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How To Survive The Present Economic Hardship In Nigeria
A Bad economy can have a detrimental effect on a lot of people. When the inflation rate does not go as planned we
What are the causes of a bad economy?
- It gets harder every day to get a loan from the bank. The money that you have to pay upfront gets bigger and your down payments each month also increases. This is not good news if you are planning to buy a new house. If you know a little bit about economy, then you will know about the supply and demand concept. If the number of house buyer’s drop, then the prices of homes will increase and it will be more difficult.
- High unemployment rate. If a person does not have an income, then they will only buy that which is necessary. This is where we need to know the difference between luxury and necessity. Restaurants, Motor dealers and a lot of companies that promote luxury will suffer because of this.
- Bad inflation rate. Depending on the country or let me rather say the currency there will be times when prices of certain commodities will increase. Especially gas, food and things that are mostly imported from other countries will get more expensive.
- The financial state of a country. It is not a good sign if a country is in major debt and if it will have to face bankruptcy. This has a major influence on the livelihood of that country’s citizens. Crime rate will increase because of the lack of service from the police (Remember that the police is working for the state and if the state is bankrupt, then they will have to cut down on expenses) and also because of unemployment.
What can you do to survive?
1. You can start your own online business.
The good thing of online marketing is that you are not depended on your country to make an income. Your business will reach the far end of the world and this means flexibility. If the currency of your country is weak, then you will get more in return from your money.The only problem with internet marketing is that everyone thinks it will be profitable overnight because it is the internet, but it takes time just as an “offline” business. You do not need a lot of money to start.
2. Save money where you can.
If the bad economy has struck your wallet, you cannot afford to live in luxury. Your buying habits must change and you should learn how to budget. This is done by measuring your expenses against your income. You will also need to determine your income after tax.3. Why not prepare beforehand against a bad economy.
This is one of the hardest things to do. There will be times where the economy will be nice to you and where you have a little extra to spend. Maybe you got a raise from your job or you got your bonus at the end of the year. Instead of spending it on useless things that you do not need, you can rather spend it on things that can bring you more income.Make your money work for you in the case of investments, shares and bonds. It is also much better to make a loan to start your own business rather than buying a new car.
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