Hopefully, by now you realize the importance of establishing financial stability in times such as the year of 2020. The Covid-19 Pandemic has proven these 3 financial principles!
- Contrary to any other financial-system belief, cash is still and will always remain King (Cashflow referring to physical or electronic funds). Before the Corona Virus crisis began, the economy was in an almost decade-long expansionary period. Many financial gurus heavily advertised for the use of credit systems. However, as soon as the global lock-down hit…the economy halted but those credit accounts were still due. This confirms the following.. It’s NOT about how much credit you have access to …You’re only worth what you HAVE in the bank (assets)! Savings IS important!
- You NEED to be invested! Owning stocks should be as normal in your finances as owning a debit card. You must diversify your assets to include them if you are going to A. Transcend your salary and B. Guard yourself against the losses of inflation. Your 401K is not enough and you can only access the proceeds without penalty…in Retirement… if you get there!
- You need multiple forms of income to be financially stable. With economic uncertainty, your employment status could change overnight! Never heavily rely or be content with just 1 income. Build and keep building! You need money coming in from multiple ways!
For more info, read on subjects such as How To Invest in Stocks , How to Make Good Investments During the Corona Virus Crisis and view this video Pandemic Proof Finances