Young investors are about to come to terms with their limits through this phase of the corona crisis, as fragile markets open up to uncertainties. As selling precedes, buying and prices begin to fall, thus investors may see the value of their portfolios declining significantly. But one must believe in the idea of happy endings, and look past the immediate concerns of the current crisis by taking sound advice from reputed Financial Advisors.
Protect your Hard Earned Money
In any economic crisis, Cash is King. One of the first and foremost things you could do is protect what you have worked so hard for over the years. Apart from a few exceptions, this is not the right time for spending exorbitantly.
Build Emergency Cushions
One needs to look at actively building up emergency funds. Utilize a high interest savings account or a tax free savings account that is not subject to market risks. However, take some advice from legitimate financial sources who have vast experience in dealing with emergency situations.
Face your Money Truth
Lay all your cards out. Figure out how much you have and what you owe. Be honest with yourself in analysing your credit limits. If you need additional support, you may seek help from your financial institution for some relief on a credit card payment, a mortgage, or a personal loan.
Prioritise your Needs
Paying Rent on mortgage, buying groceries, children supplies and medication are some of the most essential needs required at a time of crisis. Non essentials like subscription plans, food delivery services or investments in gadgets can temporarily take a back seat. Learn to prioritise your needs in order to avoid falling into debt traps.
Juggle your Goals
We all know that you have saved all your money for retirement. But if you are caught in a crisis situation without a steady income, willingly juggle your long term goals with your short term plans. This will save you from the task of borrowing, selling something or allowing the credit limit to overflow.
Be Vigilant
Keep your eyes and ears open. Stay safe, save your resources, enhance your efficiencies and make a difference. If you only look at the present , you might miss out on new opportunities that might emerge and bring you monetary gains.
GPS Finance is an independent broker that deals with all major and leading lenders, offering expert financial advice for individuals and organisations. Get in touch with us for some expert financial advice to see through the corona crisis!
