Steps to take to financially plan for a pandemic:
Assess your employment situation. The most important asset in the pandemic will be your income. For most people this will be your job. Businesses in demand will be in the following areas: communications, health care, education, repair, bicycles, mopeds, delivery, agriculture, fisheries, cattle, pawn shops, auction houses, legal services (some), and security services. Think about other skills that you have that can be used if your primary job is not needed. All kinds of repair services will flourish.
Protect the assets you have. The safest investments in the United States are U.S. treasuries and financial instruments that are FDIC insured. Diversify your banks. Pick regionally strong ones. Keep your business planning short term. Avoid debt. Sign only a short term office lease. Conserve on cash. Tighten credit terms you may be offering customers. Divest yourself of unprofitable or marginal enterprises. Reduce cost.
Assemble enough cash for 90 days of living expenses, at least. This cash should be easily accessible.
Do not pay off your home, car, or credit cards. You may need all the cash you have. Lenders will accept payment arrangements in an emergency situation.
This is not advice. This information is not warrantied. It is for entertainment uses only.
Assess your employment situation. The most important asset in the pandemic will be your income. For most people this will be your job. Businesses in demand will be in the following areas: communications, health care, education, repair, bicycles, mopeds, delivery, agriculture, fisheries, cattle, pawn shops, auction houses, legal services (some), and security services. Think about other skills that you have that can be used if your primary job is not needed. All kinds of repair services will flourish.
Protect the assets you have. The safest investments in the United States are U.S. treasuries and financial instruments that are FDIC insured. Diversify your banks. Pick regionally strong ones. Keep your business planning short term. Avoid debt. Sign only a short term office lease. Conserve on cash. Tighten credit terms you may be offering customers. Divest yourself of unprofitable or marginal enterprises. Reduce cost.
Assemble enough cash for 90 days of living expenses, at least. This cash should be easily accessible.
Do not pay off your home, car, or credit cards. You may need all the cash you have. Lenders will accept payment arrangements in an emergency situation.
This is not advice. This information is not warrantied. It is for entertainment uses only.
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