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Day 5: Recession-Proof Your Finances

Mar 20th, 2020 • Jasmin Snyder

Head spinning? Don’t know what day it is? You aren’t alone, we are all in a similar headspace right now. Take a break and catch up on Day 5 with Pete here:

Your Life is Currently a Story Problem

Feeling like you can’t make heads or tails of your situation? That’s what this program is all about, giving you clarity. Everyone is scrambling, but you are really scrambling if you lost your job, got your hours cut, or are in a 100% commission position. All you can do is stay calm and follow this program. One day at a time.

The Truth About Debt

Debt isn’t fun and it’s not great for your financial life, but at this exact moment in our history, it doesn’t matter. If you are working to pay off your debt and are paying more than the minimum on any of your debts, STOP. Your goal is to hoard cash (not TP!). You need to build your emergency reserves as quickly as possible (Personal note: I’ve been working for Pete for six and a half years and I was just as surprised to hear him say this as he was to say it!).

With plans in place to delay federal student loans (not private loans) for 60 days, the payment you would have made is another great way to continue to sack away savings.

What to do About Retirement

Retirement is a tricky question and again another area Pete never thought he’d back off his hardline. But IF your hours have been cut or you’ve lost your job, stop making contributions for a while and use that money to fund your savings or pay bills. Don’t make this a forever change, it’s a last stop necessity depending on your situation. Pete is still not recommending withdrawals from 401ks. It’s not worth it, yet.

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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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