments. However, if there is a lockdown involved, you may not be able to use those funds. The idea of having savings is to be able to use them, so enquire about the notice period involved for you to withdraw your money, and invest where it is easy to get liquid cash. One good option is precious metals; there is always a buyer for them!
- Multiple revenues: It isn’t enough to have one source of income. You need to look at exponentially growing your talents to make better wages. The more you make, the more you may have at times of need. You can look at part-time gigs and side jobs.
- Pre-planned finances: While you are doing everything else, you also need to have a financial portfolio in place, which is diversified and well though-out. You need to invest as per your financial goals and constantly monitor how each asset is doing in the present scenario. Every few months, take some time out to reorder your finances and align them back into harmony. The only way to be ready is to do preparations constantly.