Know How To Tackle A Personal Financial Crisis - Angel BEE - PowerPoint PPT Presentation

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Know How To Tackle A Personal Financial Crisis - Angel BEE

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Finding yourself in the midst of a personal financial crisis? Learn these 7 ways on how to get yourself out of one by visiting Angel BEE's website today: – PowerPoint PPT presentation

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Updated: 16 July 2018
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Title: Know How To Tackle A Personal Financial Crisis - Angel BEE


1
How To Tackle A Personal Financial Crisis
2
What Triggers A Financial Crisis?
  • The reasons that one can land in a financial
    crisis can be any one of the following
  • Loss of job
  • Starting your own business venture
  • Medical emergencies
  • Inability to repay debt

3
How To Get Out Of A Financial Crisis?
  • Here are a few steps which can get you out of a
    financial crisis
  • Create a personal balance sheet
  • This will help you understand your expense
    pattern better
  • 2. Prioritize your goals and allocate accordingly
  • This will help you arrive at a credible
    allocation plan
  • 3. Focus on your high cost debt first
  • One must first focus on repaying high cost debt
    like credit card payments and personal loans

4
  • 4. Negotiate with banks and other lenders
  • You can negotiate with your banks for an interim
    moratorium on EMI payments.
  • 5. Convert your annuity plans to low cost term
    plans
  • The premium payable on a term policy will be
    substantially lesser and your total risk cover
    will not be impacted at the same time leaving you
    with a surplus to allocate elsewhere.
  • 6. Let your household budget reflect your
    financial situation
  • Your budget should actually reflect the fact that
    you are in the midst of a financial crisis and
    desperate to extricate yourself.
  • 7. Look at alternate sources of income
  • This may appear to be trivial but it is all about
    putting your time and skills to good use.

5
THANK YOU!
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