Now we know that certain businesses can be seen as nonessential, and in such a large-scale health crisis such as the one we are in now, some are practically deemed obsolete. Those that suffered the worst are the travel, retail, restaurant, and events industries.

The anxiety that this has caused individuals the world over is unprecedented. Those who had enough emergency money stored up could pull through the uncertainty of the months ahead without a hitch. Now, the money garnered from employment is as unreliable as rain in a drought – as most companies from affected industries have enacted pay cuts, forced leaves – some have even declared themselves bankrupt.

It’s high time that you take a look at your finances too, and assess if you have been efficient in your investment decisions in the recent years. Now, more than ever, saving up for a rainy day is vital to tide you over and even keep your sanity in the middle of the large-scale ambiguity we are all living through now.

Here are some reminders on how to be wise about your investment decisions, no matter if you’re only beginning or have been in the business for quite a while:

1. Make sure to have an emergency fund stored up

Common wisdom is to have at least six months' worth of your income stored up as liquid in case any immediate spending is necessary. This should be the first thing you have in your portfolio in order to help you pull through when economic uncertainties inevitably hit.

2. Educate yourself on options that you can afford

There are many different ways you can invest – such as time deposits, government bonds, stocks, dividend-paying stocks, real estate, and money market accounts, among myriad others. Create a goal to build your portfolio, take into account all the risks and returns of each instrument, and diversify your mix. This will ensure more security for you in case of fluctuations in value.

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3. Do your due diligence on whichever kind of instrument you choose

It is best to consult with an experienced broker of any of the instruments you wish to put your money on, so that you can get a better feel of which one is best for you. Do not be fooled by market insights, payout ratios, and other seemingly promising percentages that can blind your decisions. These numbers may mean something different from what they connote.

One route people choose to ensure high returns even with low initial investment is going for stock investing with accompanying dividend payouts. A dividend stock screener can help you understand the payout ratios, a company’s stability over time, growth rate, and other things that are important in making your decision.

4. Diversify across industries

As we can all see, industries that were soaring in profits for decades have now gone down. No matter how tempted you are to get into a fad that seems promising, make sure to keep a diverse mix across industries. This will help protect you from any unpredictable downturns that may come your way.

Keep these tips in mind as you move forward with your investment decisions. They may be conservative, but they will help you have a solid fallback that you can rely on when the salary or income you may have relied on each month becomes compromised.