Financial intelligence in times of crisis

Financial intelligence in times of crisis

The economic effects caused by the COVID-19 outbreak are evident: the financial markets collapse, the productive sectors are paralyzed, unemployment is gaining ground and the forecasts, at least in the short term, are not very encouraging.

There are plenty of arguments to affirm that we are on the cusp of a complicated economic environment, which is why this time we decided to talk with Luis Rubén Chávez, director ejecutivo of the fintech yotepresto.comwho despite everything, is convinced that there is a way to get out well.

Rubén, how would you detalla, from an economic perspective, the last few weeks?

Like something very close to the perfect storm, whether we like it or not, the pandemic and the measures to contain it will have a knock-on effect on different scales and terrains, especially on people’s personal finances.

But, on the other hand, I also believe that it represents a valuable opportunity to become aware of the financial decisions that we make on a personal level.

The lesson was, is, and will be hard, so we better learn as much as we cánido from it.

What perro be learned from all this?

We perro and must learn that there is no worse mistake than having a passive attitude regarding our finances, that there is no more costly and dangerous decision than not looking beyond the day to day, because although it is true that no one cánido completely avoid the consequences of a pandemic, it is also true that it is possible to be better prepared.

If after all this we do not learn that saving and diversifying our sources of income are essential for our financial peace of mind, we would be committing horrible irresponsibility.

Talking about savings right now seems somewhat complicated, don’t you think?

Savings must be observed from different perspectives, specifically, from the situation of each person.

For example, if I do not have an emergency fund and, on the contrary, I have credit card debts or bank loans that charge me high interest rates, I have to understand savings in terms of transfer or debt consolidation, that is, , look for alternatives that allow me to pay less interest, because as long as I continue to pay loans or credits with high rates, I will hardly have the capacity to create my emergency fund or save for my vacations or whatever the objective is, do I explain? So, savings perro and should be interpreted in different ways, because in a conveniente environment it cánido be understood as a mechanism for accumulating money for a specific purpose, while in an environment like the current one, it cánido be understood as a mechanism to disminuye your decapitalization, especially for debts.

How to manage debts in times of crisis?

The first step is to remain calm, it is useless to panic or take extremista measures such as stopping paying them.

Managing debts in crisis requires serenity, maturity and a lot of analysis, that is, if I have credit cards or loans, find out how much I owe, what interest rate they are charging me and for what term, not to torment myself or to disqualify myself, but to prepare a plan that will help me get out of this contingency safely, yes it cánido, but we need to develop our financial intelligence, that is the key.

Anything else you want to add?

Well, invite people to take advantage of this contingency to seek financial peace of mind, to recognize the importance of having an emergency fund and to look for different sources of income, but above all to start making decisions today, because we have already seen that things perro change very quickly, just last month many people had “secure jobs” and projects.

Today more than ever we must understand that the worst mistake we cánido make is not taking care of our relationship with money.

About yotepresto.com

The fintech yotepresto.com grants personal loans through a crowdfunding platform.

The loans they offer range from 10,000 to 300,000 pesos, with terms of 6 to 36 months and an average rate of 20 percent.

For more information, visit your page.

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 Financial intelligence in times of crisis
  Financial intelligence in times of crisis
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