What To Do With Your Money Right Now
Season 1 Episode 3 is about to do with money right now. We talk about everything in this episode and there’s something in there for everyone regardless of their financial status. At the very end, I share some unconventional financial recommendations. Grab a pen, some wine/tea, grab your partner and let’s get into this.
This Year Is A Massive Call To Action
This year is a call to get all our finances in order! What if I told you that this could be a season of massive growth for growth? Understandably, it can also be a confusing, scary, and nerve-wracking time for many of us. This episode contains all the recommendations you need to consider and put in place right now.
One Thing Everyone Should Do With Money Right Now
Now’s a great time to sit down, go through your monthly expenses with a fine-tooth comb and calculate your bare-bones budget by identifying what you can cut. You don’t have to go down to your bare-bones budget but you should know the bare minimum you’d need to survive if things got tight financially. While you’re doing that, look at the last 2-3 months of your spending to see what your actual spending has been and identify areas where you can cut. You can do this by taking these 4 steps:
- Review your budget
- Reduce your entertainment budget if that’s where you spend extensively
- Save/Invest the difference
- Boost your emergency fund (aka your own self funded insurance)
What To Do With Money Right Now If You’ve Lost Your Income
Take the time to process the loss, and then focus on the things you can control. Once you do that, it is GO TIME!
- Know where you stand (know your numbers if you can’t do anything else right now
- Reduce expenses as thoroughly as you can (go hard)
- Research and apply for programs that support you, this is not a time to be proud
- Move to cheaper housing to save on your most expensive budget item
- Cut out non-essential expenses
- Call your creditors and service providers to negotiate your costs and services
- Beef up your emergency savings (if you don’t have enough)
What To Do If You’re Still Employed But Dealing With Uncertainty
- Go through your budget aggressively
- Act as though the worst has happened, cut costs, increase cash savings
- If you need to, consider reducing your retirement savings if you don’t have emergency savings to tide you over for some time
- If you have savings, start to network aggressively for the time where you’ll need it
- Set time daily to apply for jobs and start applying everyday
- Look for ways to bring in some side hustle income so you can build your cash reserves and another income stream
- Use your health insurance benefits while you have access
What To Do If You’re Feeling Secure In Your Job/Income Source
You’re in a wonderful place and I love that for you. Here are 6 things you can do with your money right now.
- If you don’t enough savings, budget like you might lose your job in the short term and save the difference.
- Reduce debt payments to the minimum until you get your emergency savings in place
- Be a value provider at work and make sure you’re connected to what is valuable to your employer
- Once cash savings are set, pay off high interest debt faster (cue gazelle intensity)
- Invest in the market (in whatever way suits you)
- Give more, or maintain your current level of giving
Thank you for listening to this episode of season 1 of the Rich Immigrant podcast. Please rate, review, subscribe, and share this episode. Stay connected on Instagram at Therichimmigrant.