Did you earn at least $50,000 more this year than last year?

Check out this interview with #AliciaLyttle on how #FinanciallyFocused can help you take back your financial power.

Did you earn at least $50,000 more this year than last year? Yes, we are in COVID and yes, many of us are hurting. Yet, did you have a team to help you win?

Right now, what are you doing to get your financial life back together?

First, let’s look at what the research is saying.

Global management consultants, McKinsey, report that:

Each month, more consumers expect the impact of COVID-19 on the economy will last a year or longer. McKinsey also asked decision-makers to look ahead and call the duration of the downturn (Exhibit 2). In April, more than 60 percent of respondents in most of the 16 countries expected the impact of COVID-19 to last at least a year or so (India and Indonesia were the exceptions). By May, the proportion had risen to over 80 percent for many economies, including Western Europe and the UK. And in June, over 90 percent of respondents within many European countries expected the downturn to last at least a year. Outlooks deteriorated most in South Africa, Mexico, and Indonesia. Countries in Asia-Pacific, including China, India, and Indonesia, are generally more optimistic.

Do you ever suspect that financial advisors put a greater priority on earning commissions and making profits for themselves than looking out for you and your nest egg – whether they are suggesting a stock, a fund an annuity, or something else? Mark Cortazzo, one of the top 250 financial advisors ranked by Fortune Magazine says that the “who comes first” is the central issue facing the client/advisor relationship.

Of course, there are times when you have treat your financial situation as a time of war. So what assets must you protect without question?

According to personal financial planning guru, Suze Orman, the assets to protect in this pandemic which can be, for some, just a like a financial war are:

CASH – goal is to preserve cash over clearing off credit cards

RETIREMENT ACCOUNTS – do not cash out your retirement accounts to pay off your debts

Interestingly, Suze Orman also says it is better to use your credit cards rather than take out a pay day loan. Here is an excerpt.

What about those people with zero income and zero savings cushion? What can they do right now?

ORMAN: What I would do is, hopefully you have credit cards and hopefully you haven’t maxed out your credit cards. Number one, call your credit cards and see if you can extend your credit limit. So, if you have a $3,000 limit, ask them, can they extend it to $5,000? Before you spend your cash, you spend money on credit cards until you’ve maxed them all out. And then you only pay the minimum payment due. When your bill comes, do not take any of your money and pay it off in full.

I’ve never heard a financial advisor tell people to max out their credit cards and only make the minimum payment before!

ORMAN: For the first time in my lifetime I’m now telling you, until this is over, pay the minimum payments due. Why? Because if things get really out of hand, and really, who knows what happens in life? If you get to the point where you now are choosing whether to put food on your table for the kids, or pay the minimal payments due on your credit card, forget paying the credit card. And never forget that credit cards are unsecured debt. It’s not like they can come and take your car from you, or your home from you. Obviously if they were really upset, they could sue you, and garnish your wages. But if they know you’re not even working, and they know that’s your situation, they’re not going to do that. So that’s when you would then call them and say, “Listen, I don’t have any money. You have to work with me here.”

Ok, so that is an approach when things are really tight. However, not everyone is in the place of choosing between bills and food.

According to Moneyunder30.com, there is a spike in people who want to PROFIT from this pandemic. One of the biggest signs that people don’t want to miss out on the Coronavirus stock market carnage is new account sign-ups at brokerage firms. According to recent reports, TD Ameritrade added 608,000 new accounts, E*TRADE added 363,000 accounts (a record) and Charles Schwab added 609,000 new brokerage accounts in the first quarter of 2020 alone.

With just these three firms, over 1.5 million accounts were added in three months.

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Why is this goal of squeezing more out of your financial decisions critical?

We draw for McKinsey research once again. Job security concerns remain high—and over half of people concerned about their jobs also have less than four months of savings

To examine the direct impact of the pandemic on consumers, our surveys explore concerns over employment, reported financial behaviors, and use of financial services products.

Job security concerns remained roughly constant from May to June, although they varied widely by country (Exhibit 4). In Germany, 9 percent of household financial decision makers expressed concerns over job security, while in India, Chile, and South Africa that fraction was over 50 percent. Furthermore, in most countries more than half of people with job security concerns held savings to cover less than four months’ worth of expenses.

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