We are in a total lockdown now due to Coronavirus. The situation is grim. I have never experience the economic machine to come to a complete standstill around the world! This is indeed unprecedented.
People are saying this is a Black Swan, but I personally do not think so. We knew this would happen; it was a matter of when and not if! People are being made to go, and this will put the financial wellbeing of most of us in danger. The Government has kicked in and has done an impressive job to support a majority of us; however, if you look at it, we have borrowed from our future to ensure we survive our present. I do not know what the long term repercussions are when we restart the process of going back to being normal.
This is indeed an emergency, and the best way to be protected yourself during an emergency is to be financially stable. You need to have cash or cash equivalents of at least six months of your bills you. No ifs no buts. If you have to SAVE every month! Pennies make a pound.
I know someone who can sustain his lifestyle for 12 years without having to work! And this is not because he’s a multi-millionaire but because his expenses and needs are well below the norm. Things are simple, but they are not easy, and its never too late to start.
We live in a world of instant gratification and pay the price. Marshmallow test, learn this and teach this to others. Some of us are naturally inclined, and some have to train daily to practice it. I am in the latter group.