Taking action to preserve your nest egg, and ensuring you have enough income to survive the next phase of the markets and economy is an urgent need for everyone.
So, how do you do it?
How can you achieve this, and still hope to not just survive, but thrive too?
You Can’t Afford To Sit Idle
Just sitting there watching your savings being eaten away, your retirement account balance nose diving, an inflation vaporizing your money, is just welcoming the financial ruin.
It is like sitting on the beach, just watching the 100ft tall tsunami wave roll towards you. Or just keep on sitting on your porch as a tornado, hurricane, or wildfire rushes toward you. When you could easily drive out of its path, or head to your basements with just a few steps.
Not only is inflation out of control, and the crypto and stock market tanking, but it appears a historic level of layoffs and hiring freezes are also on the horizon.
Saving Your Savings
Preserving your capital is a big priority. Without it, you will have nothing to reinvest and claw your way back with. Even taking a 20% to 50% hit in your stock portfolio could take many years to recover from, before having any hope of positive growth.
Don’t just watch your savings and investment portfolio get wiped out. Especially, in accounts that have no floor for losses.
It is time to move your capital to hard, tangible assets.
Securing Your Income
Protecting your wealth is important, but generating income can be just as, if not even more vital.
Without income you are going to burn through your nest egg far faster than you can imagine.
This is more important than ever. Especially with countless layoffs in the works. Then hiring freezes eliminating the possibility of finding a new job.
Back in 2008, almost overnight we saw multi-million dollar CEOs, end up in lines of 250 people or more hoping for a job in a restaurant, for barely minimum wage. You don’t want that to be you.
With stock dividends likely to be cut as well, finding new streams of income is critical. So, just parking your money in a savings account or gold that doesn’t produce income isn’t going to cut it.
Seek out passive income streams coming from things that people can’t live without, no matter how broke they are. Like housing.
How To Do It Right
Even experienced and highly intelligent individuals can completely blow it when they try to move into new asset classes.
It is always what you don’t know and see that gets you.
When you can’t afford to fall into more losing investments, then find asset managers that have experience in times like this.
Look for advice and management from those that know how to limit risk, maximize income, and create value in any phase of the economic cycle.
They should deeply understand the market. For example, how to price things right, and where rents and house prices are falling fast versus rising.
Most importantly, find those that didn’t lose investor money in 2008.