The ongoing pandemic in recent years, coupled with the escalating conflict between Russia and Ukraine this year, has triggered a series of chain reactions, leading to subtle changes in the global landscape. Looking inward at our own country, various industries have been affected to varying degrees, and as time goes on, the impact may become increasingly severe.

Therefore, according to some professionals' predictions, the ordinary citizens of our country may face four major challenges in the next three years, which concern all of us and warrant everyone's vigilance.

First is the rise in prices. With the central bank's multiple rounds of reserve requirement ratio cuts and interest rate reductions, a substantial amount of capital has been released into the market. Additionally, the real estate market remains sluggish, and financial investments are suffering losses. People's investment channels are narrowing, and a large influx of currency into the consumer market will inevitably drive up the prices of goods. Inflation will become increasingly severe, especially for the prices of daily necessities such as vegetables, meat, fruits, and grains, which will remain high.

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Second is the difficulty in making money. Affected by the pandemic, lockdowns due to the virus occur from time to time across the country, often preventing even the most basic office work from being conducted normally. This severely impacts various industries, particularly those that have been hit hard, such as the catering, tourism, and transportation sectors. Many industries are facing significant operational difficulties due to the pandemic, and employees working in these sectors will see a significant impact on their income, with some even at risk of unemployment.

As a result, for a considerable period in the future, making money will become increasingly difficult.Third is the difficulty in finding employment. Every summer is the traditional graduation season, followed by tens of thousands of graduates heading to the job market. However, due to the economic downturn, many industries we just mentioned have been greatly impacted. Additionally, due to changes in national policies, some industries have seen significant layoffs, such as education and training, and real estate. In the face of industry development challenges, it is necessary to find ways to reduce labor costs, which will lead to a substantial decrease in the demand for job positions.

Therefore, the difficulty of college graduates finding employment in recent years will further increase, and re-employment after unemployment will also be very difficult. Hence, everyone should not resign lightly.

Fourth is the low interest rates on deposits. Since the beginning of this year, many people may have already noticed that interest rates are continuously declining. There are various reasons for this, which we have discussed multiple times in previous programs, and I will not elaborate today. In summary, for a long time in the future, the interest rates on deposits will gradually decrease. Therefore, if you want to achieve high returns through deposits in the future, it will become increasingly difficult.

In summary, the severe impact brought about by factors such as the pandemic on various industries will bring changes to our lives to varying degrees. This requires us to adjust continuously with the changing situation to avoid our lives being affected. Specifically, we need to achieve the following points:

First, reduce debt. Minimize debt as much as possible, such as credit card overdrafts, mortgages, car loans, etc., and avoid them unless necessary.Second, reduce expenses.

For daily living expenses, try to minimize where possible, especially for young people who have been known for their extravagant spending in the past. In recent years, it is important to exercise restraint and cut down on unnecessary and wasteful spending.

Third, increase income.

First and foremost, it is essential to value your current job position and perform your duties well, striving to earn more income through your own efforts. Secondly, if possible, consider engaging in side jobs. Many young people today have ample opportunities and can, within the limits of their energy, earn an additional income, truly achieving the principle of "increasing income and reducing expenditure."

Fourth, save more.

After ensuring that you are increasing your income and reducing your expenses, the next step is to save as much of the money you earn as possible. The recent pandemic has made us increasingly aware of the importance of cash, which can ensure that we are well-provided for in the event of sudden changes in our lives.

Therefore, the special circumstances of recent years have disrupted our normal living conditions and rhythms, and changes in the external environment are continuously occurring. This requires us to carefully analyze the current special situation and arrange our lives reasonably, especially in terms of financial planning, to ensure that our lives continue to function normally.

So, how has your life been affected in recent years?

We welcome your comments and discussions so that we can explore this together.That concludes all the content for this episode. If you have any topics in finance and wealth management that you'd like to know more about, please feel free to leave me a message.