“The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.”― Albert Einstein
With the Covid19 Pandemic of 2020 staring us in the face and the state and local governments closing schools and businesses for the safety of the public, some of us might have some extra time on our hands. Also there are a lot of different emotions going on in the public psychology and in our own private thoughts, ranging from disbelief to blame to sadness to abject fear for the future.
No matter what your philosophy is about it, we will have to deal with the inevitable fallout from it and this could turn out to be a blessing in disguise, depending how you want to think about it. Obviously if you lose someone during this it is a horrible thing and you have my sincerest sympathies.
Having time off from work is very scary not knowing where your money will come from and how you are going to take care of your family. But that doesn’t mean you should hide in your basement with all that extra toilet paper. This is a great time to sit down with them and talk about your goals and make the dream boards that I’ve talked about before.
Assessing your financial health is next on the list. It’s a good time to fill out a personal financial statement. If you have credit cards or loans that you have been paying extra on, go back to the minimum payments and pile up cash for an extra buffer in your emergency fund.
If you have a job that has been or will be cut back on, start preparing the paperwork for unemployment insurance.
Contact mortgage, utility companies, creditors and debt collectors to negotiate realistic payment options. Financial regulators have been encouraging lenders and credit card companies to work with consumers as they are laid off or lose work temporarily. If you’re not able to pay your bills on time, the Consumer Financial Protection Bureau encourages you to contact lenders and loan services to let them know about your situation. They may be able to adjust what you need to pay or when you can restart regular payments, or waive late fees or other costs.
Beware, though, that interest may still accrue, and you will have to make up these amounts eventually. Likewise, if you’re having trouble paying your mortgage or utilities, you may qualify for forbearance or modified payments.
Don’t worry too much about your retirement account at this point there’s not much you can do about the market drops, but you can get in touch with your advisor and have it stress tested. Also it would be a good time to revisit or do your estate planning.
Then this is where the opportunities may come into play. Now that you have time on your hands first things first, spend and enjoy some time with your family. Reconnect, have meals together, go for walks, play games. We all need time to recharge and this is a great time to do so.
Get those projects done that you have been putting off for years. Clean the garage and other clutter out of your life. Clean up the files on your computer. Build that In-law room, playhouse, tree house or deck you’ve been putting off.
Have you been thinking of doing something different like starting a business? Going back to school? How about volunteering for a good cause? It’s a good time to add value to your life and community.
With many restaurants doing curb-side or delivery service there will be a need for more people to fill in, and I’m betting the tips will be above average. Also what about personal shoppers? An hour of shopping for someone else who can’t or doesn’t want to go in public could be very lucrative. Joining a cleaning service, even part-time, could put a couple extra bucks in your pocket plus you’re helping out those that can’t.
Another idea would be to find a network marketing opportunity. There are some very good ones out there that offer all kinds of products and services. I’m sure you’ve heard of Amway, still going strong after 61 years, they must be doing something right. If you don’t want to sell products, Ambit is an energy company that I am familiar with. You can check them out at https://woodstock.myambit.com/.
If you have have other ideas please leave them in the comments. Or if you’d like to have me talk you through your situation, message me or book a session, I’d be happy to help.
Stay Loose
Mentored Money 