We are barreling towards one year of lockdowns, COVID deaths and questionable federal financial policy. Thousands of African-Americans have died, our life expectancy has dropped by almost 3 years. No, COVID isn’t just like the flu. During the midst of us living through historic times there are some financial truths and lessons that I’ve learned. I’m sharing 17 financial truths and lessons in today’s episode because things have gotten real. Plus, a couple of bonus tips at the end.
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Listen to the Show
Show Notes
There will be some people that will listen to this episode and leave it thinking that I’m an alarmist. I’m totally ok with that. However, I think it’s a moral duty for me to bring up some of these financial lessons learned in the past year. Here we go.
- Always have a financial plan B. Always. Ask yourself the following questions:
- If I’m unable to work due to weather disasters like last week’s Snowpocalypse in Texas
- Are you in denial about the frequency of Black Swan events?
- Have you sat down and prepared your finances in the event of a disaster? I just realized that I need to sit down and do a deep dive into my finances.
- The government never moves at the pace you need it to. For stimulus checks, Government assistance, etc.
- Until the ink is dry, it’s not real. I was truly alarmed a couple of weeks ago when I read a post in one of the financial Facebook groups that I belong to. A person was making financial decisions based on the alleged $50,000 student loan forgiveness program that I’d NEVER heard President Biden promising. In fact, I thought that the range would be a much more discrete $10,000-$25,000 at the most. Unless the ink is dry on a governmental bill or Executive Order it’s not real.
- Pay.off.your.debt. It doesn’t matter how long this takes. I started paying off a massive amount of unsecured debt seriously in 2012. It has been a very slow process that has accelerated over time. The one amazing thing? The year where I didn’t need to be dealing with extreme financial stress was 2020. And, because of a slow and awkward process that I started in 2012 I was able to rest easy. I didn’t have constant bills coming in because I’d cleaned up my financial mess.
- Know how to make money outside of your 9-5. As long as it’s legal, this is a judgement free zone. Do you know how to generate income in the event that your job or industry shuts down? We still have entire industries that are basically shut down in the US and most parts of the world.
- Financial opportunities happen even during the most difficult of times. Be prepared to recognize them.
- To serve others.
- To sell a service or good.
- To change a career.
- We need significantly more emergency money than previously thought. And, Dave Ramsey is nuts for suggesting that $1000 in emergency funds is enough. I know of more than one person who has been out of work since March 2020.
- Believe people when they show you who they are the FIRST time. Last week Texas was decimated by Snowpocolypse. I was amazed by the people excused Senator Ted Cruz’s trip to Cancun. Which was problematic on so many levels. What people don’t realize is that I’ve been taking notes on the following:
- Making statements that put down people for being poor.
- Saying “If I could do it so could you…
- Why don’t you just..
- Embracing policies that harm others because the perception is that it benefits you
- Likewise I’ve notice people’s generosity
- Kindness
- And support of others
- Having a network of financial allies is priceless. Work on cultivating them now.
- There is a surprisingly large number of people out there who believe in the following:
- “If there is nothing in it for me, I don’t want it for you.” And it’s amazing how much of American financial policy is driven by this belief system. Especially if you add race into it. There are a number of policies that would benefit everyone but because people are committed to their racism-we can’t have nice things. Such as:
- A variation of affordable healthcare
- Federal policy on leave
- Voter’s rights-This is an interesting area to watch because we’re about to see a large number of voter suppression legislation moving forward. However, making voting available to everyone was a very successful voting experience for everyone.
- “If there is nothing in it for me, I don’t want it for you.” And it’s amazing how much of American financial policy is driven by this belief system. Especially if you add race into it. There are a number of policies that would benefit everyone but because people are committed to their racism-we can’t have nice things. Such as:
- Buying Avocado Toast and expensive sparkling water from time to time is fine. In fact, I’ve realized that these small treats are the types of things that make life enjoyable.
- Focus on digital. The tasks and jobs that are done online or use a platform to facilitate are here to stay. Start learning how to use them now.
- What people do during time of strife shows everything about your character and ultimately character matters.
- Everyone is essential, necessary and connected.
- Civic Engagement matters. Take a civics class and truly understand how voting works (it affects policy). Vote.
- Get your passport. I’ve mentioned this in a previous episode. We’re now in the very real situation of extreme political destabilization in the US. I don’t say this lightly.
- Do you have a let’s get out of town plan? For me it’s a “Let’s get out of the US” plan. I might need enact this plan. I actually wanted to buy a place overseas prior to the past 5 years. Now, the plan is very different.
- Bonus Tips-Always advocate for yourself financially.
- Look at what you’re earning.
- Don’t feel emotionally connected to an organization to the point where it clouds your ability to leave when things aren’t working out.
- Always focus on improving your skills
- Always focus on EARNING MORE
- Reimagine how you can do the same thing at the same quality at a lower price
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I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.
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