๐๐ก๐๐ญ ๐๐จ๐ฏ๐ข๐ ๐ก๐๐ฌ ๐ญ๐๐ฎ๐ ๐ก๐ญ ๐ฎ๐ฌ
Lessons Learned in Covid
What Covid has taught us is that anything, literally ANY. THING. can happen. Many people have lost their jobs or were forced to shut down their business. Even clients with typically safe incomes like doctors, dentists, chiropractors and business owners were unable to go to work or forced to pivot their work plans. Many people had lots of credit but little or not enough income to make their monthly payments. Tie that in with a falling stock market, it was/is a very difficult time financially for many.
Hereโs some lessons to take away:
๐. For years weโve heard about and known we should have an emergency fund however with lots of access to credit and having a steady income many thought that this was an old, out of date idea.
So a massive take away is to build up your emergency fund and keep it in a safe place. Start saving at least 3 to 6 months of your expenses and keep it in a safe spot like a high interest savings account so itโs there when you need it.
๐. Figure out your budget and know your expenses. Get familiar with whatโs going out each month so youโll know how you can quickly cut back if the unexpected happens.
๐. Review your investment portfolio each year. Super important to make sure you know what you are holding and how much risk/stock is on the table, so you can survive stock market volatility more comfortably.
๐. Have cash available for short term purchases. Investments in the stock market require a long time frame. For your short-term needs donโt underestimate the value of having cash.
๐. Always have a few extra rolls of toilet paper and paper towel on hand ๐
๐. Keep yourself as healthy as possible - make yourself a priority by exercising and eating healthy.
๐. Once the world is back to normal donโt put off celebrating. Make sure you take that trip and see your people. Youโll never regret that decision!
-Jodi