Truth Speaker Mitra (@SubhajitMitra) 205 Followers 17 Nov

Personal Finance 754 4

In the current layoff and funding winter, here are some tips for being financially prepared.

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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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