3 STEPS TO IMPROVE YOUR FINANCIAL RESILIENCE



3 STEPS TO IMPROVE YOUR FINANCIAL RESILIENCE

  

 

    Financial resilience is beneficial to our peace of mind. Even if we have only been able to put up a meager amount of savings. I am always searching for strategies to improve my financial resilience, because it tends to reduce tension in relationships during difficult economic times, much like today. 

So, here are some basic concepts that you can implement starting today to improve your financial resilience. 


Step 1 Savings Plan = Cash On Hand 


    Start a savings plan. I like to say, “Pay Yourself Second.” Now, I know what you are thinking, Hey, isn’t that supposed to be pay yourself first? Well traditionally it is, but as you will learn when we cover the basic concepts of Spiritual resilience, we consider Charitable Giving as our First Responsibility. Start small if you must but start right away. We feel that our basic savings goal should be 10% of our earnings, but do not get concerned if that is not possible. Just begin with what you can and build up as you are able. 


Step 2 Diversify Your Savings 


    Gone are the days of parking our hard-earned savings in a savings account or a bank certificate of deposit and collecting a nice return while still having liquid access to our savings in times of need. Sadly, gone are the days of keeping savings in one instrument. For most people in the US that savings instrument is the US Dollar. It is unfortunate that the currency managers at the Federal Reserve have been so careless with our currency, but that is irrelevant to us because that is out of our control, but there is a simple solution. Diversity is the simplest way to reduce risk of the loss of purchasing power, that is your ability to get the goods and services that you expect, of your savings. You might ask, how do we diversify our savings? Some options may include commodities such as gold and silver or possibly Bitcoin. There may even be a place for some foreign currency holdings, especially of nations with responsible and conservative central banks. 


Step 3 Explore Options of Increased Income 


    Of course, who doesn’t want a simple way to increase our income. The internet and powerful mobile devices have opened a whole new universe of opportunities to explore. There are many internet marketing and affiliate opportunities to explore.  


    Also, the gig economy has opened up other opportunities for those who are willing to drive others around, run deliveries, or provide a service to others such as website creation or illustration. 

One final choice may be to just be to pick up any available overtime at your current employment, or perhaps take on a second job to establish your savings pool. 


    So, there you have it, 3 basic steps to vastly improve your financial resilience and provide you with peace of mind that you might not otherwise have in a time of instability or uncertainty. Of course, none of this will improve your peace of mind if you do not have it in place prior to instability. So, don’t waste any time implementing these strategies right away.  


    As with all things do your own research and consult a personal financial advisor before making taking any action. We provide this information as an educational service and you are fully responsible for your financial decision. Take charge today and bring some Financial Resilience to your life now. 


To Your Success 


Victoria Favet Paratos - Victory Favors The Prepared

Comments

Post a Comment

Popular posts from this blog

The Water is the Life

Image
                      Water Resilience is critical. Of course, we all need water everyday to survive. Immense infrastructures have been built throughout history just to supply water to quench thirst, basic sanitation, and irrigation.   Where is no water there is no life. In most situations the systems that are currently in place meet our daily needs for water, but what are our options if there is a systemic or localized failure?   Storage             The most simple and direct solution to a temporary or localized disruption to the water supply system is to simple store up water in quality containers. A quality container would be best described as opaque, composed of food grade plastic, and equipped with a valve to extract water. I prefer to use 5-gallon carboy style containers for personal consumption stores. It is best to store approximately one gallon p...
Read more

5 Steps to Food Security

Image
    5 Steps to Food Security   In times of uncertainty hunger only makes matters worse. Hunger deprives us of our strength and energy. This can cause us to fall into even worse situations due to lack of ability. There is no question that hunger is something that we should strive to remove from our risk matrix by placing it high on our priority list. Let us look at some steps that we can take to improve our Food Resilience and mitigate hunger as a risk for ourselves and our families .      Step 1: Buy Extra of What You Like   The most basic step that any of us can take is to simply purchase a few extra food items over our normal, routine grocery purchases. This can be as simple as picking up an extra can of ready-made pasta, such as Spaghetti- Os . There is no reason to complicate matters in the initial phase of increasing your on-hand food items. It is best to buy the food items that you normally use and that you enjoy. This makes it easy ...
Read more

3 Steps To Improve Physical Resilience

3 Steps To Improve Physical Resilience The second core aspect of Resilience is Physical Resilience. Physical Resilience is integral to our success in many types of difficulty or uncertainty that we may face. Improving our physical resilience contributes greatly to stress management and resistance to illness. The general well being that comes from developing physical resilience will improve the outcomes of many scenarios that may be encountered in life from work demands to total calamity. What are the basics of physical resilience? How can physical resilience be improved? Step 1 Fitness: The first component of physical resilience is fitness. Fitness is a Massive subject that along could consume hours of content and still leave much left to be explored. Sufficed to say personal physical fitness is critical to our ability to handle stress, physical obstacles, and dangers from both infirmity and real peril. There are many programs and methods to choose from when exploring the realm of fitn...
Read more