Inflation, Retrenchments, Recession – How Can You Shock-Proof Your Income?

The good news is, there are signs that the hyperinflation is abating in the coming months. But the bad news is, the lower inflation rates will likely still stay above average beyond 2023. What this means is that consumer prices for staples like food and transport will remain astronomical, with a slim chance that they will come back down substantially.

Under the weight of inflationary pressures brought on by a trinity of international challenges – COVID-19 aftermath, Russo-Ukrainian war, and climate change devastations, recession fears mount, leading to corporate tightening and stricter cost saving measures. In an “operations correction” exercise, the lucrative tech-sector went on a retrenchment spree that saw giants like Google, Microsoft, Facebook, Amazon and Xiaomi laying off close to 200,000 IT professionals in the last quarter of 2022.

And the number is still counting with the toll felt not just in America, but China, India, Vietnam and just about any nation that has a sizable tech sector. Like a virus, the tumble in the tech sector also infected other sectors and industries, causing a widespread retrenchment exacerbated by the adoption of AI (artificial intelligence).

Take Up Trading to Potentially Supplement Income

Faced with greater macro-economic risks that impact personal income stability and sustainability, the world may have gotten bigger, but money has gotten smaller. To patch the problem of household financial gaps, many have turned to side hustles to supplement earnings. Thus, with a rise in the number of private-hire drivers, home-based entrepreneurs, multi-level marketing distributors, social media influencers and content creators, the gig economy boomed.

However, many of these side gigs are reliant on multiple factors such as production resources, tech savviness, market demand, constant creativity, a wide distribution network (or fanbase) and the freelancer’s own health. Should another pandemic or world event cripple supply chains or shut down economies, would freelancing vaccinate against the shock?

One of the more viable strategies to shock-proof finances would be to potentially make money out of money (after insuring a reasonable amount of your financial assets and liabilities). With what has happened in recent years globally, finding more ways to earn extra income is no longer the whim of a hobby but a necessary survival skill. Of all the ways to make your money work harder, trading financial instruments such as forex, commodities, indices, stocks and even cryptocurrencies could be your path to passive income.

5 Considerations to Find the Right Trading Partner

To start trading, you would first need to find a suitable trading platform. There are many trading platform providers in the market and it takes some deep diving into understanding the providers and finding one that suits you. And more importantly, to avoid being scammed. When choosing a trading partner, take into consideration the following five points:

1. Industry Reputation and User Reviews

Nothing beats the repute of the trading platform, and what new as well as experienced users say about it. How long the platform has been in a market and industry awards are good indications of the platform’s robustness in responding to trading evolutions, user trends and business best practices. Always choose a well-trusted platform to have the assurance and confidence to trade. An example is Forex4you which was awarded the Best Transparent Broker by Forexrating.com for their transparent statistics and

2. Simplicity and Payout Efficiency

Whether you are a new or experienced trader, good user interface design is very important so that you can easily execute the trade functions you need without having to spend too much time learning how to use the platform. Look for a platform that is intuitive in its design and more importantly, one that provides instant deposits and withdrawals.

A frustration experienced by many traders is the difficulty in getting their payouts with trading platforms so put a check for a platform that honors trading transparency and fast payouts.

3. Quality Data Feeds and Copy Trading Capability

The backbone to any successful trade is market knowledge in the form of high-quality data and easy-to-understand feeds. Find out how a platform farms its data and if it employs AI or proprietary algorithms to collect, analyze and present data in meaningful formats to help you make a trading call.

Another way a platform could help make cents (sense) of the trading jungle is offering copy trading where you can easily copy the strategies and trading mix shared by successful traders.

4. Flexibility to Upskill and Upscale to Become Partners

One of the most overlooked aspects in selecting a trading platform is the support available for growth and development. Take note of how much a platform invests in providing education to traders and the opportunities to become a partner of the platform and be eligible for additional benefits. An example is Forex4you.com which runs the best partner program in Asia with self-learning trading modules and attractive commission payouts for partners.

5. Customer Service Support

When evaluating a trading platform, place emphasis on prompt, personable customer service support as system malfunctions do happen, and it happens to even the most stable and advanced platforms. When you encounter issues or problems in processing trades, you want a support team that would be able to empathize with you and readily remove your roadblocks.

As uncertainties continue to loom with news of more super viruses threatening fresh outbreaks, and geo-political tensions brewing in the height of a tug-of-war with Mother Nature, the global economic future looks set for a rocky road ahead. Start planning to be prepared and sheltered from any possible financial storms today.

Ready to shock-proof your income with trading? Start right at www.forex4you.com

Forex Trading involves significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.