How to prepare for the financial crisis

Experts from the Higher School of Economics predict that a new crisis in the economy is possible no earlier than in 1, 5-2 years. The escalation of the trade war between the United States and China could lead to this. However, no one has any confidence that a crisis will occur. They also speak with caution about its scale.

In 2009, Russian GDP fell by 7, 8%, in 2019, according to forecasts, it will grow by 1, 2%, so the situation does not look hopeless. At the same time, the share of families who only have enough for food and clothing has increased: now there are 49.4% of them.

It is impossible to prepare for a real crisis. It is an unexpected dangerous situation that confuses people and causes panic. What we are seeing now is a prolonged depression in world markets, which affects everything: demand and production levels, price inflation in different countries, wages, declining benefits, and so on.

Natalya Belova Director of Market Management, IC "Rosgosstrakh Life"

But at the same time, good behavior will help you to minimize the damage if the financial crisis does break out.

Do not panic

It is too early to do this now, but during the crisis it is too late. Panic won't help, but it can hurt. There have already been cases when people, succumbing to rumors, bought a stock of buckwheat for 10 years. Their wealthier compatriots spent all their savings on televisions and microwaves, and then tried to sell them at a significant discount to get at least some of the money back.

Buying something for the future is generally a bad strategy. Prices for different product groups can change in surprising ways. It would be more correct to devote all your strength to the accumulation and preservation of money.

Pay off debts

On ordinary days, debts, loans, mortgages are unpleasant, but not very scary phenomena. If you have calculated everything in advance, the monthly payment will not be overwhelming and will organically fit into the expenses. However, the crisis can change everything, and the payment of the loan will hurt the impoverished budget. And this, in turn, will lead to a showdown with banks, communication with collectors and, possibly, the loss of an apartment or part of property.

So it's in your best interest to focus on paying off all debt ahead of schedule and be more careful about creating new ones.

In times of crisis, it is borrowers who often become the most affected party. Suffice it to recall the "foreign exchange mortgages": when the ruble fell, people lost the opportunity to pay for apartments, because payments linked to the exchange rate increased significantly. Before taking a loan, you should carefully weigh everything. How will you pay it? What if your financial situation as a borrower deteriorates?

Ivan Rykov, founder of Rykov Group, analyst of debt markets

Solve health problems

As long as income allows, go through a full medical examination and take care of the treatment of the identified diseases. Some ailments may not be of much concern right now. But this will not always be so - without the intervention of doctors. As a result, you will not be able to effectively earn in a crisis situation and there will be nowhere to take money for treatment.

Consider dental health separately. It is always very expensive to treat them. That is why a snow-white beautiful smile speaks of a person's status more than branded bags and expensive cars. There is a risk that during a crisis there will be no money for a dentist, so it is better to deal with this right away.

Even if the economy does not collapse, health care will still be beneficial.

Work on savings

Lack of savings is a big problem, even if the outbreak of the crisis is not a global one, but your own. Savings will help you get through a troubled period. There is no intrigue in how to create them: earn more, spend less.

Saving money amid the financial crisis is as difficult a task as saving it.

Looking at a retrospective of the crises of 2008 and 2014, we can distinguish two investment instruments that allowed the discerning citizens of the Russian Federation not only to save their money, but also to increase it. It's about currency and gold. Moreover, in an era of prosperity, these instruments do not bring income, but rather protect the invested funds from inflation, but in an era of turmoil they are traditionally a "safe haven" for investors.

Igor Fineman financial advisor

As for the currency, it is better not to bet on any one. The most common advice is to divide the savings into three parts, exchange one for euros, the other for dollars, and leave the third in rubles. So, no matter what happens in the financial market, fluctuations will be compensated and the purchasing power of money will remain.

Gold is more difficult. Modern and relatively inexpensive jewelry cannot definitely be classified as an investment because of the extra charge for the work of a jeweler. They are unlikely to rise in price.

The statistics of the last 10 years have shown that investments in physical gold are several times more effective than in paper gold. Physical gold traditionally includes bullions (due to VAT 20%, they are less attractive for investment) and investment coins (due to the absence of VAT, their attractiveness is higher).

Igor Faynman

Become a highly valued employee

During the crisis, some companies are closed, while others cut their staff. It's impossible to predict in advance which category yours will fall into. At the same time, if it comes to reducing the number of employees, they will get rid of the least useful ones. Excellent workers will be kept to the last.

Your task is to become one of such valuable employees. The main condition is adequate leadership. If you're unlucky with your boss, your efforts may be in vain. And it's not so difficult to do this:

Do your job well.
Take the initiative and be independent enough.
Plan your actions two steps ahead to avoid stupid mistakes.
Don't gossip or scandal for no reason.
Develop constantly.
Be disciplined.

The most obvious way to mitigate the risks of cut or cut wages is to achieve outstanding results, not to be afraid of expanding the functional area. In this case, even in the worst-case scenario, when the activities of the entire company are called into question, it will be much easier to get a new job.

Andrey Barkhota Strategic Marketing Manager at PSB

Get a new profession

It is not difficult to answer the question of who will be more in demand during the crisis years: stylists or welders. There are professions, the need for which will certainly decrease along with the level of financial well-being of the population.

So, on the one hand, people with simple, understandable and always necessary skills will benefit, for example, locksmiths, hairdressers (not to be confused with expensive barbers), and so on. On the other hand, those who can meet the current market needs.

The guarantee of future demand in the labor market is training. The main trend for the next 10 years is an avalanche demand for various digital specialists. By 2030, Europe alone will lack 50 million people with IT professions. Therefore, any IT skills today is a guarantee of being in demand in the future.

Natalia Belova

Look for additional income

It's dangerous to bet everything on one company, even a very profitable one. Do not avoid part-time jobs if you can afford them and your contract does not prohibit it. Thus, you kill a bunch of birds with one stone:

You earn more money and increase your savings.
Try yourself in slightly different conditions. Even communicating with new people who are not familiar with your work takes you out of your comfort zone and develops your competencies.
Make new contacts. People for whom you do some work may take you to their place in the future.

Do not overdo it with savings

It remains to be seen whether the crisis will come or not. You don't need to discount it, but it is important not to overdo it with preparation for it. Let's say that the results of treatment, training and savings will be useful to you in any case. But you shouldn't devote your whole life to preparing for the financial apocalypse. Otherwise, you will be like a character in the movie "Blast from the Past", where the main character spent 35 years in a bomb shelter just because his family was afraid of a nuclear strike. In the end, nothing happened, and the person wasted years.