In this blog, you will know about India’s Economic slowdown and How an ordinary person can survive from Economic slowdown by following this do’s and don’ts.
WHAT YOU SHOULDN’T DO DURING AN ECONOMIC SLOWDOWN
- An economic slowdown can be very dangerous for you if you live life on Credit, credit card or on loans. Credit is the road to disaster.
- “AVOID TAKING LOANS”
- Unless there’s a situation where you anyhow needed the Credit amount, that is understandable wherein you don’t have the option.
- Secondly, you should not run off with your Emergency Corpus ( It’s the expenditure amount which you have saved from the last 6-12 months in your bank account).
- This emergency amount will help you in the crisis’ situation like GDP slowdowns, economic slump, a slump in your working industry, loosening of Job. This Corpus will act as an emergency fund for you.
WHAT YOU SHOULD DO DURING AN ECONOMIC SLOWDOWN
- Invest in yourself, upgrade yourself in order to reinvent yourself and learn new skills.
- Try to become the best in your job, wherein even if there are layoffs in your company, you will not be laid off.
- As time is changing, the world is moving tremendously fast, so keep Reinventing Yourself. Self-investment is considered to be one of the best investments in these times.
WHERE TO FIND JOBS AND HOW TO INCREASE SALARY??
If you want to rise even further then you have to think about what your boss does. First, you become an expert in what your boss does and make Boss’s life easier, secondly, think about the responsibilities of high-level individuals that you could take up and get the promotion.
Try to Focus on getting a raise of 10-15% annually and for that learn whatever skills you have to.
IS IT A GOOD IDEA TO START A BUSINESS NOWADAYS ??
- Starting a start-up business is always difficult, so you need to have a risk-taking mindset if you are planning to start your entrepreneurial journey.
- It becomes easy for you if you have that one-year Emergency fund or Emergency corpus of one year on which we have talked above. With this Emergency corpus you can devote at least one year, can focus entirely on start-up ideas.
- Don’t just set up the start-up only because it’s cool to do so, there’s no such “Cool” thing in this. Instead, when a start-up fails you can face extreme Financial loss and Emotional loss.
HOW CAN YOU IMPROVE INDIAN ECONOMY?
- Here the chain is very simple in order to improve this situation, so the first task is to “Earn”, then the next step is to “Save” which you have earned and then “Invest” which you have saved.
EARN ~ SAVE ~ INVEST.
WHERE YOU SHOULD INVEST HARD EARNED MONEY ???
- Say the Indian economy is growing at a rate of 5% or 6% also if there’s an inflation of 4% in India, then you can expect that in 10-15 years long cycle
- Equity mutual funds will provide you Approximate 10% Return on Investment. So the mutual funds are for immediate returns.
- People also often ask whether they should invest in Gold or Property??, actually different investments are better for different Horizons.
- Property and Gold are multi-generational assets, it is considered an asset that can be carried over from grandfather to grandson/ granddaughter.
- If you have your Property it’s not going anywhere fluctuations happen in property rate, and Gold has different merits, Whenever the stock market fall Gold does well.
“ So Every type of investment has its own place”.