|
Getting your Trinity Audio player ready...
|
Okay! COVID-19 has sent our normalcy into a tailspin, to say the least. It has caused me to re-think a few things that I had planned for 2020. No more traveling (at least for 2 years), no sweat, the borders to the places I want to visit are currently closed. Congregating in large crowd is no longer acceptable (no more than 10); it is now recommended to tele-commute from home or other places. Family gatherings are held to a minimum now that we are practicing social distancing. Most of our days are now spent communicating through our computers or phones. Distance learning, new businesses, and social media presence have moved us all into the future.
This may be the best times for some, or it may be the worst of times for others.
Nonetheless, this is the times we are in, so make the most of it: New opportunities to launch a business, read a book, learn a new language, take a course, update your skills, meditate, or motivate oneself. I love this quote” Live in the moment”. All good things await the person who is willing to think outside the box and be flexible. If you were one of the unfortunate ones to be laid off or even terminated, see it as an opportunity to emerge new.
This is a perfect time to re-evaluate yourself and be prepared for the future. Something big is going to happen; it is proven that every economic downturn is followed by economic recovery/boom, so do not just sit on the sidelines, and wait for someone else to help you.
You must help yourself!
Do not look back five years from now and wish you had done something different; plan now so that you will have no regrets. Get ready for the opportunities that will be presenting themselves, whether in investing (stock, bonds, real estate, commodities, etc.), getting your credit right, learning a new skill, starting a business, or re-evaluating your 2020 goals. Your new future awaits you now, stop delaying.
Invest in your future by investing in the stock market, real estate, or a business.
Examples use your:
a. Pre-tax $ – 401K-from employer
b. Post tax $ – Roth IRA
c. Financial Market (brokerage account)
How can I build wealth or how can I leverage my money? Learn how to make money with money. Keep only your emergency funds at the bank. Put your money in assets that will build wealth for you.
Here’s what you can do. Get educated on investing in stocks. Investing in stocks is owning a piece of the company that you buy from every day. You are putting your money in the pockets of the companies you buy from every day, why not own a piece of the Company so that when they profit you can enjoy a piece of the profit too. You pay for the nice houses they live in and the expensive cars they drive, so why not get a benefit too? if the stocks go up, you also benefit. There are many online tools that can help you get started or you can open a brokerage account. One comment I will share with you is to invest no more than 10 percent of your portfolio in one company stocks. As you develop your investment portfolio, remember to invest at the level of risk you are most comfortable.
Getting your credit right so you can benefit from this crisis is a must. There are no reasons why if your credit is not where you want it to be you are not actively seeking to know how to improve it. You must know your credit score and understand what is impacting it. If you don’t fix it, it will cost you more money.
Six things that impact your credit score:
1. Timely payment (payment history)
2. Utilization of credit
3. Derogatory mark
4. Age of history
5. Total Account
6. Credit inquiries
Due date: Making a minimum payment required on any previous outstanding balance on the credit card. Statement date: Two dates are of important: statement end date and the statement begin date.
Pay off your credit card before the due day. Spend after the statement end date; doing this will buy you some time. Do not default on your payment – you can even pay off the card before it is due. Keep your utilization low. Doing those two things will improve your credit score.
Learn a new skill. What new skill can I learn to improve my value in the market now? What language would I like to learn that would add value to the marketplace? What skills can I improve that would help me solve a problem?
Start a Business: You do not need a lot of money. Start with what you know. Offer a service is the easiest way to start. Focus on the customer; go above and beyond in providing the service. It is so much easier to make money today than in the past. Be ready to persevere, keep improving on your services. If you can add value to the market place, the market place will reward you for it. Solve a problem! If you can solve a problem for your customers, they will reward you for it.
Re-evaluate your 2020 goals. Am I on track with my goal(s)? If not re-assess them or change things around. If you did not set any goals at the beginning of the year, it is not too late. You have four months remaining in 2020. Set a few short-term goals that you can accomplish by the end of the year.
If you don’t plan for your future, then you are planning to fail. There are short-term goals and long-term goals. Use your short-term goals to move you forward to your long-term goals and create the ultimate successful life. You can use the SMART (Specific, Measurable, Attainable, Relevant/realistic, Time based) method to achieve any goal in your life.
Do not let what you have done in the past define your present or future. The past no longer matters. Now is the time to change the results you are getting into an awesome and prosperous life filled with abundance. You are to come out of this pandemic better than you went in. Be healthy and stay safe!
