PEOPLE

Taking the Fear Out of the Family

Fear. Uncertainty. A growing sense of panic every time the president delivers a national address filled with increasingly bad news. Even with interest rates at essentially zero percent, the stock market (and 401(k) balances) continues to tumble. Chatter around the workplace is filled with questions like: Should I get married? Can I afford to pay my rent? Will I get sick? Will I have a job tomorrow?

If you want to take the fear out of your family, consider taking the following steps:
1. Breathe! We are going to be okay!
2. Priority One: Is everyone healthy?
3. Do we have the food we need?
4. Do we have the supplies we need?
5. Do we have a meet-up plan in case of emergencies?

GET A HANDLE ON YOUR CASH

If you want to survive and grow, you needed to focus on maintaining positive cash flow.

Cash flow is your Critical Number™ now. Period.

Cash Flow Checklist

• Don’t wait for the government to send a check! How much do we have in the bank?
• How secure is your current income?
• If laid off, unemployment insurance has been expanded; check into it now.
• There are people in ‘essential’ businesses hiring right now; don’t wait; apply.
• Leave your 401k alone if at all possible.

CREATE A 90-DAY PLAN

• Laying out a plan takes the fuel off the panic fire. Don’t let fear hold you down.
• What ‘fat’ does the budget have in it? Consider suspending or canceling non-essential subscriptions
• Build a 90 day plan that includes current income, then a contingency plan if you lost one income; you’ll feel better by having a plan B!
• You can revisit the rest of the year later. Right now, just focus on the next 3 months.

This is the most critical time to stay diligent to the practices of The Game.

TAKE ACTION

• Action cures fear! Get on the phone and make these calls in the next 24 hours:
• Mortgage Company: COVID-19 Forbearances are in effect now, but you must call.
• Landlord: If you rent, be the first to talk with them. They’ll have far more flexibility the earlier you approach them.
• Utility Company: Emergency relief may be available; be the first in line to call.
• Credit Card Companies: Get aggressive; if you can’t get relief or a lower rate, consider changing companies.
• Car Loans: Depending on the lender, help may be there for the asking.
• Student Loan Servicers: COVID-19 Forbearances are in effect now.

WHAT NOW?

• Once you have your 90 day plan, you can think more clearly.
• Start laying out the rest of 2020.
• What will you do differently?
• Will you start a Contingency Fund?
• Is your current company stable enough to build a life upon?

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