official [Contest] Prepared for the Financial Crisis? [$80 Prizes]

[MrD]

Hello, dear TGFers,

I have just created a new contest for you 🤑

Details below:

How to participate

There are two steps you should do to participate and have a chance to win:

1. [Optional] Write in a reply to this topic IF and HOW you prepare for the upcoming financial crisis. Your answers will help our users prepare themselves. If english is your not 1st language you can easily use a translator like translate.google.com and write in your own languge. Deadline to post: 01/Aug/2022

2. Vote one or more of other participants' answers using the rate post function. Deadline to vote. 08/Aug/2022 Example below:

How to win

• The post with the most votes will automatically win $25 in PayPal, LTC, and USDT.
• The 2nd post with the most votes will automatically win $15 in PayPal, LTC, and USDT.
• The 3rd post with the most votes will automatically win $10 in PayPal, LTC, and USDT.
• Everyone that voted will participate in a raffle with 6 x $5 prizes paid in PayPal, LTC or USDT.

Contest rules

• The contest will end in one month from now, on Aug 08, 2022, at midnight.
• You can vote without writing how you prepare. In this case you will participate only in the votting random raffle contest.
• The winners for the 6 votting prizes of $5 will be picked on Aug 09, 2022, using a random generator from all the entries to date, while the number of votes will choose the three special prizes ($25, $15 and $10) from the community.
• Only one entry per username
• You can not edit your entry. If you do, you're disqualified.
• Don't forget: Money won is twice as sweet as money earned 🙂

Can't wait to read your entries and see who is the most prepared money maker!

Good luck,

[DailyMoneySaving ✔️]

Just got an email about this contest and I would like to participate.

As some of you may know I own Daily Money Saving magazine where I blog about money making and money saving.

Here is my answer:

I think everyone should prepare for the upcoming financial recession/crisis you name it even if hopefully may not happen. Having 6 months of expenses covered is a must along with some canned food, bottled water and needed medicine.

Besides that an income source if very important so ensure your job is stable or your money making opportunities are solid.

Hope it helps and hope I win 😉

[EuChangeLTD]

I prepare myself for the upcoming financial crisis for over a year already. Paid all my debt (almost), have a good reserve of cash in USD in a deposit that I can liquidate easily looking to profit from deals at discount in business and commodities or crypto. Besides that I educate myself daily looking to benefit from the opportunities that will soon arise.

I feel sorry for people that did not prepared. Yet there is some time so I hope they will do it.

[olgakyzmina]

good afternoon, I just received a letter about the upcoming competition and decided to try my luck🤞 I started preparing for the crisis a little more than six months ago, withdrew all the money from deposits in the bank, it’s safer to keep it at home, since the bank can go bankrupt at any time. canned food, cereals, butter and, of course, the necessary medicine. Who has not yet prepared for the financial crisis, there is still time to prepare, but I hope that it will not happen, but in the world everything will work out and will be as before.
Good luck to everyone in the contest, I hope fortune will notice me and I will win a prize🤞😁

[MrD]

Great answers people! Keep them coming. At the end of the contest we can create a nice rundup article with participants' contributions and publish it.

[XtraProfit]

Yes.
I am trying to spend less on non-essential things, save as much as possible, not take credits or loans, buying some things that can be stored for a long time, I am creating a family garden planting vegetables and fruits, also learning graphic design to be able to offer that service soon.
PD: Sorry for my English

[Susan]

I have been hearing a lot about a looming economic collapse,  and I know that many people are having a hard time because of inflation.  I'm not an expert by any means, but I would like to share what I plan to do make my life easier if this happens.

I joined this forum to learn more about finances and investing.  So the first thing I plan to do is to become more knowledgeable about money, and how to use it to make more money.

To make more money, I plan to learn affiliate marketing.  I know that it won't be easy, but I realize that I'm going to have to add more income to what I already earn. 

My next move will be to add more money to my savings account.  I've heard that we are supposed have a savings equivalent to six months of expenses.  I've also heard others say that we should have at least a years worth of savings.  I plan to spend less on unnecessary items to meet my saving goals.

It has dawned on me that I am going to have to re-think some of my spending plans.  I wanted to do some remodeling, but I can see now that I will have to postpone it.  I don't want to have to pay on another loan.  I am going to keep my car a few more years also.   Thankfully I'm not in a lot of debt, so without making any new debt I should be fine. 

I also plan to cook more, and not eat as many meals out as I do now.  I love to eat out, so I'm trying to rationalize it by saying that groceries are so expensive now that it's cheaper to eat out.  Of course I know this isn't true, but it makes me feel better because I hate to cook! 

These are my ideas and plans for weather the storm.  I'm eager to read about how other folks plan to manage through this tough time. 

 

[Egypt King]

my strategy is simple 

investing most of my cash in long term ventures (as realstates & manfucturing) & spend all I can afford to spend right now to buy long lasting goods as everything price is going to double or triple in the coming 1-5 years some things prices will sure skyrocketing in the coming years

there is no benefit from saving cash money right now as current money will be half its value in short time and may be even less in few years to come

there is also a huge benefit from investing in myself acquiring new experience & knolwedge in my field of work and also learning new thing in new fields beside my main lifetime job

 

 

 

 

[widhie75]

If there is a financial crisis, which we may face in the near future, what I have done and prepared is to run a real trading business that people need on a daily basis.

Currently, apart from being a forex trader, I also run a small traditional food business.
All food ingredients are very easy for me to buy in the market.

I was assisted by family members, so I did not spend a lot of business capital and funds to pay salaries and operational costs. I also have no debts or loans from other parties.

Even though it's far from what I hope, to become a multi-millionaire businessman, I believe that I can survive the crisis by doing a real small business like this.

[lizzett_alv]

I have prepared by investing in assests in case it gets so bad we need to start trading. For safety purposes i have invested in enough ammo and guns that are safely tucked away and some survival kits in case of an emergency. The essentials like soap and canned goods is also very important. 

[Warfare]

I think that diversifying your income is one of the best things you can do.

In my case, I am trying to do that with affiliate marketing by always researching and keeping up to date with affiliate programs especially in the make money online niche.

Also regarding crypto and the bear market: if you intend to hold it, be careful with storing big amounts in exchanges or other centralized entities.

[fxfarmerashik]

It is hard to give specific advice when I don’t know the details. Rule 1. Stop all unnecessary spending. Rule 2. If you haven’t already done so, build an emergency fund of at least USD 1 000. Rule 3. Find another source of income.

Remember. When you’re in a hole. Stop digging.

Good luck.

[Yusra]

I have been preparing for this financial crisis for the past 2 years. My initial action was to purchase a large safe. I also made sure that my house is insured and I have enough cash to last me for at least 6 months. I also made sure that all my debts are paid off and that there is enough money left in my bank account to last me for at least 3 months.

[EvaRose]

Hi everyone,

Great ideas and suggestions here already.

There are several things Ive done to help prepare, as we've already seen shortages of some items:

I bought a huge cupboard 2nd hand to store most things in... and sort it all by "used by" date.

Have cash on hand, all denominations, no debts.

Long lasting food supplies, i.e. canned fruit, soups and veg, dried veg and veg/soup mixes, cereals, rice and pasta, biscuits, nuts, sauces, oils, condiments etc.

Paper products, towels, toilet paper etc, plastic wrap

Candles, torches, batteries.

Also, installed a veg garden, pays to get good soils and rewarding to see it all grow and use.

Have fun!

[Ilona]

I see it this way: the most important thing is health because it is the biggest crisis. That's why smile on your face and keep your head up because life is only 1 and don't let even the biggest financial crisis take away your smile and happiness. 

[Lara2016]

Hello. I prepared a little. Made the necessary stock of products that are stored for a long time. There is also a stock of hygiene products. But the financial question is still open. I think that we will survive this crisis and everything will be fine.

[UpadhyayJyoti]

Preparing for a financial crisis is not easy. You never know what kind of emergencies lie ahead. And being prepared for all of them is impossible. 

The best we can do is take all the scenarios into account (kind of like Dr. Strange) and put aside some money on a regular basis for these unprecedented emergencies.

The key is consistency.

However, money that you put in a safe or in bank continually loses its value. So it's better to invest at least 70% of the amount into something you're good at: business, stocks, SIPs, mutual funds, etc.  

Once you start gaining profits more than your active income, and have the money to put aside without having to cut back on your daily expenditure, that's when you might be moving in the right direction to financial security. 

And even then, don't stop investing and earning passive income. 

I shared my strategy because it's something I learnt from someone else and thought might be helpful for others too. 

[DoubleCycleBiz]

I keep it in cash: money and gold.
After all, in a crisis and sanctions, electronic means can be unreliable.

[Micedanger]

All Good Day. In connection with the upcoming crisis, I try to earn more wherever possible. I take additional work. I save money and try to spend less on purchases that are not very important in my life, I buy only the most necessary things. I earn both in real life and on the Internet, pseudo-investments(hyips), airdrops, contests. Thank you all for your attention! I hope I'm lucky in this competition!

[Hyipdealer.com]

In my opinion "prevention is better than cure." So, at first we need to try prevent this problem from our sides, what ever we can do to prevent the crisis. As initial step to prevent this crisis we can do few steps below: 
1. Don't withdraw your money from bank.( Because it could be a reason of crisis of your country or region).
2. Don't stock more liquid cash on hand.
3. Reduce the usage of energy and powers.
4. Reduce dependency as much as we can from artificial or machinery products.
5. Try to use natural products and grow more natural products.
6. Don't stock huge grocery products ( can be increase the rates).
7. Avoid using of imported products, try to produce at own.
8. Try to avoid spend much on luxury products.
9. Closely monitoring of minimised budget and make it effective.
10. More and more concentration on production rather than import or hire.

There is many other such like things we can do to prevent the crisis. But yet still it comes we should prepare our self by doing above steps:

1. Make a minimum budget for us and make it effective.
2. Get a extra earning sector for our self.
3. Stock more and more non cash - liquid assets like gold, properties etc.
4. Get an insurance Insurance Coverage.
5. Minimize liquid savings and try to earn extra money. 
6. Invest on government authorities bonds or like this schemes. 
7. Avoid to invest on stock exchange or high risky investment policy's. 

So, this is how i am preparing my self and my family to fight against the crisis if it comes. But we all should try our best from our own position to prevent this crisis.