OUT OF A JOB? HOW TO MAXIMISE CASH FLOW?
Published on October 7, 2020
by Satyam Pati
1.GET RID OF THE NON-CORE
Dig into your files and you will come across expensive insurance policies and assets you own but don’t need like old fixed deposits or savings schemes which can be redeemed and retained in cash. Loss-making, poor quality equity stocks are worth giving up and booking losses in.
2.REDUCE THE LUXURY
One of the things you have to do is get rid of the frills. This might mean selling that second car which you have on a loan. When uncertainty about the future is high, focus only on living a simple life and saving as much as possible.
3.GET YOURSELF INSURED
If you don’t already have a suitable health insurance plan, then get one for yourself and your family.A good health plan will help you save on any potential large expenses that come in the event of hospitalisation.
4.CARE AND MINDFUL MANAGEMENT
A bit of care and mindful management can help you tide over this period of uncertainty with enough cash-flows to last out a few months. After which you will have to start thinking of alternative ways to restart the income flow.
