I got the title from one of my favorite Music albums of 2014/2015 with the same name, by James Bay. Financial emergencies are not a pretty thing, and they make one realize how truly vulnerable we are despite suggestions by current states. Am sure many have come across the statement 'one health issue away from poverty' or something similar.
This isn't pretty, and sometimes life can have its own plans despite our best efforts. It certainly can come without warning too, especially devastating on those who are completely unprepared to handle. Sometimes we try to ignore the storm when it comes, but far too often it can backfire or completely overwhelm us.
Running away from critical situations should they appear isn't the solution. Fortunately, most responsible people wouldn't do this. The only unfortunate part is that when this happens unawares, we are figuring out ways to prevent the situation from deteriorating rather than properly managing it.
From personal experience, it has been the chronic illness of a loved one that has had some strain on my resources (not that am complaining at all). In my case, a strong family support system has helped mitigate the effects of its financial consequences so I can't exactly claim to be in dire straits.
My point though is that there is a need to prepare for a potential storm even in the absence of one. Like the saying goes, only the paranoid survive. When I seriously started to consider certain financial predicaments other people face, I realized that some possible solutions are very realizable and actually quite easy to practice.
From a financial perspective, a little savings compounded over time can go a long way in an emergency situation. We are often faced with the difficulties that accompany efforts to save such as discipline, low disposable income or other financial situations that may warrant urgency. Yet many have come to the realization that it is possible to actually compound little amounts over time in order to get significant gains. It may require some sacrifice though such as cutting back on a bad habit costing money, or completely cutting back on luxuries.
Crypto has especially shed new light on the concept of saving. We now have the ability to save across border that defeats potential obstacles such as inflation and devaluations, and also offers better long term incentives than a traditional financial institution. Am not saying crypto is the best way to save your money long term (although the argument is there), but it does offer an option for those really seeking to booster their long term shock absorbers.
Conclusion
Am currently hooked on the tokens offered by the Hive chain and it makes me wonder how much we'd have in store if we had blockchain technology helping us along our savings journeys. Let's keep chirping away, and hopefully have enough gathered so we won't be fazed by the storm.
I had to use a bit of unexpected savings this week, and for a couple of days I was a little salty and then I remembered being in my 20s and any unexpected expense was a huge problem and I had to laugh at myself for being petty. It wasn't even a large amount, just enough to be annoying.
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I can only imagine if we had cultivated the habit a lot sooner.
Lol it's always annoying to spend it on something unplanned though...even when that was what it was for
For the first time in many people's lives they are undertaking the idea of wealth building. Savings is the first step in the process and Hive offers a wonderful baseline for that: 12% in the HBD savings account.
After that, there are plenty of options for larger gains through an assortment of activities and passive returns. We are only going to see the options growing as time passes.
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And, I am one of the individuals who is now thinking to build wealth. Never in my lifetime I thought about wealth building as my focus always has been to do better at the task in hand. Although I do not have huge portfolio like others, I am at least beginning to think a certain way.
Never in your lifetime were you involved in the Age of Abundance. We all were reared in the scarcity economy. Cryptocurrency and digitization change all that.
We are going to see things that generate wealth like we never envisioned. The numbers are going to get ridiculous when we understand what is taking place. I feel you are in the right spot.
But then I might be biased.
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I only regret not taking this platform seriously sooner
Yep well we cant change the past. There are many in that position. The difference is you are still here, many jumped ship.
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Saving is now the new cool. I think that is true for Hive people and the larger circle of crypto people. The debt economy and the credit-backed liberty changed the way we look into wealth and capital. It is changing for the good. I am glad that I am finally beginning to think from a different perspective.
Crypto has certainly broadened our perspective on what it means to save, accumulate and be responsible for our financial security
a little savings compounded over time can go a long way in an emergency situation
this greatly helps, even the notion that you have savings that will not be eroded in time is a relief.
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