Biggest Financial Crisis of our Lives! Tips to Sur

In this video, I'm going to share some practical tips with you that can help you to ride out the financial turmoil that the world is now experiencing as a result of the shutdown of basically entire sectors of the global economy and entire countries going into quarantine. The current financial outlook is rather grim at the moment, but there are some things that you can do to help

you ride out this crisis and even prosper as a result of it. The CryptoLark, this is where you subscribe for all of the hottest and all of the latest happening in the crypto world and be on. So let's just go ahead and jump right into this no messing around. Tip number one. Make sure that you have got enough cash on hand, either physically, you know, under

your bed or whatever. Or in a bank to be able to ride out the next few months. The savvy investor will already have an emergency fund of cash set aside. But if this crisis has caught you with your pants down, then you still probably have a lot of ways to actually build up a big cash position to be able to act as a buffer during these

hard times. Ideally, you will have enough cash on hand to build right. So if you are not able to ride out the next three to six months, and of course it is important to highlight that if you don't have money to last you for the next few months, then you definitely should not be worrying about investing. And if you are at high risk of losing your

job in the coming days or weeks, then you should not be worrying about investing. You know what? The markets, they are always going to be a lot of money. Be here. The stock markets aren't going anywhere. Bitcoin, it's not going anywhere. There will always be opportunities in these markets. Also, please, if you do end up losing your job, then go and apply for unemployment benefits. It

is there for a reason. You have paid your taxes. You have the right to claim this. So go and claim it. Likewise, if you are a small business owner, then please go out and get assistance. I know that you are going to be getting hit really hard at this time. Most small businesses will be facing extreme difficulties. The good news is that a lot of countries

have programs going for this exact thing right now to help out small business owners. So make yourself aware of those programs and apply for them if you have them available in your jurisdiction. And if you have not lost your job yet as a result of the crisis that is going on and you are finding yourself at home or remote working, then please count your blessings. Make

sure to keep up a really good relationship with your boss. Make it so that you will be the last person that your boss wants to let go. Tip number two, cut the fat out. There are certainly some things that you buy that you just don't need to be buying, and which could probably save you a lot of money if you stop purchasing those things. Taking time

to assess your spending habits is definitely a good way to help protect your capital. Now is a great time to make sure that you are actually optimizing your spending. It can just be really simple things even. Like is your car insurance just a little bit too expensive. You kind of know of it, but you never really got around to changing it because who's got time for

that kind of stuff. Well, now you have the time. So take a few hours. Sit down. Go over your spending meticulously. Chances are you're going to find a lot of areas for improvement. And make sure that you understand the difference between mandatory spending and discretionary spending. That is to say, of course, what you actually need versus what you can probably live without food. For example, food

you need. But maybe you can live without that $10 bottle of boss water, at least for a few months. I mean, come on. $10 for a bottle of water. That's low go man. Also a simple tip is to double check to see if you're paying for any memberships that maybe you don't use anymore. And you just forgot that you're even paying for it. So go and

actually check your credit card statement. You might be surprised to find some things on there. Let me go. Huh? Am I still paying for that? That's crazy. And speaking of cards, please make sure to pay down any debt that you might have. Keep those credit cards paid off. And don't worry about that. I don't put any new purchases on them. At least ones that you're not

planning on paying off immediately. Avoiding 18 or 20% interest on card purchases. That is as effective as earning a similar amount of extra money. Also, if you do currently have a lot of debt, then call up. And you can even try to negotiate on any debt that you're actually holding at the moment. I mean, these are extraordinary times. You might be able to actually transfer or

defer payments for some time. There are actually a lot of options that are being put on the table by banks and other companies right now. But you almost certainly need to ask. They're not just going to give it to you. So get on the phone and ask what your options might be. Maybe there are no options, but it certainly doesn't hurt to ask. And then of

course, when you haven't actually got to the point where, you know, you've cut out all these unnecessary expenses and you've got some extra money. Save it. Don't spend it. Save that money. Yes, I know that there's a lot of countries out there that are working on relief packages, but those short-term cash injections, they're actually not going to be that all that massive. For example, in the

US, a family of four could receive up to $6,000. That's $2,000 per adult and $1,000 per kid. Now that sounds like a lot of money. But for most people, that would be like a month or two of bills and food and rent. It's really not that much money for most people. And how long it's actually going to take the government to approve that and to distribute

those funds. And if that will even be the money that you're going to have getting in the end, that's anyone's guess. Don't rely on that. Take charge of your financial destiny. You're in the driver's seat. Tip number three. If you find yourself stuck at home for a month, great. Learn something new. Maybe you've always wanted to learn Italian, but you just never had the time. Well,

now you've got to do have the time. So stop making excuses. Look, you can either spend the next month if you're in quarantine or self-isolation watching cap videos, or you can upskill. Education online is massive in 2020. You can learn languages and programming and marketing and how to start a business or how to knit or whatever your fancy is. The sky is the limit. And of

course, if you're new to Bitcoin, you want to learn more about Bitcoin, like how to buy. Bitcoin, how to send Bitcoin, how to store your Bitcoin and do all these things safely and confidently. Then you can check out my course. Crypto currency explain. There is a link down in the description where you can learn more about what that course has to offer. The time you are

being given right now is a massive opportunity. Time is one of our greatest resources. So use it or lose it. The time to upskill is now tip number four. Find a side hustle. There are a crazy number of things that you can do online to make money. You're not on an extended vacation right now. If you lost your job or if you've been told to stay

home, that's not a vacation. That's a serious situation. And you can actually be facing months of extreme financial hardship act now to avoid the worst situation. Look, there are a million opportunities to make money online. Chances are something you already do might even have financial value to someone else online. I mean, are you a real estate expert? Great. Launch a course teaching others your tips and

tricks of real estate investing. Can you speak Spanish or maybe you play the guitar? Then maybe you can do online tutoring. Are you charismatic? Have you got something that you want to say to the world? Go start YouTube channel, man. It's way easier than you think it is. Maybe you're an artist. Well, if you are, you could check out different royalty programs for your photos or

your vector images. Those can all create residual income for you. The only limitations to making money. It's you. Never in history has there been a greater opportunity to monetize your passion than right now in 2020. Which leads me to tip number five. Set up a new income stream. Those are the most important things that I've ever done. Those with multiple streams of income, they are going

to have a way easier time with this crisis than those with just one income stream. Especially if that income stream requires you to actually wake up at, you know, seven, get on the metro, go to work, nine to five, all that stuff showing up somewhere for some set of time, trading your time for money. So take the time now to figure out how to build a

second or even a third stream of income. Now that might be a side hustle. That might be taking the time to educate yourself on real estate and getting yourself your first rental property in the coming months. Or it could be as simple as lending out your dollars. Now if you're feeling of course more conservative, then there are banks like Ally Bank that actually offer much more

competitive rates compared to the major banks like Bank of America or JP Morgan Chase. I mean, those it's like 0.1% of those banks. It's crazy. We're at least like some of these challenger banks offer like 1.5% But those rates pale in comparison to something like BlockFi with BlockFi, you can get 8.6% on your dollars, which is way more than any bank anywhere is going to give

you. You can now do direct posits with wire transfers from your bank, which is definitely awesome. You can even have the interest earned paid out in Bitcoin. So you can either get dollars or you can get Bitcoin and get paid out in the theory as well, which is definitely nice. Now if you want to learn more about BlockFi, then there's a link. down below in the

description that you can click on to learn more. Remember that whatever option you choose to get your spare money working for you to create that extra income stream. That should be something that is safe. That is liquid and that is easily accessible. And remember that any extra money you can get coming in right now. That extra money actually helps protect the money that you already have

and makes it so that you don't have to, you know, drop any of your investments for cash at especially at a loss. You can keep your investments and use that new income as that buffer to protect your capital. And finally, tip number six. Take care of your mental and of your physical health. Seriously. Now it's not the time for drugs and alcohol. So lay it off.

All it does is mess your head up, make you depressed. And of course, make it impossible for you to make good decisions to build your future. And of course, they're bloody damn expensive too. Now it's not time to throw away money and that kind of stuff. Make sure to work out daily. There are loads of great online workouts that you can find for free. Make sure

to eat well. Lots of fresh greens and whole foods and all that kind of stuff. Read some great books, fiction or just even some fun stuff to really help motivate you in life. Grab some Tony Robbins or something. Take up meditation. You get the idea. You know what's up. And even though we are supposed to be socially distancing ourselves for each other right now. That doesn't

mean you actually can't socialize. Set up a Zoom meeting with friends and just all hanging out online and catch up like you would normally. But online. Call family to say hi, especially older family members. Just to see how they are doing. Humans are social creatures. Don't let the crisis turn you into a weirdo. Not good. And my final thoughts for this video. For many people, this

financial crisis is going to be a really, really tough wake up call. Those of us who have been, you know, having habits of living frugally and investing consistently. Those kind of people. Much, much more prepared for this kind of situation. And those who have been living beyond their means spending more than they are in and all those other bad financial habits. And for those who were

prepared for this event. And this is actually a time of great opportunity. Those with lots of cash on hand. They will be getting amazing. Deals in the coming months. For those with less than six months of cash reserves who just lost the jobs. They are not going to get the deals. But if you are in the first category. And you've done all those things in your

power to be able to preserve your income, to conquer your debt, to guard your capital. And of course to create new income flows. Then there will be a huge opportunity for you to get invested in index funds at cheaper prices. Or of course to buy Bitcoin and other crypto. And you can see it at lower prices. Anyway, those are just my two satosies on the topic.

I of course would love to hear from you. How are you doing so far in this crisis? Have you been laid off from your job? Have you had your hours cut? Are you in a quarantined country like me? Yes, New Zealand just announced. There will be a one month lockdown effective tomorrow. Crazy stuff. What tips and tricks do you have? Do you have for everyone else

on how they can actually ride out this financial crisis? Like a boss. Would love to hear your insights down below. In the comments section. Thank you so much for watching today's video. Hope you're staying safe and staying healthy and keeping a positive attitude through all of this craziness that we're seeing in the world right now. If you did enjoy today's video, hit that thumbs up button.

That would be super super awesome. Make sure to subscribe to the channel. If you're new around here, long live the blockchain. And be South till next time.