How to Advance in Uncertain Times: Can You Still Afford to Gamble?

China’s draconian zero-Covid policy has driven the economy to a halt. The Chinese banking system is on the brink of collapse and the real estate market is in shambles.  

What Can South Africans Do to Survive the Economy Downturn 

For the working class: those who earn minimum wage will find it hard just to make ends meet. This group is considered to be most endangered. In view of the impending global economic slump, we spoke to economists and financial advisors about what individuals and families can do to make it through these uncertain times. We’ve consolidated 3 of the most effective strategies below:

Your paper losses should reduce if you don't keep all your eggs in one basket, which will make it easier for you to emotionally weather market downturns. You've got a head start if you own a house and have savings: You have some cash and some money invested in real estate.

Build a portfolio of investment pairings in particular that aren't significantly connected, or when one goes up the other goes down and vice versa (like stocks and bonds). This implies that you should take into account asset classes and equities in companies unrelated to your career or primary source of income.

 It can be challenging to pay for daily costs during a recession, let alone debt repayments, which can lead to an uncontrollable increase in your debt. 

High debt loads are dangerous since even a small change in outside circumstances might make it difficult for you to make payments. 

While you might be able to make payments right now, a job loss or an increase in interest rates together with banks reducing credit restrictions might make things worse.

Setting up a budget that correctly represents the money coming into your home and where that money is expected to go is the first step to effectively paying off your debts. 

If you aren't making as much progress against your debt, things may get worse if you're adding to it. Making cuts to some areas of your expenditure will allow you to put more money toward paying off debt. Inking down a budget on paper can help you easily identify such expenses. 

Setting up a budget that correctly represents the money coming into your home and where that money is expected to go is the first step to effectively paying off your debts. 

If you’re having a hard time allocating money to pay off debts, then inking down a budget on paper can help you easily identify expenses that can be cut down and these funds can instead be reallocated towards paying off debts.

Ultimately, it’s all about positive reinforcement. Whatever your position, there will always be some to criticize you or pull you down.
While constructive criticism is good, it could be destructive at times and you could start doubting yourself. 
Make sure to be around supportive individuals that could be anyone from friends to professionals and family members.