If the global economic crisis is inevitable, the average person can consider the following aspects to prepare:
1. Build emergency savings: Whenever possible, save a certain amount of emergency savings in case you need them. This can help you cope with unexpected events or economic uncertainties, such as job losses and falling incomes. Three to six months of living expenses are recommended as a goal for emergency savings.
2. Debt Reduction: Efforts are made to reduce the personal debt burden, especially those with high interest rates. The global economic crisis can lead to instability in the job market and declining incomes, and reducing debt can reduce economic stress and protect personal financial security.
3. Diversify income streams: Try to find additional sources of income to reduce reliance on a single source of income. This can include part-time work, self-employment, investment, etc. Diversifying your income streams can improve financial stability and help you navigate the challenges of a recession.
4. Improve your skills: Constantly improve your skills and knowledge to adapt to changes in the economic environment. Learning new skills or continuing education can increase employability and provide more opportunities to cope with the economic crisis.
5. Invest prudently: Be cautious when it comes to investing. In times of economic instability, market volatility can increase risk. If you have an investment plan, it is advisable to conduct adequate research and risk assessment, consider diversifying your investment risk, and follow your own risk tolerance.
6. Health management: It is very important to maintain good physical and mental health. An economic crisis can bring stress and anxiety, so focus on your health, stay positive, and seek the necessary support and help.
Overall, the average person should focus on financial planning, debt management, income diversification, upskilling, and health management when the global economic crisis hits. These measures can increase the resilience of individuals and mitigate the impact of the economic crisis on their lives. At the same time, pay close attention to economic dynamics and policy changes, and make corresponding adjustments according to the actual situation.