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Day 2: Recession-Proof Your Finances

Mar 17th, 2020 • Jasmin Snyder

Day 2, done! In today’s session Pete covered two big tasks:

  1. A stability quiz
  2. How to find YOUR advantage

Check out the video here:

How stable is your financial life?

Take the quiz below and score yourself per category. Key below!

Debt

How much credit card debt do you have?
None (0 points)
Less than $2,999 (1 point)
$3,000 – $6,999 (2 points)
$7,000 – $14,999 (3 points)
$15,000 or more (4 points)

How much student loan debt do you have?
None (0 points)
Less than $4,999 (1 point)
$5,000 – $19,999 (2 points)
$20,000 – $49,999 (3 points)
$50,000 or more (4 points)

Do you owe a family or friend any money?
No (0 points)
Yes (3 points)

Budgeting

What is your current monthly income surplus
Over $2,000 (0 points)
$1,000 – $1,999 (1 point)
$250 – $999 (2 points)
$0 – $249 (3 points)
I have a shortage every month (4 points)

How much do you have in emergency funds?
Six months of expenses (0 points)
Three months of expenses (1 point)
One month of expenses (2 points)
$1,000 (3 points)
Less than $1,000 (4 points)
None (5 points)

Risk

Are you adequately insured (home, car, life)?
Yes (0 points)
No (3 points)

Do you have life insurance outside of work?
Yes (0 points)
No (3 points)

Do you have a will or trust?
Yes (0 points)
No (3 points)

Do you have an employment backup plan?
Yes (0 points)
No (3 points)

3 or less in any category = good
4-7 in any category = needs work
8 or more in any category = danger zone
8 or more in all category = needs immediate attention

Finding your advantage.

This time doesn’t have to be all negative talk. There are a few things that could line up to be advantages for your financial life during this time. Here are a couple that could apply to you:

  1. Tax refund. Have you done your taxes yet? Now is a good time to file if you are getting a refund.
  2. Savings. If you’ve got it, this is why you have it. It can be a cushion for lost wages or a mental comfort during this crisis.
  3. Stable job. If you’ve got one, be grateful and try to pay it forward to your neighbors who may not be as fortunate.
  4. This program! You are taking the steps to a better financial future. And that’s all you!

If you are looking for more personalized guidance don’t forget that a Hey Money expert is always ready and waiting to help you sort out this mess. Use code ‘cheese’ to get a 10% discount on a monthly subscription just for being a part of the 30 day recession-proof your life program. Stay strong!

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