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In these times of economic change, we often face financial difficulties. How do you stay sane in such an environment and avoid falling deeper into the quagmire?
Let's take a look at 10 things to be cautious about when the economy is in a downturn.
1. Blind consumption.
"Luxury is comfort, otherwise it is not luxury. ”—coco chanel
When our economy is not doing well, the first thing to do is to re-examine our own consumption concepts.
Avoid blindly pursuing brands, trends, and buying unnecessary luxury goods. Learn to distinguish between needs and desires, and consume wisely.
2. Excessive borrowing.
The ancients said: "Borrowing money is like borrowing sorrow." ”
In times of economic downturn, over-borrowing tends to push us deeper into debt.
We should establish a correct concept of borrowing, live within our means, and choose lending products carefully to avoid falling into the quagmire of debt.
3. Neglect financial management.
"Money management is a must in life. —Warren Buffett
Don't neglect your finances just because you're strapped for cash. Reasonable financial planning can help us better allocate assets and achieve wealth preservation and appreciation.
Even small savings can add up to positive changes in the future of the economy.
Fourth, investment risk-taking.
"The first principle of investing is not to lose money, and the second principle is not to forget the first principle. —Warren Buffett
In the world of investing, risk-taking often has serious consequences. We should make rational investment decisions based on a full understanding of the market and the project.
Avoid blindly following the trend and getting rich overnight, and only by investing steadily can you achieve long-term returns.
5. Defaulting on debts.
"Defaulting on debt is as shameful as stealing. —Thomas Jefferson
Regardless of the state of the economy, defaulting on debt is a sign of irresponsibility. We should actively face the debt problem, formulate a reasonable repayment plan, and gradually reduce the debt burden.
Integrity is golden, and maintaining a good credit history is essential for personal financial health.
6. Unplanned shopping.
"Unplanned spending is like sailing without a compass. ”
Making a clear plan before shopping and following it can help us avoid unnecessary spending and impulse purchases.
Creating a budget and making a shopping list can help us be more rational about shopping and spending.
7. Ignoring the preferential treatment and **.
The so-called: "To save money is to make money." ”
In times of economic downturn, learning to take advantage of discounts and activities can save a lot of money.
Pay attention to the preferential information on major shopping platforms, brand official websites and social networks**, and make reasonable use of coupons, points and other means to reduce the burden of shopping.
8. Not paying attention to personal credit records.
"Credit is the greatest asset. ”
Maintaining a good credit history is essential for personal financial health. We should check our credit report regularly to ensure the accuracy of the information.
At the same time, actively improving your credit profile, such as making timely payments and controlling debt, can help improve your credit score and access to better financial services.
9. Ignoring long-term planning.
"Long-term planning is the cornerstone of success. ”
In times of economic downturn, it is easy to neglect long-term planning because of the current difficulties. However, developing and executing long-term financial planning is important for achieving financial freedom.
We should set clear financial goals, create a feasible plan, and stick to it.
10. Lack of contingency reserves.
"Life without an emergency reserve is like a car without airbags. ”
In times of economic instability, it is especially important to build up an emergency reserve. We should set a target amount and gradually accumulate it to deal with emergencies and life twists and turns.
The Emergency Reserve Fund can help us weather difficult times such as job loss, illness, etc., and provide safety for families and individuals.
In conclusion: In general, when we face an economic downturn and a tight financial situation, we must take a rational and responsible attitude to deal with it.
The above list of 10 things can not only exacerbate our financial stress, but also have a negative impact on our long-term financial health.
Remember:"Wealth is like seawater, the more you drink, the thirstier you get. ”In the period of economic downturn, we should learn to treat money rationally, cherish the value of every penny, and use wisdom and diligence to create and accumulate wealth.
Only in this way can we truly emerge from the predicament and achieve financial freedom. Let's work together to face the ups and downs of the economy with a more mature and rational attitude and build a solid foundation for our future.
Well, that's all for the sharing of this article, thank you for reading
Hope this article can bring you inspiration and help. If you have any questions or ideas, please feel free to discuss them with me. Let's learn Xi together, make progress together, and create a better future together!It's not easy to code words, if you like my article, welcome to like it
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