The coronavirus is having a major impact on the economy with businesses shutting down and people losing their jobs. Financial experts are still saying now is the time to think about managing your money and investing.
Bestselling author, speaker and financial mentor, Loral Langemeier said, "Who do you want to be at the end of this? You could be the person who walked into this and you were survival and you lived paycheck to paycheck, but you could walk out of this a millionaire."
First, whether you're a small business or if you were laid off, experts say it's important to see where you stand financially. That means seeing where you are getting income from and seeing where your money is being spent. Experts also say it's important to manage spending, prioritize your bills, and if you have loans or credit card debt at this time, Eileen Galbraith, a business credit and funding coach, advises you to negotiate with lenders.
"They would rather you negotiate something with them and ask to either defer a month payment and not be dinged on your credit report. They would rather you do that and have that conversation because they're still making their money off of you," said Galbraith.
Langemeier added that you can also ask to increase your current or lower your current interest rate. After you organize your payments, Langemeier says you can start thinking about investing, but it's important to know how much money you'd like to set aside to invest.
Because everybody's financial situation differs, Langemeier says you can ask specific questions and talk to experts by joining Millionaires in Training on Facebook. People can get guidance from financial experts that specialize in different needs. Langemeier and her team of financial experts based in Carson City held a live stream event to answer money questions surrounding COVID-19, on Wednesday.
Langemeier says even a time of crisis can be an opportunity if you get creative and use your skill set.
"You're laid off? Like, welcome to being an entrepreneur. Like, god, welcome to freedom!" said Langemeier, "You have no distraction. You can't even say I gotta run kids around to sporting events. You have no freaking excuse but to get to the playing field and learn."
For more information about Integrated Wealth Systems you can click here.
