rest of your dessert. In non-ice-cream terms, that
means creating a strong financial foundation and
learning everything you can about crypto before
you put any real money in.
- PUT FINANCIAL SAFEGUARDS IN
PLACE
First and foremost, you need to prepare for those
times when things don’t go as planned.
Over the past year, workers who lost income
because of the pandemic had to tap into savings,
take on debt or enter into hardship programs
to afford their bills. This time has been a stark
reminder of the importance of having an
emergency fund.
“When you’re young, you can feel like Superman
or Superwoman, but when the bubble happens,
you could easily be out of a job for nine to 12
months,” says Theresa Morrison, a financial
planner in Tucson, Arizona. “Don’t underestimate
systemic shocks to the market.”
Morrison recommends saving up six months of
living expenses if you’re single, or around three
months if you share expenses with a working
spouse or partner. But stashing away even a
few hundred dollars can be helpful when you’re
faced with an unexpected expense. And if you
have any high-interest debt, like credit card debt,
paying this down can further strengthen your
financial position.