Whether it’s because your company or business went bankrupt, a bad investment, a scam, you lost your job, an accident, illness or any other unforeseen event, nobody is exempt from suffering a financial bankruptcy at some point in your life, it’s terrible, right, but It is not the end. Here are some tips for you to come out of this bad patch.
1. Reduce expenses
Prepare your personal budget, review usual expenses, prioritize and reduce them to what is absolutely necessary.
2. Eliminate your ant spending
When you are in a critical economic situation every penny counts, the ant spending is what you are doing little by little almost without noticing it. The per capita average in Mexico is from 25 to 30 thousand pesos per year. So leave treats, expensive coffee, soda, etc. Your health and your pocket will thank you.
3. Prioritize debts
You should not stop paying your debts, but you can temporarily suspend the payment of some in what happens the storm, in a notebook points all your debts from the most expensive to the cheapest, from the urgent to those that are not so much. Prioritize and focus. Remember that PROTEGE AC can get discounts of up to 70% on your bank debts.
You never know which contact can be vital to help you out of the crisis, which can give you work or recommend one, which can be your partner or investor for your new project, so it is always good to maintain good relations with everyone. It may be months or years before a friend can be the key, but it happens.
5. Social networks
In connection with the previous point take care of what you post on your social networks, nobody wants a parrandero, badly spoken and with bad spelling for your company or to lend you money.
6. Create another source of income
Believe it or not, a financial crisis can be a blessing. When you are experiencing an economic emergency, take the opportunity to generate a second source of income. Maybe it’s time to start a new business.
7. Stay away from toxic people
Look in your environment, it is likely that the enemy has it right next to you. There are people who can take you and keep you bankrupt, identify them and get away from them.
8. Hard work is good, smart is better
Reinvent yourself, reeducate, learn, update. Draw up an action plan and not just blind sticks.
9. Do not give up!
Let’s be honest, there are no guarantees, but if you try harder and exhaust all the opportunities and contacts, you will have better possibilities. Breathe, do not lower your gloves, get up off the canvas and keep fighting!