Expect the Unexpected: Ways to Prepare for Calamity

Prior to the market collapse when a majority of the public found themselves scrambling for a stable income, life had seemed pretty hunky-dory.  But unfortunately, nothing can last forever, and many people realized that they had done little to prepare themselves for when chaos took hold.

It’s safe to say that there will always be emergency solutions such as payday loans offered by Wonga. But when crisis surfaces, offense is the best defense. So try these tips to make sure you’re never caught off guard again.

  1. Be ready to dip into a savings – This involves actually having a savings. A report from Mori found that 20% of the UK has no savings in place at all and nearly 1/3 of the population has less than £500 to their name. While there are several things you can do to pad your landing when you land on rough times, the best is to have extra money ready for necessities.
  2. Keep your eyes open for prospective jobs – Even if you’re incredibly happy at the company you’re with, continue to keep your eyes peeled for openings that may interest you. This is sound advice even if you’re not preparing or catastrophe, seeing as you’ll never realize all the magnificent opportunities out there if you never bother looking. But knowing what the market is looking for will be helpful if you find yourself out of a job.
  3. Continue your job training – Does your company offer on-the-job training or continued education? Take full advantage. Industries change on a daily basis and if in the worst-case scenario you find yourself on the job prowl, employers will be much more interested in you if you’ve educated yourself on up and coming trends. Not only that, but if your employers are giving you the opportunity to learn, seize it! The skills they teach you could make your current job a heck of a lot easier and you’ll be showing them initiative (something that could go a long way when they’re trying to decide who to keep on payroll).
  4. Explore your stock options – If you don’t know the first thing about stocks, what are you waiting for? Do a search and educate yourself on the basics. If the market is set to crash, have a list ready of stocks you’ll want to pick up in a hurry and be ready to do so at the drop of a hat. This is probably the last thing you’re thinking about when such a calamity occurs, but you’ll be way ahead of the game when the market slowly starts to make a comeback.

In the end, there’s no way to fully prepare yourself for another stock market crash or a bubble burst. But you can at least prepare yourself to stay afloat and at the end of the day, that’s what will really matter.

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