We’re talking about $$ tips for turbulent times. If you missed part 1, you might want to read it first and come back to part 2.
Continuing our list of tips:
Review all your financial positions: cash on hand, insurance, investments, retirement funds, assets, etc. Make sure each is in alignment with your goals.
Don’t shop to relieve boredom or stress. Everything is on sale – it will still be on sale later. This is the time to conserve your assets.
Except tennis shoes. You should have a good pair of walking shoes so you can go out for a walk to clear your head and stretch your legs. One pair and they have to be on discount.
If you were shopping for a home, you may re-consider. I know everyone else is saying go ahead, it’ll be fine. I’m saying, “If you have any uncertainty at all, then halt that project.”
If you do go forward with a home purchase, know that the mortgage final approval process is going to be more stringent than just a month ago. Speak to your lender.
If you will gain from re-financing your mortgage, then pursue it. But know that the qualifications for this are also increased and you need to get a good gain to make it worth it.
Stay within the health insurance network if you need medical care. This doesn’t apply to ER visits (avoid those unless absolutely necessary). If you’re sick, seek care.
Cancel or postpone all elective and routine medical procedures. You don’t want to be exposed to germs but you also want to conserve your funds.
Order your routine prescriptions for home delivery. Save yourself a trip to the store – no germs and no tempting items.
Reduce or stop smoking. This is hazardous and it is expensive.
Don’t re-decorate or re-model your home. Clean it and enjoy it. You can make lists and plan projects for later on.
If you decide to sell unwanted items, know that you won’t get a great deal for them unless they are excessively rare and valuable.
If you can afford it, and you understand the risks, this is a good time to buy selected stocks. It’s all about selection, selection, selection. Pick your stock advisor more carefully than you picked your significant other or puppy.
On the other hand, unless you have no other choice, this is not the time to sell stocks, bonds, or mutual funds either. Your losses could be substantial.
Small print: this is not specific stock advice and I am not a stock advisor.
In part 3 we’ll offer some additional tips.
Don’t give up and don’t give yourself away. It’s not time to surrender.
If you would like to to talk more in-depth, feel free to contact me.