Financial Crisis? Will This Impact You?
By Will from Holland
What is this financial and credit crisis everybody is talking about anyway?
Here's a definition from theFreeDictionary.com:
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment.
This basically means that a lot of good people are losing their houses, cars and jobs. And to make it even worse... The majority of businesses are not hiring people.
Will this impact you? Hopefully, not. But if you're smart, you'll protect yourself. Here are some tips:
- Protect your income. If you can keep the job you have, money keeps coming in. So... Work extra hours, be courteous, smile and be polite. Essentially, do the best you can.
- If you have a credit card, use it carefully. Don't use the card, unless you can pay off your credit card bill in full each month...
- If you can't pay your credit card in full each month, make bigger payments. Paying off your credit card bill is one of the smartest steps you can do to protect yourself financially.
- Stop making "impulse" buys. If you don't need it, don't buy it.
- Save money. Saving up some money will give you a buffer if you do lose your source of income in the future.
- Earn extra! If you can't save money without earning more money, try to get an extra job, if you can.
Avoid scams: with a lot of people in financial trouble, a lot more financial scams pop up throughout the country. There's phishing scams, Nigerian scams, pyramid schemes and plenty more.
Check out our articles on scams by exploring other articles in this section.
FoolProof Yourself! FoolProof means: to function despite human error.
That probably helps you during a financial crisis... Making mistakes can cost you dearly!
If you haven't checked out FoolProof Solo, check it out now:
- Head to your credit union's FoolProof page.
- Click on "FoolProof Solo".
- Be sure to watch the opening video.
- Then sign up for "Solo."
Good luck! And please email me if you have any questions!