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The recent era has been surrounded with the calamities of a financial crises. It has become the endemic/pandemic fear of modern society. Over time, a global financial crisis risk will increase. No one can predict when the storm of crisis would hit.
They can occur all of a sudden, just like the crisis back in 2008. The economic collapse is one of the worst of the potential crisis situations since it leads to the most terrible problems. Our food, water, power, safety all depend on it. Moreover, it may lead to higher bankruptcy rates, a huge percentage of unemployment, an increase in inflation and an increase in crimes as well. A financial crisis can be both a global issue, meaning it affects societies, and it can be an individual crisis, only affecting one person or family.
It may have multiple causes. The main cause is when banks create huge amounts of money by making loans. As a result the debt increases. Out of this money, a very small amount goes into businesses outside the financial sectors. When businesses see declines, they layoff workers. When workers get laid off, they cannot afford housing payments. Boom, you now have a financial collapse.
Economic crisis is not just limited to societies, it can also be limited at an individual level. But, an individual can recover much quicker than a society, by making good choices for him or herself. Keep in mind, this his pernicious crisis can likely be prevented or minimizes with some planning. Avoiding certain situations and leaning towards safe investing strategies can make all the difference.
Economic collapse is very grueling to go through. It is better to prepare for all the circumstances beforehand. Its worth spending time researching the best investing apps to store your money to help you invest wisely and prepare for a financial crisis. Here are a few other things to consider as well.
One of the best way to prep for financial crisis is to keep an emergency cash fund. Each month, a small amount of money should be kept aside. This will lead to a handsome amount of money that can help you in adverse situations.
You should review all of your bills now to ensure that you are not being overcharged. Try to adopt ways to minimize the bills. For example, using sunlight more than the electricity during the day and having landscaping that is more native to where you live so you can avoid a large water bill.
In this age of technology, the best way to prepare is to make use of the applications and websites available to you. There are many investing applications to store money. Here is a list of best investing applications to consider.
Fidelity Investments is a well-known investment brokerage. The firm charges a fee or commission for executing buy and sell orders submitted by an investor. These brokerage accounts are operated through licensed firms. Through this, the investors deposit funds and buy investments. Fidelity has almost 200 investor centers around the United States. They assist customers on iMessage, google assistant, and Facebook messenger. The fidelity mobile application is fresher and easier that bring excellent trade executions and exchange-traded fund (ETF) research on the mobile screen.
The Robin Hood application has been very significant in the online brokerage industry since it launched in 2014 as a mobile application. It allows customers to buy and sell stocks without paying any commission. It offers an abundance of research, news, charting and educational resources. It is successful because it allows individuals to open accounts with very little funds and gives them access to their entire platform.
The Acorns application is a newer kind of investment. It automatically links debit and credit card purchases while investing from them. It has 650 thousand members most of which are millennials. People can easily invest spare change to the next dollar on all purchases. Acorns do not charge a commission but they can charge one dollar per month fee on some accounts.
The Nutmeg application, which was launched in 2011, is a cheaper investment platform. It focuses on ETFs and tracker funds to provide wealth management services. The portfolio invested, as well as the different countries and industry sectors invested in, are reviewed regularly by Nutmeg. Even if the markets fluctuate, the portfolios will have the same exposure to each asset.
The TD Ameritrade mobile application is one of the most powerful platforms on the market. It gives a succinct brief on the market, as well as stock and portfolios. It allows the person to trade in foreign currencies and many other complex options. Large investment selection make it the number one application. You’ll have access to research and top notch customer support.
Another significant way to avoid a financial crisis is to get out of debt now. Even it is the government or the person individually, they both should devise ways to minimize debt. Interest charges make an economic collapse disastrous. They keep on compounding and compounding – making it nearly impossible to pay.
It is important to learn skills that can serve as an alternative to the individual’s job, should you lose your job. And, in the currently climate of job globalization and automation, almost every sort of job is at risk. During the financial crises, there is a huge rate of unemployment. A person should utilize his skills in another industry or field so they can stand out from all the other candidates who will also be searching for jobs.