What will you do to prepare for a financial crisis?

in #busy5 years ago

Today I would like to explain a bit more about my concerns regarding the economic state of my country and how that could affect me. In yesterday's post I was explaining how many situations are pushing the #USD:#CRC rate to 10 years high and what can this could mean to me. I'm fortunate to earn my salary, main source of income in #USD and that could possibly make a difference to mitigate the effects of short term crisis that do not extend for long periods.
What will happen if the #USD keep increasing? Pretty much everything will be more expensive or we could buy less with the same #CRC but in fact what really happens is both. That is the result of a disastrous management of the government side and that will affect all the costaricans. The main cause of this cannot be truly recognized but I believe there is a worldwide slow down in the economies and a crisis somewhere always push and accelerates the economies somewhere else. Lack of funds to keep up with social projects, infrastructure projects and overall improve growth conditions are hitting Costa Rica and to keep up with those responsibilities the Tax reform is needed, but wants to pay taxes?
There is always the debate from leftists and rightists to where the country should be heading, on one hand there is a group that wants to improve the current condition to reduce the poverty levels and overall stimulate the economic growth from the inside-out approach. The other group encourage growth from the outside-in to get more investors first reducing the limitations and easing the process for them to establish their operations in the country. Both have been pretty good at improving short term and mid term conditions and the change can quickly be perceived specially when there is a decrease in unemployment numbers. But the real problem is not solve rather is just delayed and patched but someday will show up again.
Bad administration and stealing public funds is a major problem in many third world countries and it specially affects the smaller countries. People not caring for the country's future and the future of the next generations is the same problem as those not really caring about nature and preserving what is left.
Anyways, back to my starting question. How would you prepare if you are seeing though times ahead? What are your financial advises and tips to get as prepared as possible? What things will you do? On the other hand, there is always a slightly chance that if you have the funds you could possibly take advantage of the situation, what will you focus on? I've have been trying to keep some cash at home always just because I am scared if something happens and not be able to have funds for emergencies that might happen. I would like to hear you and your ideas.

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Hey I live in CR too, I come from Venezuela which is the definition of crisis...so of course i get scared with the current political,economic and social environment here in Tiquicia. My dad advised me to open a savings account in USD. I guess that could be a good thing to do.

Hola que bueno que estes por aca y espero que la situacion ahora sea mejor. Vivo en Heredia y usted?

Vivo en Esparza

Somos varios en CR, tenemos un discord channel y un whatsapp group

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I wish I could say that the answer is to save $ in USD. Personally I'm moving assets into crypto based gold assets. The main super powers in the world are all acquiring vast amounts of gold. The US dollar has limited time as the global reserve currency.

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