Financial Influencer Anushka Rathod Shares How to Be Prepared For A Bad Financial Phase

Being prepared for a bad financial phase is crucial for individuals to navigate difficult times and mitigate potential negative consequences. Anushka Rathod, a young financial influencer spoke with SheThePeople and shared ways through which one can prepare for a rainy day.

Anushka Rathod shared that her major goal while interacting with her audience through her content is to raise their level of awareness so they have the necessary information to make the best choices and reach whatever goal they have in mind, from saving for a trip to saving for retirement. She said, "A lot of money anxiety comes from not being aware, so the entire point is to give them information and awaken them so that the anxiety that comes with money is reduced in some way."

Financial Influencer Anushka Rathod Shares How to Be Prepared For A Bad Financial Phase

In terms of the job market, it's a challenging period; many people are still finding contract work rather than full-time employment. Anushka Rathod offered some tips on how to protect yourself from such circumstances. Rathod shared that first of all, even before you start investing money or doing anything, the first thing you should do is create an emergency fund for yourself. She stated that these emergency funds could be 5 to 6 percent of the monthly expenses of the person and his or her family.

"This is also very important for when you lose your job or get into a sudden situation where you invest all your money and the stock market crashes. Then you can't do anything, so the first and foremost thing is to have an emergency fund."

The third piece of advice from her was to have medical insurance because medical bills come unannounced, especially in a scenario where you are already short of cash, and if a medical emergency comes, it will put you in medical danger, so you should have your medical insurance.

Rathod highlighted the significance of emergency funds by saying that she would have suffered greatly without them as she had quit her job shortly before COVID arrived. She further asserted that many people still view gold jewellery as an investment in terms of gold and that the more complex or fancy a piece of jewellery is, the more money one will lose on its making charges.

"If you want to consider a gold investment, you can go for gold coins or you can go for online mediums to invest in gold."

Rathod continued by advising people to remain with things they understand and to be aware of where their money is going, even if doing so results in lower returns. And she concluded by saying that one must take advice or help from financial advisors or consult someone who knows about these things when it comes to complex investments.

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