Financial and personal security: two sides of the same coin
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Financial and personal security: two sides of the same coin
Global InterGold

 

The rules of personal security — measures that help sustain life, maintain good health and save property. Fire management techniques reduce the risk of fire incidents, while a sturdy metal door prevents the intruders from entering the house. Yet what about the lack of money, loss of work or bankruptcy? Is there a protection against such threats?

We live in the era of economic instability: crises follow one after another, inflation and unemployment invade the lives of people around the world. All this is no less dangerous than catastrophes, accidents and criminal activities.

By getting worried about personal security, people tend to overlook financial security, thinking that banks will take care of their savings. Let’s recall a recent occurrence, namely the global financial crisis. In the United States alone, from 2008 to 2012, 465 banks were liquidated. Many citizens couldn't get their deposits back in full. Such events can hardly be foreseen, but it is possible and, above all, necessary to prepare for the unexpected.

You do not know whether intruders are planning to rob you, but you still lock the door for your own safety. Well, when it comes to financial problems, it’s no different: you do not know when they can arise, but you take measures in advance to avoid negative consequences, in other words, ensuring your financial security.

In the case of various countries that experience economic difficulties, we can clearly see the connection between financial and personal security. Poverty pushes one part of the population to engage in criminal conduct, while another part is at risk of losing their livelihood or becoming a victim of a criminal offense.

How to take care of your future in a proper way? The first step is to determine the correct sequence of actions.

 

Step one

What do you think about when you fasten your seat belt, or when you avoid walking the poorly-lit streets? You strive to save your life and health. The primary task on the pathway to financial security follows the same pattern: to preserve capital. Experience has shown that banks cannot guarantee the safety of savings. The art of preserving capital implies the ability to invest in reliable anti-crisis assets.

Step two

By protecting yourself and your personal space from possible threats, you can focus on other goals. Likewise with finances – if your funds are safeguarded against negative economic factors and their impact, you will find peace and stability. It's time to proceed to the next stage: accumulation. When income-generating savings are protected from risks, this is the state of financial security.

Imagine a well-fortified house, equipped with the most modern alarm and fire protection systems. You can live happily with your family in such a house and be free from fears.

Now imagine that your finances represent such a house: safe, secure and constantly modernized. By using the strategy of “preserve and accumulate”, everyone can turn this vision into reality.

 

PERSONAL FINANCES: WHAT NEEDS TO BE DONE?

 

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Published: 06.06.2019
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Vijay Kishor Tewari
Vijay Kishor Tewari
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Nov 13
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