It would have been nearly impossible for anyone to have foreseen an event like COVID-19 coming with the magnitude it hit us with. Now we find ourselves facing economic and financial upheaval all around us in truly unprecedented times.
Despite this uncertainty and turmoil, however, we still have to go on living. Those who have a steady source of income in these uncertain times are hopefully making ends meet, but those who don’t may need to consider their options.
“Generally speaking, it should be a rule of thumb that you need to have at least 6 months’ worth of expenses saved up at any given time”, says Richard Meyer Cayne of Meyer International Ltd. “But even more than six is better, otherwise you may be dealing with some very difficult choices as the world waits for economic markets to recover.
Whatever you do, don’t panic.
It will only make matters worse. And despite the urge to do so, don’t liquidate your investments. Take an inventory of your current available finances and figure out what your expenses are if you truly need funds in these uncertain times.
Ideally, you want to avoid having to diminish your portfolio, so you may find you might not really need as much as you think you do after taking a thorough inventory.
As we’ve discussed in previous articles, the time to sell is not necessarily during times of economic turmoil. Look for other ways to cut expenses or sources of cash and hold on to your portfolio, if possible. How much do you really spend on things like transportation, utilities, food and housing?
You can still maintain the lifestyle you’re accustomed to AND be thrifty at the same time. In regards to any outstanding debts you may have, you can check to see if you have the option to postpone payments or renegotiate terms on loans before you default and end up even deeper in debt.
If your income slows down or dries up completely, you may find yourself in need of additional cash, even after cutting your expenditures. Without emergency savings on hand, alternative sources of liquidity may need to be considered before you start biting into your portfolio.
Often during tumultuous economic times, central banks tend to lower interest rates in an effort to promote continued spending. What this may mean for you is that you are able to take out loans against specific assets (physical assets, precious metals, real estate or insurance policies) to help get by.
Obviously, accruing more debt is never an ideal choice to have to make, but with lower interest rates it is oftentimes a stronger option than selling off your portfolio only to see all those potential gains lost once the market recovers. These options are less than ideal and these decisions are difficult to make, so now might be the perfect time to talk to a trusted financial expert like Richard Meyer Cayne of Meyer International Ltd in Bangkok, Thailand.
An expert like Richard Cayne can help you analyze and evaluate your present financial situation so that you can build a sound and winning strategy that can help prevent you from going too much further into any unnecessary debt or sending your investment portfolio spiraling into disarray.
While things are probably still going to be hard out there for some time, lifestyle changes and proper planning can still help you and your loved ones thrive and survive.
There may even be ways for you to put some money aside.
Richard Meyer Cayne of Asia Wealth Group Holdings, the Meyer Group, Meyer Asset Management and Meyer International Ltd has been involved in wealth management planning for decades. Originally born in Montreal Quebec, Canada, he later relocated to Tokyo, Japan for over 15 years and now resides in Bangkok, Thailand. While he runs the Meyer Group and serves as the high credibility CEO of Asia Wealth Group Holdings Ltd, a London, UK Stock Exchange-listed Financial Holdings Company, as well as the Managing Director of the Meyer Group of Companies www.meyerjapan.com. and has additionally been the managing director of multiple organizations that specialize in helping high net worth individuals with succession planning .
Having worked with clients all over the globe with everything from portfolios to bonds to mutual funds to offshore investing to investing in retirement for your golden years, Richard Cayne of Meyer International can help you invest the right way and protect your cash. Richard has been a financial advisor involved in wealth management planning solutions and asset management in Asia for over 25 years and while living in Tokyo, Japan, he assisted many high net-worth Japanese families create innovative international tax and wealth management planning solutions. The financial holding public company of which he is CEO can be seen at Asia Wealth Group Holdings Ltd or the stock exchange link:
https://www.aquis.eu/aquis- stock exchange/member?securityidaqse=AWLP Asia Wealth Group Holdings Ltd – Richard Cayne Thailand. Meyer Asset Management Ltd has been in the wealth management space since March 2000 and uses fundamental analysis along with modern portfolio theory.
His image worldwide as a professional advisor has been sterling and he maintains a firm command and understanding of all things finance-related.