In today’s episode, you’ll hear from your hosts only. Hopefully, you find some comfort in today’s episode during this uncertain time.
This episode is covering the Coronavirus, how it impacts us mentally, physically, and financially even if we’re lucky enough to avoid getting sick.
These are certainly tough times but we hope there are some bright spots you can use as motivation to get through this.
We don’t know how long this could last, so let’s get through this prepared and together.
Listen, learn, and let us know what you think.
Topics Covered in Todays Podcast Focusing on Coronavirus and FI
- We start off covering current correction
- We’re currently at late 2016 levels
- Then talk through scenarios if you pulled out of the market in 2008 and stayed out for X number of years
- Even if you invested at the height of the market (September 2008), your annualized, inflation-adjusted return as of March 2020 is 4.5%
- Federal tax filing deadlines and payments extended to July 15 (including estimated quarterly payments)
- Cover importance of having an emergency fund
- Briefly touch on unemployment benefits
- Share our thoughts on if we get stimulus checks, what you could do with it
- Go over side hustling / extra income ideas
- We look at how you can support local businesses and yourself
- Do you have tech skills? Help companies go digital as a consultant
- Share our opinions on stopping the spread of the virus (incubation period, social distancing, etc.)
- Give insight into our own personal impacts with travel etc
- Brainstorm some low cost/ free hobbies you can do online
- Help you see how Zoom/Skype tech can replace happy hours and social events
- Emphasize fitness while quarantined
- Try to highlight the money you’ll be saving during a quarantine
- Then look to share some potential escapes you can still do that are quarantine friendly
- Road trips
- We go into over-preparing, mentally and financially, for the potential that life remains in an altered state for many months
- Finally, we remind you that now is the perfect time for projects you’ve been putting off, now is the perfect time to accomplish
- This could take time: We have to plan both mentally and financially for uncertain times to consider for many months.
- Silver Linings: It’s certainly not a situation any of us want to be in, but what can we do to come out of this as strong as possible?
- FI is here to stay: There are voices out there calling for the end of FI, but there will never be a reason to stop aligning your spending to your values, living responsibly, and educating yourself on finances.
Call to Action
Really think through and put together a plan for how you can last 8+ months living in this way that covers you financially, emotionally, and physically
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