Sorry, this is coming late, well better late than never; so, what have you guys been up to? Let me guess MMM and Bitcoin? I must say these Ponzi schemes could not have chosen a better time and country to prey on. True they are working well for Nigerians and active users have good testimonies to give; but let us take a second, step back and look at this from a long-term point of view.
Here are questions we should ask ourselves:
1. Will it pay me in the long run?
2. If not, how can I make it?
If your answers to these questions are yes and I have a way; then you should know that these Ponzi Schemes like every other will pass and you will back to square one without a backup plan.
Here is my strategy for waiting out this period:
1. Clear off all debts; the best way to start preparing for a recession is to clear off all debts, apart from getting people off your back, it will help reduce your expenses and allow you focus on other important things.
2. Make a list; it is always good to know what you want and when you want it. Having extra money saved up somewhere is good and all, but when you have the extra cash and you spend it on other items that you know you could wait to get some other time, will just disrupt the whole balance.
3. Stick to a budget; yeah we all want to spend as little as we can to save more, but sometimes it does not work like that for most of us. It will help if you estimate a particular amount for your monthly expenses, and if you can afford it with a little extra to make room for miscellaneous. All you have to do is keep the balance in that bank account you don't have an ATM for.
4. Be disciplined; TEMPTATION!!! That is right, temptations of all sorts, from discounts to sales, they will keep coming at you and if you don't have the strength to resist, you will find yourself in the clutches of the money grabbers.
5. Set up a small business; it is good to save and also set up a business to make extra money. You can look at it this way, it's a long-term investment that you can start based on the needs and demands of consumers.
Well this is how I intend to fortify myself for this period and if you have any additions please share; meanwhile, read here extra ways to help you get by.
Here are questions we should ask ourselves:
1. Will it pay me in the long run?
2. If not, how can I make it?
If your answers to these questions are yes and I have a way; then you should know that these Ponzi Schemes like every other will pass and you will back to square one without a backup plan.
Here is my strategy for waiting out this period:
1. Clear off all debts; the best way to start preparing for a recession is to clear off all debts, apart from getting people off your back, it will help reduce your expenses and allow you focus on other important things.
2. Make a list; it is always good to know what you want and when you want it. Having extra money saved up somewhere is good and all, but when you have the extra cash and you spend it on other items that you know you could wait to get some other time, will just disrupt the whole balance.
3. Stick to a budget; yeah we all want to spend as little as we can to save more, but sometimes it does not work like that for most of us. It will help if you estimate a particular amount for your monthly expenses, and if you can afford it with a little extra to make room for miscellaneous. All you have to do is keep the balance in that bank account you don't have an ATM for.
4. Be disciplined; TEMPTATION!!! That is right, temptations of all sorts, from discounts to sales, they will keep coming at you and if you don't have the strength to resist, you will find yourself in the clutches of the money grabbers.
5. Set up a small business; it is good to save and also set up a business to make extra money. You can look at it this way, it's a long-term investment that you can start based on the needs and demands of consumers.
Well this is how I intend to fortify myself for this period and if you have any additions please share; meanwhile, read here extra ways to help you get by.
Gif Source: giphy.com
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