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Don’t get scared, get smart
And in the process, learn how to protect yourself for the next major crisis
During this period people are having to struggle with new realities and new terms, of the medical, social and economic variety. Social distancing? Flattening the curve? Fiscal stimulus? These terms aren’t new to specialists, but they are new to us and how are we expected to deal with it all?
The global financial crisis is over a decade old, and I think about what we all learned and in what ways it changed our lives. Now that I think of it, not much has really changed in the way most people experience the world since then, but at the time, most of the world was in a state of distress. The problem is, most people find themselves at the mercy of crises and don’t know how to respond, other than to pray and hope for the best.
We now find ourselves on the brink of another potential crisis. The root cause is different, but the impact that it can have on the global financial system and economies is already being seen.
So — my wish is for people to start preparing and girding themselves for crises, because in a world that is more and more connected, they will come, they will be swift, and they will affect all of us. Unhook yourself from the credit cycle. Pay down debt and aim to own your assets.
