We are living in unchartered times. Changes are happening in our society and financial markets at alarming rates. It is scary, but it is NOT the time to be paralyzed or sit on the sidelines. You can take steps NOW to put yourself in a position to not only survive but thrive through the 2020 financial crisis.
In this blog post, you will see a short summary of the video. If you want to hear the full story, watch the video to learn practical action steps to take to protect yourself.
Please Note: I am not an attorney, accountant or financial advisor. These are my personal opinions and observations. Also, as the markets and information is changing so rapidly, some information in this post may already be outdated or different.
Why Take These Steps?
This is a systemic financial crisis. I don’t think this is a short-term issue. I see this continuing to impact the rest of 2020 and going into 2021.
Steps to Take Now to Survive the 2020 Financial Crises
These are practical steps you can take now, at home, to help you and your investment portfolio.
Step 1: Cut All Non-Essential Expenses
Now is the time to sharpen your pencil. Look through all your expenses and see what items are non essential personally, in your businesses and real estate holdings. Be smart, don’t cut expenses that are needed (i.e. insurance payments) but get rid of any fluff that isn’t absolutely needed.
Step 2: Conserve and Grow Cash Reserves
Sitting on cash is one of the best things you can do. While this may be counter-intuitive to what the government wants, I think it’s prudent to conserve cash.
Step 3: Refinance
Mortgage rates are changing rapidly. Last week mortgage rates were near all time lows. At the moment, you may not even be able to refinance with current stay at home orders. But eventually we will be able to conduct business. Depending on your situation and current market conditions, it may be a great time to lock in long-term debt to ride out the upcoming stormy seas.
Long Term Upsides to the 2020 Financial Crisis
Watch the video to hear some of the long-term upsides to this crisis!
Questions or Comments?
Let’s start a discussion and learn together. Growth is the only way out of this. We need to expand our minds and ability to execute. Leave a comment, ask a question, share this video. I will be reading and responding to your comments and questions.
Want to Learn More?
Want to hear more tips about how to weather this storm? Do you want to know what the opportunities are going to be on the upside of the 2020 financial crisis? Sign up for 2020 Financial Crisis Investor Updates below: