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When your life has suddenly erupted. The question we have to ask is what to do now? Eighty percent of the world's population is unprepared for an emergency. That means eighty percent might end up going deeper in debt or settle for things in life they never thought they would have to deal with. Things like death, life-threatening diseases, homelessness, or even starvation. I witness family having a complete meltdown during a blackout that lasted only 12 hours. Do you want to know what doesn't make sense to me? After the blackout is over instead of preparing just in case another one happens they will go on living like it never happen in the first place. Other people hoping the government fixes the problems so it won't happen again. So on today's blog, I will point out a few things that you should consider how to make a plan to never be caught off guard again.
1. Write down all your assets.
With any change or disaster in your life, you should assess your assets. This includes notice of a new edition joining the family, as well as getting fired from a job. This is very important to make sure that the transition, no matter how minor, will be smooth. Assets could be a wide array of things, not just money saved. We are talking distance, how close do you live to your place of employment, how many options do you have for child care, plus how good is the school district. How fast can you liquidate possession if you need cash, how much credit do you have available? Most people forget about food and water supplies as an asset. Your degrees or certificates are part of assets for finding employment in different areas if you are forced or plan on moving. Your greatest asset is the ability to adapt to change. My advice is to get a pen and pad right now and go over your assets now just in case things get worst.
2. Stop paying everything.
When the sea gets rough, we are told to ride the storm, but no one gives us instructions on how. When there is a sudden consequential change in your life don't panic, take some time to think. Spending money sometimes hurts a situation more than it helps. This is the time where you need to prioritize your bills. At this point, the only important bills are rent, food, and health and life insurance. Before paying any other bills make sure you can cover six months of your essential ones. Call all your creditor and see if you can make any payment arrangement. Do this even if you have a good amount in your emergency funds. We all miscalculate our finances when we are under stress. We focus on what we have but never account for unexpected expenses. So redo your budget cut back on unnecessary spending, breath, and begin you and your family's new way of living.
3. Make a few plans
A great saying goes like this. If you fail to plan then you plan to fail. This is easy to do, it normally is only a three-step process. One, find out what you need or want. Two set a small series of goals to achieve your plan. Make sure you set a time frame to reach each goal so you will know if you are getting closer to your plan. Three, stay focus, and never stop working until your plan is completed. Some plans will take a day or two some could take you a few months or years. The point is to never give up on the plan. This plan will one day save your life or lifestyle.
4. Brush up or learn a new skill.
The most successful people in the world knows have to deal with unforeseen problems. The average person thinks a person like Jeff Bezos or Warren Buffet is either smarter than them or lucky. The only difference between them taking losses and the rest of the 99% is, there are no setbacks, only learning lessons. They will spend days weeks or even months to fix a hindrance. There is no quitting or giving up; there is no pity party or feeling bad yourself. If you ask either of them are still working on the way they first started, they will both say no. Did they experience roadblocks on the journey; absolutely. Were they ever scared or felt like quitting, I think the answer would be again; yes. How many times did they have changed their way of doing things, midstream just to reach their goal; plenty. That brings me to my point. You need to master the skills you have or learn new ones. The world develops almost immediately. You only have one job grow with it.
5. Find or create a side hustle.
I recommend this one to everyone. It doesn't matter your age, sex, where you live, or your class (poor, middle class, rich). In these crazy times, if we learned anything, we learned everyone can be affected by today's world's crisis. Not just the pandemic also a shift in government, the job market, technology, and natural disasters caused by mother nature.
You can be stable in your field for 20 or 30 years and wake up one day your field is shut down. Ten years ago everyone wanted a gas vehicle today everyone is trading them in for electric vehicles. This hurts the gas and oil company's all the old mechanic shops. The internet made shopping from home so easy walk-in stores and malls are going out of business. meaning sales reps might become a thing of the past. Now online customer service is what companies are looking to hire. Plenty of jobs are being shut down altogether, most children coming out of high school are investing or starting their own businesses. I not saying don't get a job what I'm saying to have other outlets just in case. A side hustle to me is safer than going to college. You don't believe me just go on Instagram or YouTube and see for yourself.
Bonus Video
Today's Call Of Action Tell us if you already have a plan in place. If not, did this blog help you to work on one? Tell us about a time you wished you had a plan when something went wrong in your life.
