EP133 How to be Financially Fit During A Global Pandemic

The COVID-19 virus has seen markets go into freefall in response to the crisis, the impact, and the implications of social distancing. You may have been asked to stay home from work and are experiencing a loss of wages. Perhaps you’re a small business that is suffering or a student adapting to learning from home. In this time of global economic uncertainty, it’s normal to have feelings of anxiety and panic from watching the news and stressing over how or when this crisis will end.

But, now is the time that we need to control our actions and our reactions to what is happening.

Today, I share how you can stay financially fit during a global pandemic. I share three tips for surviving this crisis, starting with staying calm and not making decisions based on your emotions. I discuss how you can assess your situation and the importance of acting now to get the assistance available, including the help offered by the government. I also share why it is helpful to talk to a financial advisor and stress the importance of communicating with those that you have financial ties with.

“Historically, individuals who regularly invest in a diversified portfolio and stay invested for the long term have typically benefitted.” – Tracey Bissett

This Week on Young Money:

• Remaining calm, knowing where you are, and recognizing that you are not alone
• Why you should not let emotions drive your investment buying and selling decisions
• Assessing your situation before deciding how to proceed
• Applying for government assistance packages
• Consulting professionals, financial planners, and advisors to understand your risk tolerance
• Communicating with those you are financially tied to

 

Key takeaways:

1. Remain calm
2. Assess the situation
3. Consult a professional
4. Communicate

 

Resources Mentioned:

• EP032 David Jenkins on Investing with TheAnswerIs
• EP033 Investing Basics
• EP038 Investor Spotlight Part 1
• EP040 Investor Spotlight Part 2
• EP069 How to be Financially Resilient with Jackie Porter
• EP128 Adulting 101: How to Get Out of Debt – No Matter What Got You Into It

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