We cannot forment up nationalism to motivate people, we cannot rely on the heroism of our armed forces or the bangs of our missiles to obliterate our enemy.
The only thing that can see us through this is the focus on ourselves and self motivation. Hope that we can still survive and keep ourselves away from depression cause every morning we wake up and realise that this is not a dream.
Financial plans that existed before Feb are no longer valid... and we need to re evaluate them and replan our entire future and the future of our children. Hopefully they will continue to see a bright future .
The financial markets are in a turmoil , life is in a turmoil and while i hope that is not the case we may as an individual not survive this crisis. Our families might.
Create your will
It is important to ensure your will is ready and available. One can easily write it on a piece of paper or even create a video will .
While there are people who believe that nominations allow for some sort of a will structure to be created , the will takes preference.
Share your investment documents with people you trust.
Quickly build an emergency fund
Cash in bank savings account is not an emergency fund. Build an emergency fund for the next six months of expenses. The future is not sure, a job is not sure regardless of your capability and neither is a salary ( many companies have already announced salary cuts and salary increase freezes)
Build an exit plan from your investment
If you do need money, what will you sell first. Which investment should be redeemed is best known to you only. Stocks are down by 30 40 % .. selling them now may not make sense. Maybe selling a debt may be more helpful... whatever it is .. make your plan now.
Life is not simple anymore. But simplefinancialsense is always important
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