Many people are trapped in poverty because of the various emergencies they encounter and that they are not prepared.
In your plans to build wealth and achieve financial freedom, you should have a good plan to deal with life's contingencies so that you can reach the goal.
Lack of proper plans to deal with emergencies has led many people to enter into debt, which becomes a prison of poverty.
Since the debt to solve the emergency is not productive, it introduces a person to a lot of expenses.
To prevent yourself from being set back financially by various emergencies you encounter in life, you should follow these five steps to get money to solve emergencies in your life.
First step; Use Your Emergency Savings.
You should have an emergency kit, and that should be your first step to solving the emergencies you encounter in life.
You should also explain in advance what the emergency is to prevent yourself from using the emergency savings arbitrarily.
If you used an emergency fund and it ran out, or if you had no emergency fund at all, go to step two.
Second Stage; Sell Your Non-Productive Items.
Everyone has things that they are not productive that they have.
that is the second step to getting money to solve emergencies that a person encounters in life. Since the items you already have are of no use to you, there is no harm in selling them to solve emergencies you encounter.
Before you incur more expenses, it is better to get rid of the unproductive things you have.
Once you have sold the unproductive items you have and there is still an emergency, or if you have absolutely no unproductive items to sell, go to step three.
Step Three; Ask People to Help You.
You have brothers, relatives, and various friends with whom you have been cooperating in life. One of the benefits of those people is to help each other in times of trouble and pleasure.
So when you have encountered a big emergency, go to your close people and ask them to help you solve it in the way they can. It could be donating money or giving you other resources you need to solve the emergency.
When you have asked the people around you for help and you still haven't been able to solve the emergency, go to the fourth step.
Step Four; Sell Your Investments.
There are various investments you have made in your life with the aim of future benefits. When you encounter an emergency that you have used all your resources to solve and it has failed, you can sell your investment to solve that emergency.
Even if you made an investment for future growth, if an emergency affects your ability to benefit from your investment, it is better to sell the investment and resolve the emergency first.
Once you are out of the emergency, you can make other investments.
If you have sold the investment you made to solve the emergency and the emergency still exists, go to step five.
Step Five; Take a Loan.
If you have done everything possible to get the money to solve the challenge and it still exists, the last step is to take a loan.
This should be the very last step after you have done all the other work. That's because loans are expensive, when you take them, you pay them back with interest, even if you don't use them for production.
So fight in all other ways, and if all fail, then go to loans.
You will see that taking a loan is the last resort in the right plans, while for many it is their first resort.
It is very important that you put in place and consider this plan so that you can deal with emergencies without being trapped in poverty.
You may be wondering how, after taking a loan, there is still an emergency.
Then it becomes no longer an emergency, but the end of life. That is, if the emergency cannot be solved with a loan after going through the other steps, it will be the fate of life itself, and you have no way to do it.
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