Now that we’re nearing the end of the COVID-19 pandemic and nearly everyone has been vaccinated, we can look at the financial lessons learned. If any silver lining exists, it comes from what we learned through our losses.
So, what do we know now that Millennials, Gen Xers, Gen Zers, and some Boomers, did not know, but the two living older generations, the Silents, and the GI gens tried to tell us? If only we had listened, they knew their stuff, but like my mama and daddy always said, “Sometimes, you have to learn the hard way.”
You need at least six months of rent saved and the money for utilities. Have money for groceries, too, to put the icing on the cake.
You need to buy less that way. Despite sending me to private schools and owning multiple cars, my dad cut up junk mail that had a blank side of the paper, then stapled it together to make notepads. There was one by every phone. Mama turned egg cartons into organizers. They grew up in the Depression era and reusing things in a new way let their family save money.
This lets you live fabulously while simplifying your purchases. When she was working at Lockheed in Ft. Worth, TX to put my dad through grad school, my mama budgeted for him to buy one book per week to let him build his library. You can live simply yet fabulously by prioritizing what you love.
Rather than paying monthly, pay for it six months at a time. Pay up a whole year at once if you can. Most companies provide a discount for this, so you end up saving up to 20 percent on your premiums. The other plus is that you will never have to worry about paying the bills.
I know that one is tough to read for a lot of people, but it is factual. In the US alone, 607,476 died as of June 21, 2021; globally, 3.8 million people succumbed to the disease. None of those people expected to die. Many were young people. We all need to prioritize estate planning, that’s why you need to hire an Atlanta Medicaid lawyer.
The people who purchased stocks and cryptocurrencies did so while the market costs were low. The ones who made real estate investments and learned other ways to invest money will make more money. What goes down must come up, so you will make money when the market rebounds. Once the economy stabilizes, prices rise, and you make the proverbial market killing. While what we said is true, there are investment products that offer stable returns despite global challenges like rising inflation. Precious metals like copper bullion bars, gold bars, gold coins, have become a haven for global investors.
Reduce credit. Save money. Build your savings account first, then your investment portfolio.
Your budget can save you in hard times because you already have your priorities set. Include savings and investment goals in that budget.
You may need to negotiate a bill someday, or your rent or utilities. Know how best to approach people.
You can start a second job or establish an after-hours business that you run after your regular 40-hour week. This not only keeps you busy, but it ensures you always have plenty of money.
That quick list of nine items can help you handle the next emergency that comes along. We overarchingly learned that life happens, and we have to be ready for it. While tomorrow isn’t promised, we definitely have to stay ready for it.