$$ Tips For Turbulent Times, Part 1

By Ronda Cobb, The Money Coach

Well, here we are! I’m not quite certain how we arrived.  I am certain this wasn’t our desired destination.   Stress is high and satisfaction is low.

We must face our fears.  Facing our fear will allow us to create a plan that will reduce the downside risk and increase your ability to not only survive but thrive during this turbulent time.  Just forget about that junk on TV and focus on your own priorities.

In three parts, I am going to give you some instantly useable tips to survive turbulent times.  I can’t change the presence of wolves; but, I can provide strategies to keep the wolves outside your humble abode.  Please pick the ones that will be most helpful to you.

Without further ado, here are some good money tips for turbulent times:

Immediately implement a spending freeze on items you want.

Don’t forget the key question:  Do I want it or need it?

Pay bills on time, or early.

If you can’t pay on time due to recent unemployment, make a phone call/send an email/go on-line.  Don’t ignore the bill as it isn’t going to go away and it is your responsibility.  Make sure you say the magic words:  “I’m negatively impacted by the COVID19 crisis”.

Don’t let anything go-to collection.  Make arrangements before it gets this far.

Seek essential or virtual employment, if possible.  Use legitimate vendors/web sites.

Don’t increase your debt.

However, don’t use your retirement savings to avoid increasing your debt.  That is a terrible idea!

If you’re already retired, then don’t change up too much right now.  Let it be and seek professional help.  Select your advisor carefully.  VERY carefully.

If you can afford to, buy these two things:  better physical security and, a good supply of non-perishable food.

  • Physical security is not web based, electrical, or virtual monitoring where the provider can access your home and lock you out! It is dead bolts, restraint bars, and good lighting.
  • Non-perishable food is canned goods and dry goods. Don’t panic and buy junk you don’t eat.  Don’t panic at all.  But, do have some cans of staples like fruit, vegetables, tuna, and beans on hand.  Think about what you would enjoy if you had to stay in and had a rumbly tummy.

Protect your Identity.  Don’t give out passwords, your social security #, your Medicare #, your DOB, etc. to callers, door knockers, family, friends, or anyone else.

  • The IRS isn’t going to call and ask you to verify your data so you get your money.
  • The CDC isn’t going door to door offering testing or treatment.
  • The bank isn’t calling to see if you need a loan. And so on.
  • Who is doing all this? Yes, gold star for you…scammers, thieves, and criminals.

In parts 2 and 3 we’ll offer some additional tips.

Don’t give up and don’t give yourself away.  It’s not time to surrender.


©Ronda Cobb 2020


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