How am I doing with the money? How well do I keep track of my money and income? These are a few questions you should ask yourself to prepare for when you don't know what will happen. We usually only ask ourselves these questions when in a tough situation.
The COVID-19 pandemic that has hurt the world economy is a good example of a good scenario. It's made it hard for people to make money. At the same time, the war between Russia and Ukraine is also causing an economic problem. Even though it might affect the two countries, other states will still be hurt.
For instance, the high price of oil is because Russia is a major player on the world stage. You never understand what will happen to your economy when a war occurs. This is why we consider giving you the top 5 ways to keep your money safe when things are uncertain.
What is insurance that protects your income?
It's an insurance policy that gives you a cushion in case you lose your job. This could be due to a sickness or injury. And if something bad happens, the insurance company has to give you cash to cover your costs. The insurer does this until you can return to work and start making money again.
Why Do You Need to Protect Your Income?
It would help if you used income protection to make it through the rough economy. Yes, you might have a lot of money coming in, but it doesn't matter if you don't have good money habits. You won't be able to account for every single coin. So, you need a plan to protect your income from having extra cash on hand, having a soft landing if you lose your job, and learning more skills to stay competitive.
Top 5 Ways to Keep Your Money
Have a fund in case of emergency
This is money you use when something unexpected comes up. This could be a car repair, tuition, or a medical emergency (God forbid). From now on, you are expected to save some of your salaries. You can choose a savings account or an asset that can be sold quickly. Both of these things help you limit how much you can borrow. Plus, you can take care of the things that need to be done immediately and move on as if nothing happened.
Upskill andUpgrade Your Skills
According to a report from the World Economic Forum, 75 million jobs will be lost by the end of this year. 133 million new jobs will be made, though. It's a little hard to understand, but it's true due to technological progress and digital transformation.
Well, this has been happening since the pandemic started in 2020. Businesses and organizations have already moved their services online, and we expect this to become the new norm. Because of this, you need to improve and change your skills to keep up with the market.
Still, there is a distinction between the two. Upskilling means getting new skills, while reskilling means getting new skills. Upskilling or skilling gives you an edge over the competition that you didn't have before. Plus, the job market is always changing, so you have to be ready to meet their needs.
Find unique and attractive ways to enhance your skills. You could decide to:
● Sign up for classes online.
● Learn new programming languages like JavaScript and Python to advance your education.
● Read books and other resources in this area.
● Apply for internships
Be healthy
Your well-being is your health. If you are sick, you can't make money. So, put money into both your physical and mental health. Also, we agree that these are hard times and every minute counts, but your health is also important.
Many Filipinos have to work hard to stay afloat. And once one's bodies give out, they are back where they started. The money they earn through hard work pays for their medical bills. So, pay attention to what your body tells you, get enough sleep, drink lots of water, eat well, and work out.
Get a passive income.
If there is a secret to getting rich, it's making money without doing anything. You can invest and accumulate more money when you have a passive income. In contrast, your salary is fixed and only covers your bills. But how do I make money without doing anything?
● Rental Property
● Online Business
● Investing in businesses
Look for income protection insurance
It's a type of insurance that protects you if you lose your job or another source of income. If you do this, you have to pay premiums to get the money benefits. At the same time, you could add things like critical conditions and hospitalization to your coverage. That helps make more good things happen.
Conclusion
You're doomed if you still aren't sure you need income insurance. One day there's a pandemic, and the next day there's a war or high unemployment. So, companies have come up with insurance plans to fit your needs. Your income is important, so they will pay a fee to protect it. Still, not all businesses are good. So, they're after their interests, which leaves you in the dark. So, ensure you do your analysis before you recruit anyone.
0 Comments
Post a Comment