So today is the first day of the year 2020, which also marks the first day in which your New Year’s Resolution will start taking place. That is, if making yearly resolutions work for you even up to the first few months of the new year.
Actually, now more than ever, it is important for us to take stock of what needs change, or at least some modifications. The Predictions for 2020 are a mix of good and bad. Taking off from what has transpired in 2019 particularly with how the environment has been reacting to climate change, predictions can be wild.
Regardless of what the year 2020 has in store, there are three important things you have to give careful attention to: Health, Assets and Borrowings
Health is Still Wealth
Keeping yourself healthy and full of stamina is very important especially if you are anticipating hard times ahead. Actually, food to be nutritious, does not have to cost much.
Remember, people from third-world developing countries have fewer choices of food; but the natural limitations do not make them less healthy or more susceptible to diseases. What is important is to eat balanced meals and to live a healthy, active lifestyle.
Make an Inventory of Your Assets
Determine the kind of assets you have, so you will know if you have something reliable to use as fall back in case of emergency.
Now if you have accumulated assets that do not appreciate in value, e.g. clothes, shoes, bags, video games, books and the like, consider selling some of them at eBay, Amazon or the FB market place . That way you can convert their value into cash that you can set aside for emergency situations. While in storage, make sure they are not exposed or stored in conditions that can bring on molds or mildew.
Control Your Payables and Avoid Taking Out Additional Loans
Keep your borrowings or payables under control by paying on time. Delayed or default payments only increase the amount due. Moreover, avoid making additional purchases on credi,t as doing so only increases the money that will be drawn from your future income. If that will always be the case, the smaller the buying power of your income, especially if it has been stagnant for quite some time.