Nearly 60 percent of Americans say the Coronavirus has had a negative impact on their finances, according to a survey by the National Financial Educators Council. Over 40 percent of them are more concerned about their personal finances than they are about contracting COVID-19.*
Whether you have a current budget you’re working with or not, finances change, habits change, and often, needs change when in Crisis. We Panic. We Horde. We Spend.
As this Crisis hits, what are the best strategies to ease the lack of control we feel?
How do we best stretch what we have and possibly even to save more during these times?
Each attendee will leave with real tools and an understanding how to:
Create and Implement a usable and purposeful budget starting TODAY
Connect, stress-free, with “normal” spending/savings habits and re-prioritize
Easy methods for conscientious spending plans when spending remotely
A sense of control and rewards for good money habits
Build/Maintain a strategy for paying off Debt, building an Emergency Fund, and funding your Future by redirecting finances.
Diversify and be Prepared for Emergencies and “Just Bad Timing”
Obtain Resources for further help with: Stimulus Checks, PPP, Student/Credit Card Debt, Credit Score, Mortgage/Rent Deferments, Tax Filing Extensions,
How Money Works 101: What They Didn't Teach Us in School
Prepare yourself by stepping into 2020 with a HEALTHIER understanding of lessons they didn’t teach us in school. You WILL learn a few financial fundamentals and ensure your finances are in shape to end the year strong and mindfully.
Tax Now? Tax Later? Tax Never!
(How to keep more than you’re giving Uncle Sam!)
Understanding the Power of Compound Interest
(I’ve heard of that, but what is it?)
Dealing with Student Loans, Credit Card Debt
(How do I raise my credit score?)
Understanding the Different Financial Strategies: TSP, Roth, Pension?
(but I don’t like risk!Aha! we have a lesson for that!)
Think about Couple A, looking to buy their first house. After reviewing their options, they chose to go with a 30-year mortgage loan. Their FICO credit scores are 740, a good rating which qualifies them for a mortgage with a low 4.5% interest rate. On $500,000 loan, they will pay an additional $412,000 in interest over 30 years.
But now Couple B wants the same loan! However, their FICO credit scores are 580, putting them in a POOR credit rating. The same $500,000 loan was offered to them, but the interest rate is going to be 7.5%, and the cost of their interest over 30 years will be $758,500!
Same loan. That 3 point difference will cost couple B $346,500 MORE IN INTEREST!