These are the most essential habits to prepare for disasters such as the recent subprime mortgage meltdown. These tips only take about 5 minutes a day and will help you throughout your life.
1. Simply be aware of the possibility that financial disasters happen often. Time and time again, national financial disasters/ national physical disasters happen, yet people never think it will happen to them. Business expansions and recessions happen in cycles. The current banking crisis was preceeded by one 15 years ago (Savings and Bank Loan crisis), and another one twenty years before that, and so on… Just being aware that these things happen several times over the course of one’s life will naturally make you more proactive on preparing for disasters.
2. Keeping records/ backups of your records. It is important that you keep your bank accounts statements, so you can know exactly how much money you have stored and how much debt you have. Also, if you ever ask someone for advice to improve your finances, the first thing they will ask is for your records so they can help you reorganize your finances. It only takes a min to put any new mail that comes from your bank every day into a simple file or storage cabinet.
3. Reading the news and blogs to keep up-to-date. Imagine how bad you would feel now if you had bought a new house the day Bear Stearns (one of the largest investment banks) collapsed because of subprime mortgage problems, and had not read the news just two days before. A simple glance of the front page of the newspaper or a news website would’ve made you think before you purchased a new house. Unfortunately most of us do not even have the time to purchase a newspaper every morning. Instead, we should use the Internet and email to our advantage. The easiest way to keep up-to-date is to subscribe to blogs which are relevant by entering in an email address on their website for a daily email. It often takes only 2 min of your day to quickly scan the email, and see if anything is important to you, and there is no downsides, as you can turn off the daily updates whenever you wish to easily.
4. Ask friends and other people for advice. People who know you well will know your characteristics and sometimes can give advice on things like spending habits you didn’t notice about yourself. Also, keeping a personal diary for at least a few months will show you things about yourself that are hard to see day by day.
5. Consult a financial advisor or an astrologer. While it is normally a good idea to talk with someone who has experience doing finances, in these dire times you often need more than just financial advisors. Astrologers have an incredible amount of experience talking about people who are going through hard times because they often visit astrologers. Therefore, a good/reliable indian astrologer can give lots of sound advice, both planning for the future and recovering from the present. In fact, a number of financial advisors visit indian astrologers themselves.
In countries all over Asia, people do not commit to any important decisions without first consulting with an astrologer. If you have not had the experience of an Astrological reading, it never hurts to try, because of how fast and inexpensive it is nowadays to get an individual horoscope and reading.