Today it’s just Marcus and Rich on the podcast. They’re freestyling the conversation and chatting about how they were both con vacation while the news was breaking that COVID-19 was spreading quickly and that the government declared it a pandemic.
They discuss the role therapy has played in their decisions to stay calm during the current stock market crash and what could be the start of a recession. They reiterate the importance of making sound financial decisions and not jumping into buying stock or selling stock out of emotion. Remember, investing is something that should be part of your regular financial plan and a habit that you practice 365. Lastly, they give some tips on how to maximize your cash flow during this time, while still being strategic about paying off your debt.
- Coronavirus insurance review: 5 types of coverage for COVID-19
- What COVID-19 means for the future of paid sick leave
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- Being on vacation and disregarding the US media
- The fear of being left abroad
- Not worrying about what you can’t control
- Anxiety transfer
- “It’s ok to be scared”
- Therapy bringing out self-awareness – Making better decisions in the midst of a chaotic situation
- The stock market response to COVD-19
- Capitalizing on fear and selling predatory products or services during this pandemic
- Maximizing cash flow during an emergency – Paying your minimum debt payments for a short time to keep your cash liquid
- Don’t make any financial moves out of fear or panic
Key Takeaway: It’s ok to be scared, but don’t make panicked decisions with your money or things in your day-to-day life. It’s important to follow good financial habits year-round and if you find yourself cash strapped or possibly out of a job right now, reflect and reevaluate how you can make sure you’re in the best situation possible the next time a global or countrywide crisis happens.
Save More Money
- Digit – Struggling to save money? Sign-up for Digit at paybal.co/digit to automate your way to saving hundreds or more! Digit analyzes your spending and automatically saves the perfect amount every day. Read why Rich loves Digit and how much it’s already saved him.
- Tiller – The only spreadsheet templates powered by an automatic feed of your finances directly into Google Sheets and Excel. Easily budget, track expenses. Get started here.
The Stock Market
- Trade Your 9 to 5 with Investing Made Easy – Tela Holcomb shows you How to Trade Your Way to Financial Freedom and Build a Legacy of Wealth – All Without Working 40+ Hours a Week in her course bundle. Learn how she does it here.
- Visit TheMarcusGarrett.com to get your FREE chapter from the upcoming Second Edition of Debt Free or Die Trying.
- LIKE us on Facebook.com/PaychecksandBalances or FOLLOW us @PayBalances and Instagram.
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