April 2020
As we continue to see the world ravaged by this pandemic, below are some tips to help you successfully navigate these troubling times. Please remember this too shall pass. Nothing lasts forever and this assuredly will not.
Staying up-beat:
- Socialize, from a distance, everyday—Facetime—phone calls—calling out greetings to those in your neighborhood on walks or checking the mail—remember the 6 feet guidelines.
- Stay mentally engaged—read, do crossword puzzles, play solitaire, take an online class, play board games, play online games.
- Stay or become physically active, walk, run, workout, you can do a sit-up or push-up anywhere, baby steps, a walk to the end of your yard in time leads to miles walked.
- Help others—focusing outside of yourself helps you and your community—read a story online to a child you know. Parents are overwhelmed with kids all at home, with many of them working, and will appreciate the help. Random acts of kindness—mow a neighbor’s lawn, donate blood, it is desperately needed, put your dishes in the sink, do that task you know your house-mate doesn’t like doing—I don’t like emptying the dishwasher—and my husband doesn’t like washing pans.
- Express your positive thoughts and feelings via email, letter, or in person, let people know what you love and appreciate about them. It changes the environment instantly and makes everyone feel good.
- Express gratitude, in your heart and mind. Focusing on the good instead of the bad, changes your life and your day. You are the author of your own story; write it the way you want it to read.
Financial Tips:
- Do not get caught up in the herd mentality—everyone is doing it—doesn’t make it right. Emotional decisions can be harmful, cooler heads need to prevail
- Don’t look at your accounts daily and if you know you will be upset, don’t look at them at all.
- Meeting your goals is more important right now than your returns.
- If you are able, adding to your investments is a great idea.
- Be generous if you can with those people who need your help—the service industry needs our help.
There are ways to access cash that won’t leave a mark. (Losses are only real if you take the money out when investments are down.)
- Government stimulus checks are coming for many.
- Unemployment—sign up if you need to, it is worth the wait and online frustration.
- Penalties have been temporarily waived on IRA withdrawals.
- Cash in those old EE Savings bonds in the safe, or in the closet. Some are no longer paying interest, and others only very low rates.
- Lenders are extending extra time to pay—it never hurts to ask and could help.
- Tax filing extended until July 15th. If you are getting a refund, talk to you tax professional on whether you should wait or not.
- Loan options:
- Home Equity—rates are super low
- 401(k)loans if your plan allows
- Short term loans on cash value in life insurance policies—no more than 50% and no longer than 6 months
- Small business loans offered by Federal or State governments
- Some items may be forgivable—such as employees’ salaries, rent and utilities
- Low interest rates on balance
Good all-around ideas now:
- Wash your hands—take off your rings and watches
- Don’t touch your face
- Wear a mask in public
- Stay home
- Call your doctor if you have symptoms
- Follow social distancing guidelines
- Be smart—better safe than sorry—I’d rather be accused of being extremely careful than the alternative
As always call or email with questions or individual concerns. Stay healthy and safe.