Be Prepared for Economic Hard Times - Encore2wo

Be Prepared for Economic Hard Times

STEVEN WOODS

When I was a young man, I was a member of the Boy Scouts. One of the things they drilled into us was the motto “Be Prepared”. It was one of the many things I learned and have carried this forward in my life, with varying degrees of success. The motto is true, but the problem comes with a failure to truly implement it. This motto has no become of paramount importance, especially in the area of finance and resources.

If the pandemic, and the varied attempts at its remedy, has shown us anything, it has brought to light the fragile nature of the economy and our own finances. Many rely on their jobs and careers alone as their source of income, and for the most part, it has provided us with the means to support ourselves and our families. However, when there is a tragedy or economic downturn, many find themselves in dire straits. Workforce reduction and downsizing, layoffs, closings, and furloughs have left many in precarious positions and financial distress. His brings us back to our motto “Be Prepared”.

To avoid the pitfalls of events the negatively affect our economies and livelihoods, we must prepare ourselves. The goal is to have multiple sources of reliable income. Most of us only have one source and if that source is interrupted or taken, then we are in trouble. The following steps will begin to prepare your mind and enable you to develop a plan of action to protect yourself and your family:

  1. Do a self-assessment of yourself (and your family's) financial situation. What do you currently have in assets? Are they available if needed immediately? Do you have enough to cover the costs for three months at least, if an emergency happens? You need to know where you are before you can understand where you want to be.
  2. Research – Use the vast resources of the web, people you know, etc to find out what opportunities are out there for creating wealth and investing, starting a business, and utilizing your talents to create wealth.
  3. Focus on your area of choice. If it's investing, learn the ends and outs of it. Read everything, take classes, scour YouTube. If you’re starting a business, learn how to file the necessary paperwork, develop your business plan, learn the technology needed for your business.
  4. Determination -Have the determination and dedication to bring it to pass. It will require work and perseverance (and prayer, for those who are believers). Don’t give up. Your hard work will pay off. Never stop learning and growing.

Here are some resources that will help you grow, diversify, and make some money:

Investing

 Are you new to investing? Stash is a good way to start. Stash is a personal finance app that lets you invest in thousands of well-known companies with fractional shares.  Stash allows you to start investing in the stock market with as little as $1, all from your phone. To find out more and join, is this link:

https://get.stash.com/steven6pwb2

Cryptocurrency - Forsage

What is Forsage?  https://community.forsage.io/en/tutorials/what-is-forsage-and-how-does-it-work

Informational Video of Forsage

Need more info or want to signup, email us at encore2wo@gmail.com

Starting an online business

One way to financial freedom is to start an online business. You only need an idea, a work ethic and a website! The following are some good resources to get you started.

7 Steps to starting a small business online - https://www.entrepreneur.com/article/175242

16 Online Business Ideas You Can Build on the Side: https://www.shopify.com/blog/online-business-ideas

Government Resources for starting a small business (U.S.): https://www.usa.gov/business

 

 In our next article, we will delve more into each option and I will provide my own experiences in these areas. Remember, be prepared!

E2

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