Personal Finance • 754 • 4
After tech-giant Twitter and Meta, banking behemoths Citigroup, Barclays, and Morgan Stanley activate their firing squad— the HR managers.
Following the US trend, Indian startups fired 15,000 in the first 6 months of 2022; however, bootstrapped companies have not joined the chorus.
You can't blame Elon Musk or Vladimir Putin for all!
Here are 5 critical items that must be addressed.
Emergency funds - Try accumulating at least 12 months' worth of emergency cash at an 8% inflation rate that you can use in case of job loss or layoff.
Your emergency reserve should be two times your current annual expenses.
Health insurance - Be sure to get the proper coverage to cover unforeseen medical costs. It's tough to avoid depression and pressure at this time!
Cutting back on supplemental or unneeded spending.
Try to avoid buying COMFORT ZONE, whether it's expensive food or equipment; since there is no source of income, we should ignore the wants.
Avoid new loans despite them being under control.
When you don't have a job, avoid taking on any extra debt that could give you problems or worry. Try to join passive income club.
Create a new budget and determine which costs are necessary right now and which ones are not in order to prevent a dire situation.
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