Before you start reading this blog, we want to ask you something. If you’re in the service sector, are you currently working? Are you getting your salary every month? If you’re into a business, are you receiving timely payment from your clients? If your answer to all these questions is YES, we want to let you know you are lucky.
2019 has had some major setbacks
The most talked-about topic in almost every Indian household currently is the economic slowdown and families have been hit by it badly. The economic crisis has spared hardly any industry.
The shutting off of the industry giant, Jet Airways, came as a shock to everyone. They turned unemployed overnight. Meanwhile, the world’s second-largest hotel chain, OYO, had decided to fire 200 salespersons. The global banking leader, HSBC, has decided to fire 200 people from Pune and Hyderabad band. Whilst everything was happening, automobile and textile sector started making it to the news. This clearly signals sluggish economic growth. The talks about layoffs have thus become very common.
The layoffs talks are common, but its’ costing lives and family’s future.
Savvy savers & cautious spenders have survived it
Almost every day, we are hearing of people committing suicides or getting into depression because their family’s future is at stake as they are out of business or out of job. We know how difficult this phase is but what makes it more difficult is the fact there are no savings at all to provide for basic needs like daily living, kids’ education, etc.
Long back savings had gone off the dictionary of many. Lack of savings is the reason why many are in debt and have no way out. With lavish lifestyles and dozens of EMIs in hand; its next to impossible to survive this slowdown because the expenses won’t stop.
However, there are still a few who are living this slowdown with peace because “they had their expenses under control and had some rainy-day funds”. Yes, that’s true! Savings are the reason for a few who’ve undergone layoffs or financial loss are able to balance their day to day lives.
The economic slowdown is inevitable
There’s a takeaway lesson from this for all of us which is “it can dawn upon us in future too”. With changing regulations and technologies so fast, it’s only natural to experience a slowdown so that we adapt to the changing ways of doing businesses. In fact, the times that we see today are a transformation phase primarily.
What’s happening with us today (financially) has got little to do with external circumstances and a lot to do with our internal financial mismanagement. Financial independence must go hand in hand with the sustainability of financial Independence. And financial planning is the key.
To sail through a storm which has an economic form, one must have adequate savings, controlled needs, and a regular check on both. These three things will surely make you Financially Crisis-Ready.
So when are you starting your financial planning to beat the financial blues?
Looking for someone who can help you sort your finances or plan for your financial goals; drop us a line here .