Are you bored yet? You wouldn’t be alone. The reality of our situation is starting to sink in and we’re all settling in for a longer haul, yet it’s this boredom and complacency that will get you in trouble financially. Watch today’s video to find out why:
Planning Your Timeline
One of our main goals for this 30 day program is to stop guessing. You may be in a full anxiety tailspin living moment to moment, but without taking a step back you won’t be able to get ahead in your situation.
Pete wants you to prepare ahead for the next 4 months. Extreme? Sure, if you feel that way. This program is a 30 day triage but today we are pausing to make a general plan for the next four months.
These are four categories you need to consider as we make this plan:
- events (weddings, vacations, landscaping/home projects, etc.)
No one knows when this situation will peak. That’s why this exercise is so important. If you’re doing okay now but you do this exercise and realize that if the economy doesn’t reopen in 45 days you’ll run out of money — that’s super important information to have! Hopefully it will scare you into a bit of action.
For each month (April, May, June, July) ask yourself these two questions for each category (income, savings, debt, events):
What is my biggest strength?
What is my biggest threat?
Your strengths could be that your income hasn’t been impacted yet, you aren’t incurring more debt, you have an emergency savings. Threats could be you are quickly running through your savings, you have started incurring debt, and/or the stimulus benefits will run out before your needs do. It’s also important to recognize that your strengths may become weaknesses over time. Your job may not be impacted yet because you run a summer camp, but what if this crisis continues through June and July?
This can be a very scary exercise. It’s vital to do but you also have to separate the problems, if they’re all lumped together they will be too overwhelming. You have to separate the fears and worries you have for your health, relationships, finances, kids, etc. Break them down into manageable categories.
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