Category Archives: finance and wealth

Hillary Clinton trumped by Donald

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The keenly contested election to decide the 45th president of America came to an end on Wednesday with Donald Trump emerging victorious. The celebrity entrepreneur widely regarded as a political outsider drove to a rather surprising and unexpected victory, ending eight years of democratic governance in the United States.

Trump has always spoken out against part of the Obama-led government policy, with the likes of Obama care and nuclear agreements with Iran, coming under strong scrutiny. It will definitely be a government to look forward to, with Clinton quickly calling Trump to congratulate him on the victory and wishing him the best in his dispensation.

The possible effects of either side winning the election was seen in the early hours of Wednesday, especially with Trump gaining ground. The financial sector is one of the main sectors affected by the news.

Global equity markets witnessed a decline after hearing the news of a possible presidency headed by Donald Trump, largely due to the uncertainty about the economy, in particular as regards trade and economics.

US stock futures and Asian stocks were not left out of the downturn as investors and other such players worry about what the new government had available in the field of economic policy and their potential effects.

Currencies such as the USD and Peso also witnessed a decline in value in the early hours of Wednesday, valuing the price of gold as expected.

The FTSE 100 rebounded after the start of the recession as the new president gave his victory speech.

We can only look forward to the next few days for the further consequences of this sensational US elections, especially in the financial sector of the economies in the world

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Surviving a Recession

survive-an-economic-recessionIt is no news that countries especially those that generate the majority of their revenue from the sale of crude, are currently leaking their wounds, no thanks to the continuous and astronomical decline in the price of crude oil in the world market. The different effects of the economic recession have been experienced in many of these countries as not only are the citizens angry, but suicide cases have also been reported to increase drastically since the economic downturn.

While living during a recession in the economy is obviously difficult, surviving this economic downturn is not impossible. The key to surviving recession is to identify where we are hit the hardest and device ways of reducing the damage. This will include earning more, saving more and preparing for the worst-case scenario. Below is a general overview of how you can survive these harsh times of economic recession.

Making Money in Recession

For every economic situation, there is always a way of making the best out of it and if you seem not to be making enough money to take care of the bills especially in the recession, it is important to look for other sources of income, even as you stick to your current business or 9 to 5 job.

  • Explore online money-making options. Thanks to the internet, people can harness other sources of income even from the comfort of their homes. Freelancing, being an online tutor or even being a writer, are some of the options available to make money online.
  • For those that already lost their jobs due to the economic climate, starting up a home-based business would be the best option possible. You could start up a home consultancy business in your area of expertise or better still, run a meal delivery outfit from your kitchen.

Saving Money and Resolving Debts

Making more money during a recession is not the only answer to a downturn in itself as wealth management or financial management is also an integral part of surviving recession. You have to manage your debt profile and avoid getting into debts as much as you can. Cost reduction is also important here, and you should know how to find cheap but quality services and products as opposed to the exorbitant ones.

Financial and Personal Security in Recession

Savings, investment, your job, and even your retirement funds should be jealously guarded during the recession as every penny counts. You, therefore, want to stand out at your workplace, find safer investment portfolios, and if possible, recession-proof retirement fund.

Prepare for the Worst Case Scenario

Plans do not always go our way; it is therefore always good to prepare for the worst that could happen. This will ensure that you do not take extreme solutions like committing suicide if the worst happens.

Your Health during the Recession

Health, they say is wealth. It is, therefore, imperative that even as you go looking for ways of making yourself better financially, you want to also take care of your health by embracing a healthy attitude which includes eating healthy and living healthy.

Recessions are not the best of times, but the overview provided above will not only help you survive the harsh economic time, but it will also help your finances after the downturn.

Financial Management Tips during Economic Recession

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It is no news that world economies, especially nations that are highly dependent on oil revenue are suffering. It is even clearer in Africa where economic ministers are coming out to admit that countries are in recession even if the minister of economy in Nigeria, Mrs. Kemi Adeosun claims it is “technical”.

Recession takes a heavy toll on personal finances and families need to adjust to the harsh economic realities. Times like this require good financial management not just to survive but also to ensure that you are not heavily hit by the effects of an economic recession.

One of the major characteristics of economic recession is that money loses value. It gets even worse as jobs are threatened with organizations trying to cut cost and sometimes having to reduce their workforce.

Nobody wants an economic recession but since it’s just a phase in the economic cycle, we all have to deal with it and below are some financial tips to help you get through such times.

Track your Expenses

In times like this, it is normal to almost always check your account statement to look for any irregular bank charges. Unfortunately, in this part of the world, we are not really bothered when we see inexplicable bank charges below #1,000 on our account. If you think it is small, imagine the bank charging this small amount on their over ten million customers for example.

The most important task under tracking your expenses is to ensure that you prioritize your expenses and work according to your scale of preference. It is also imperative that you get serios about having a budget and even more importantly, following it through.

Avoid Debts

Whether you are taking a loan from a bank or you getting it from your loved one, it is important to avoid borrowing money as much as possible. During inflation, borrowers gain and of course, after this economic phase is over, lenders smile. The idea here is that the #5,000 you borrow during economic recession and inflation can buy fewer things as compared to after recession or in a better economic situation.

Multiple Income Streams

You can never have enough of income streams. Imagine having two to different jobs or streams of income other than you 8 to 5, to help cater to your expenses especially with the rising costs of things and the uncertainty surrounding white-collar jobs. The income from these sources do not have to be necessary huge especially at the start. You can subsequently grow them as time goes on and trust me; these sources of income will be more appreciated after the recession is over.

Personally, I have about three streams of income. Though I don’t make millions from them, I can afford to pay my bills and still sort out some other stuffs on the side. Fiverr, MMM, and Click Intensity are the income sources helping the guy out the moment and I hope to improve on them real soon.

A popular wealthy guy once said, “do not look to cut down on your expenses instead, increase your income sources”. The recession is real and we all have to deal with it. I hope my tips will help you survive this season and make the best out of it.

By the way, I will try to post something on my income sources mentioned above. However, you can contact me on whatsapp/call – +2348088884801 for more information on any of them and I will be happy to help.

Contact us on +2348088884801, adeyinkaadejumo@aol.com , or Fiverr for captivating Press Releases, Website content, Blog Posts, and other Writing Services.