Money is one of the essential things you need to have a secure life. But the nature of finances is very volatile and just because you have money now doesn’t guarantee that things will always be okay. Lucky for you, we are dropping three financial rules to live by to cushion you in case of an unfortunate situation.
1. Invest your money
The importance of investment cannot be overstated. You have to find a way to make your money appreciate and work for you. As the value of the currency fluctuates, you need to be secure in the fact that your money is growing where it is for whenever you might need it. Whether you want to into Forex trading or crypto banking, investing your money in a worthwhile business or cause can be all you need to bail you out of a bad situation.
2. Have three passive streams of income
You cannot depend solely on your 9 to 5 to provide for you. Bad things happen. Lay-offs and downsizing happens and as much as you would like to feel you’re immune, it could be you one day. So whether or not your day job provides all you want and need, you still have to find other means of making money. It could be cloud mining, online sales or even cooking on the side. Whatever you choose to do, just make sure you’re making a profit from it.
3. Have three months worth of expenses saved up
The third financial rule you have to keep is to have up to three months of your expenditure saved in a separate account. In case your main source of income is cut off, the last thing you want is to be unable to provide even the basic necessities for yourself. Do yourself a favour and save money for food, electricity, data and other essential things you need to survive.
