Getting Through the COVID-19 Pandemic Financially - An Expert Weighs In
When the NBA cancelled the rest of the season due to the COVID-19 virus, I was shocked. Then, my own child's basketball season was cancelled, followed by his school shutting down. Now, I was concerned. In the next few days it seemed as though everything was turning upside down. You could no longer go to a restaurant, businesses everywhere were closing and my husband was laid off. Many of my family members and friends were experiencing the same thing due to the quarantine to try and flatten the curve.
I've never in my life seen something like this happen, and my grandfather who is in his 70's agreed. It seemed as though everything was going so great in life, and then it all stopped. In the last few weeks I have watched small businesses close for good, more friends get laid off and the grocery stores remain ransacked.
It got me thinking, how can we all get through this pandemic financially? I wanted to reach out to an expert to see about any tips that might help us. I reached out to Ande Frazier, the CEO and editor-in-chief of myWorth LLC, a media company inspiring women to take control of their money. Ande is a behavioral finance expert, author and speaker. Ande began her career as a financial advisor more than 25 years ago, and I knew she would be great to talk to.
Of course, she responded right away eager to help. She is offering a FREE workshop right now for crisis management and getting through this pandemic. It's incredible and she put some serious time into it, definitely check it out.
As for a quick tip for this post, here is what she had to say:
Start with evaluating where you are right now. Getting accurate about your current location allows you to see the gaps between where you are today and where you want to go. Wealth is created between the cash in and the cash out. Know what is coming in to your financial world and what is going out.
Then make sure you are properly protected. Remember, you can’t fix a mistake in protection after the fact. Ask yourself, am I properly insured? Have you insured your most valuable asset, which is your ability to earn income?
Once this is done, move on to build that liberty fund, which should have 6 months’ worth of living expenses to give you the liberty to get through a crisis or to take advantage of an opportunity.
After taking these important first steps, you can then move to saving money for the future.
Women & Worth: From America’s Financial Life Coach for Women: How any Woman can Own Her Financial Future in 11 No-Nonsense Conversations
Ande Frazier is a seasoned expert who is inspiring a financial awakening among women who are eager to take control of their financial journeys. By recognizing that traditional approaches to speaking to women about money are broken and conversations about money must align directly with women’s personal values and goals, Ande felt it was time to speak up.
Ande’s book is a guide to help women feel secure in their futures, to integrate self-worth and net-worth across generations.
Rather than frame her book as a series of lectures, Ande chose to create conversations. Across 11 frank conversations, Ande guides women through the emotional and behavioral factors that guide all our hands when dealing with money. From navigating both the expected and unexpected events in their lives to finding the best advocates, Ande’s book provides guidance in warm, empowering conversations, while also nudging us to take a look at what we should consider moving forward. Her goal is to speak to you as a friend, to assure you that your concerns are her concerns and that there is a way forward.
Visit Her Online:
Thank you Ande!
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