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7 Financial Planning Tips During Coronavirus — Opinion

From a Certified Professional Planner…

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Yes, the world continues to turn and each day brings you closer to your retirement and financial future – even though during this shelter-in-place, it often feels like it is the same day over and over again.

During the Coronavirus shutdown and daily life disruption, it can be tempting to binge on other activities, like Netflix or ice cream. However, you would be well served to use this time to review your financial plan. Knowing that your financial future is still on track can help with the frustrations of the shutdown and bring you financial peace. Only after you secure your long-term plan, then you can binge!

Here are seven tips to help create a financial plan.

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1. Determine your Emergency Cash needs. Experts have long suggested that you keep 6-9 months of expenses in emergency cash. Even though that cash is not earning a lot of interest in the banks these days, when you need cash and you have it, then your financial plan remains on track. If you need cash and you don’t have it, then you may likely have to sell some investments to create cash, and right now, the market is down, presenting an unfavorable time to sell.

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2. Stay the course with your long-term investments. Although no one can guarantee this, after every market decline there has been a recovery and rebound of the market. I believe that if our economy continues – even after this major impact – and companies make a profit again, then the market will recover. Consider these recent two major impacts to the market: The 9/11/2001 terrorist attacks and the 2008 financial crisis. After both of these events, the market has recovered to create wealth for those that stayed the course. One can’t predict the future, but with your long-term investment plan, you should stay the course and not panic.

3. Add investable money into the market, especially through your 401(k). Think about it. How would your life be financially different and better if you could reach back in time and purchase companies like Microsoft, McDonalds, ATT, Home Depot and Walmart ten, fifteen, or even 20 years ago? Well, you can’t go back in time to buy big solid blue chip companies, but you can buy them at prices today that were only available years ago. For example, ATT recently closed at $28.89 per share. Well, you could have bought it near that price in May 1997. The market has impacted stock prices for sure, but some major companies with the resources to withstand the impact of Coronavirus are presenting interesting buying opportunities today, that were only available many years ago.

4. Buy life insurance outside of work. Part of a well thought-out financial plan includes the offensive strategy of creating and growing wealth. But it also includes the defensive strategy of preserving and protecting it. Part of the protection plan should include life insurance. Unfortunately for many workers, when they lost their job (like the well over 30 million Americans now on unemployment) they lost their employer provided life insurance. You should give strong consideration to get life insurance outside of work – for this exact reason. And, consider buying one that has an ‘accelerate care rider’ that can help if you need long-term care.

5. Use this time to educate yourself. There are many programs, books and on-line courses that will help financially empower you. One such program specifically designed to help all women is Financially Empower Women dot com. If not this program, there are many others that can help clear the confusion about how to create a well thought out plan. You should take advantage of this shutdown and educate yourself.

6. Inventory your financial assets. One of the best ways to say “I love you” to your family is to create a financial inventory for that time when you are unable to tell your family where everything is. You may know someone who inherited a financial mess, with family members not knowing where everything was. This creates confusion and frustration. Use the lockdown time to create a legacy of love and understanding.

7. Create estate planning documents. It easy to put off estate planning, often with the excuse that “there simply isn’t enough time” to get it done. Well, there is now. Many attorneys and professionals remain available via phone, video chat and other methods during this shutdown. Not having ‘time” is no longer an excuse. Having estate planning documents in place will ensure that your wishes and desires, not only for your money, but for your person are fulfilled. Like #6 above, having estate planning documents in place before they are needed will allow you to say “I love you” when you are unable to do so.

Shak Hill is a Certified Financial Planner, CFP® professional, author of A Woman’s Guide to Financial Planning and the creator of GuidingLightUniversity.com designed to help the single woman with understanding and creating a financial plan. Shak has made available a free template for financial assets at YourFinancialGuidingLight.com.

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In Memorial Day Tweet, Hillary Says She’s ‘Grateful’ for Democrat Governor Andrew Cuomo

Huh?

John Salvatore

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Memorial Day is a time to remember those who have given their lives in the military so that we can be free. It certainly is not a day for politics. But “crooked” Hillary Clinton just couldn’t help herself. From Daily Wire: On Monday morning, former Democratic presidential candidate Hillary Clinton decided to celebrate Memorial Day, which honors the veterans who have fought for America, with a tweet that didn’t acknowledge their sacrifice but instead trumpeted her approval of New York governor Andrew Cuomo for his “responsible decisions to keep people safe.” LOOK: https://twitter.com/HillaryClinton/status/1264912356834004992?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1264912356834004992&ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Fhillary-celebrates-memorial-day-by-lauding-cuomos-responsible-decisions-ignores-military Here’s President Trump’s address from Arlington National Cemetery… https://twitter.com/realDonaldTrump/status/1264964171457757184?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1264964171457757184&ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Ftrump-praises-veterans-projects-optimism-in-memorial-day-public-address From AP News: NEW YORK (AP) — More than 4,500 recovering coronavirus patients were sent to New York’s already vulnerable nursing homes under a controversial state directive that was ultimately scrapped amid criticisms it was accelerating the nation’s deadliest outbreaks, according to a count by The Associated Press. AP compiled its own tally to find out how many COVID-19 patients were discharged from hospitals to nursing homes under the March 25 directive after New York’s Health Department declined to release its internal survey conducted two weeks ago. It says it is still verifying data that was incomplete. CONTINUED: Whatever the full number, nursing home administrators, residents’ advocates and relatives say it has added up to a big and indefensible problem for facilities that even Gov. Andrew Cuomo — the main proponent of the policy — called “the optimum feeding ground for this virus.” WATCH: https://www.youtube.com/watch?v=tNflR2Ia7Hc WATCH: https://www.youtube.com/watch?time_continue=189&v=APHIYCsHqV0&feature=emb_logo https://twitter.com/realDonaldTrump/status/1251181566740619265?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1251181566740619265&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2020%2F04%2Fnothing-sitting-home-watching-tv-governor-cuomo-attacks-president-trump-rips-cdcs-bogus-predictions-video%2F

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Dem Governor’s Husband Demanded Special Treatment After Whitmer Told People to Stay Away From Lake

Facepalm!

John Salvatore

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Michigan Governor Gretchen Whitmer (D) seems to be making headlines for all the wrong reasons, as of late. Therefore, it only makes sense that Joe Biden’s team is considering her for VP. Check out what Whitmer’s husband was recently caught doing, via Detroit News: The owner of a Northern Michigan dock company says Gov. Gretchen Whitmer’s husband wanted his boat placed in the water before the Memorial Day weekend as Whitmer urged residents not to rush to the region. No longer visible to the public, Facebook posts from NorthShore Dock LLC and its owner, Tad Dowker, focused on what Dowker said was a request last week by Whitmer’s husband, Marc Mallory. The posts have drawn the attention of Republican state lawmakers, who said the Democratic governor’s family may not be following her guidance for the rest of the state. LOOK: https://twitter.com/RyanMaue/status/1265082748886228994?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1265082748886228994&ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Fwhitmers-husband-asked-for-special-treatment-in-getting-boat-on-water-after-she-urged-people-to-not-go-to-area-report-says More from TDW: NorthShore Dock LLC later wrote a post about the incident, saying: “We simply let him know— Sorry, we have a lot going on with very little time to get it done. We will get you in line to install as soon as we can, ALL our customers are valued and we cannot place you in front of others who scheduled earlier.” […] Whitmer also faced intense backlash after her administration awarded taxpayer-funded coronavirus stimulus funds to Democrat groups, a move that she later canceled. Later, when pressed about the issue at a press conference, Whitmer had to read from notes as she refused to identify who made the decision to award the contracts to those groups. VIDEO: https://www.youtube.com/watch?v=08j9E8dawqc WATCH: https://twitter.com/dcexaminer/status/1256942173460656131?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1256942173460656131&ref_url=https%3A%2F%2Fwww.weaselzippers.us%2F More Gretchen: https://twitter.com/KamVTV/status/1254816750950105092

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