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Know How To Tackle A Personal Financial Crisis - Angel BEE

Finding yourself in the midst of a personal financial crisis? <br>Learn these 7 ways on how to get yourself out of one by visiting Angel BEE's website today: https://www.angelbee.in

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Know How To Tackle A Personal Financial Crisis - Angel BEE

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  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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