Tiana Clewis: Hey Dreamers and welcome back to my channel where we break down all things money so it can stop being an obstacle and start being what it is: a tool to help you create the life that you actually want to live.
Now in this particular video, we're going to go ahead and just talk about the one thing that everyone seems to be talking about right now: coronavirus.
I know, I know in many ways you are sick and tired of hearing about it. All anyone wants to talk about is how many people are affected? How many people passed away in Italy this week - which is a tragedy by the way. Um. Should we go into a nationwide quarantine? What's going on with all the toilet paper? These are the things that everyone is talking about and you're probably sick of hearing about it.
The truth is so am I. However it's happening, it's real and I really think it would be irresponsible if I didn't at least walk with you guys through this journey and help you figure out, "Okay, how do I financially survive the craziness that's going on in the world?" After all, money is kind of my jam and with everything going on, your money is definitely going to be impacted if it hasn't been already.
Now, if you're one of those people who's depending on the federal government to help you out - yes, they are working on some things. They are planning some thing., they are trying to find some ways to help people who are impacted by coronavirus - which is pretty much everyone - find a way to survive this crisis. However, if you haven't noticed, the federal government moves a little slowly and there's a very big chance that whatever relief they do provide to the average consumer isn't going to be all that much, which means you are going to have to take action into your own hands to make sure that your family is able to survive the craziness in the world.
So not only do I want to walk you through the crisis without tearing your hair out or completely losing to shirt off your back. I also want to help you learn some lessons from this crisis for yourself so that you and generations to come will be prepared the next time something major hits, because it might not be a worldwide phenomenon - it might be something that's just happening in your own home.
Now, before we get to talking about surviving this epidemic, you know, I have to introduce myself to the newbies on the channel - unless you're a newbie and then now you know. So I'm Tiana B. Clewis, a Financial Lifestyle Coach and Start-up Strategist who has dedicated her life to helping women entrepreneurs escape the nine to five grind and use money as a tool to build a life that's worth living - something that I'm living out each and every day, coronavirus or no.
If you want to join me on this journey, like this video and subscribe to my channel below. Then hit the bell to make sure that you are notified each time I drop new videos every Wednesday and Saturday.
Okay. Now let's get back to the subject at hand: Corona.
The first thing we have to do in moments like this is bring our budget down to a bare minimum, like absolute bare minimum where you possibly can. I'm talking about like you look at your budget and you focus purely on the necessities, the four walls, the home, and the utilities, the groceries um, making sure that you have adequate transportation because periodically you are probably going to have to go to the store. Making sure that those things are covered. And then just hitting a couple of basics, like making sure that your debts are going to be paid. But overall we are bringing the budget down to the bare minimum as much as we could possibly can.
If the virus is causing a slow down in your business, same rule applies. Bring the budget for your business down as much as you possibly can. We want to get to the bare minimum necessities to keep your business alive, because this is something that can last for quite a bit of time.
So the first thing is looking at our budget, bringing it in as much as we possibly can, and there's a reason for that.
The reason is actually the second thing on the list that we have to do: focus on saving money. All that extra money that we're no longer spending, now that we've brought the budget down to pretty much a bare minimum, we're going to save that money as much as we can.
Again, remember, this is something that we don't know how long it's going to last. Some say it's gonna last three months. Some say it's gonna last six months. Some even say that it could last into 2021. How insane is that?
So right now we need to be saving money because having money, having cash on hand is going to allow us to make quick moves, make quick adjustments in our lives. We can't sit here and depend on being able to take a loan out of our 401K cause in case you haven't noticed, most people's 401ks are crashing right now. We'll talk about that later.
But cash on hand: we gotta have it in these sort of moments. So save as much money as you can from what you have eliminated from your budget.
The next thing is I want you to work as much as you possibly can. Work, work, work, but do it safely. If you're like me and you're blessed to be able to work from home, then girl get yo work done from the house.
But if you actually have to go into a building, go into some sort of office that hasn't been, you know - I wouldn't say dismantle, but you know what I mean, like that hasn't been impacted by like these limitations that are being set - make sure that you practice the good hygiene practices that's being encouraged by the CDC. Make sure that you're wiping down stations. Make sure that you're washing your hands, make sure that you're sneezing into your elbow.
And if you see someone over there who's not sneezing into the elbow, be like "Sis, here's a tissue." Help them out. Help yourself out. This is going to be important.
And don't make a bunch of pit stops. So you know how normally you will stop at Starbucks and then you might go somewhere else to get your actual breakfast because, you know, maybe you don't want to spend $4 on a sandwich. I'm just saying. Don't make a bunch of pit stops. You're not going three or four places. You're going to work and you're going to home.
But work as much as you can safely. Again, this is about loading up on as much cash as you possibly can. There are medical expenses, and right now our government has not waived the medical expenses related to the coronavirus. So since those haven't been waived, you have to be ready to take care of anything in case someone in your family gets sick or if they get sick from anything else that normally goes around like the flu. You know, we're still in flu season, right?
So you need cash on hand to take care of medical bills, to be able to pay for groceries and to be able to survive if more things begin to shut down. So work as much as you possibly can and you're going to take that cash and you're going to do what we just talked about in the second one, which is save the money.
Now this one is so important that I had to say it twice. Number four is to practice exceptional hygiene and, of course, social distancing so that you can stay safe.
What we don't want to do is we don't want to create unnecessary medical bills by running around and contracting the virus when we could have possibly avoided it. So practice your hygiene, practice social distancing.
I know you want to go to the movies. I was just thinking about how I'm going to have to adjust my son's goals on his little Goaly device because he earns stars and with his stars, he can do things like go to the movies. Well, we can't go to the movies right now. It's just not the wisest thing to do. So I know you want to go to the movies, you want to go to the mall, if you like to shop - I don't understand you people who like to shop, but Hey, you want to do these things? Well, we can't right now and we need to stay home.
So social distancing, stay home as much as you possibly can, except for when you're working or going to the grocery store or picking up maybe some medical supplies.
But you don't want to risk getting sick ,um, to the point where you have to pay for medical bills. You don't want to risk someone in your household getting sick to the point where you have to pay for medical bills and hey, you don't want to be in a position that you have to stop working because you're sick. So you can lose income and you can create additional expenses if you don't practice the exceptional hygiene practices, which honestly...
Can I be honest? These hygiene practices are not exceptional. Wiping down your keyboards and wiping down surfaces you touch is actually a really good standard practice. Having hand sanitizer is a really good standard practice. Washing your hands often is a really good, just standard everyday practice.
So, okay, I'm gonna stop saying practice exceptional hygiene. Just practice hygiene.
If you're struggling to make ends meet, the next thing I want you to do is I want you to contact your creditors, your utility companies, and other people that you owe money to, to see if there's any sort of assistance or a grace period that's being provided.
There are a number of companies that have come out and said that they are going to, for example, um, suspend cutoffs, or they're going to waive late fees, or they're just, basically just going to suspend everything for like two months. Now, that's not everybody, so I don't want you to assume that the companies, your utilities, your creditors are going to do that because not everyone is saying this.
Frankly, most companies are not saying this. Most companies are going to be lucky to keep their doors open in this situation, especially small businesses. So don't just assume that there's going to be assistance, that there's going to be a grace period. Give them a call, see what they're doing, see what they're offering, and then work around based on what it is that they're offering for you.
Now, if these companies are not going to provide any sort of assistance, there are a number of organizations out there that are working to provide, um, assistance to people who need it. There are a number of locations that have food pantries that, um, that will actually help pay bills if necessary. There are a number of companies that are actually creating entire funds specifically to support, um, individuals who need assistance.
There are those who are giving out free services. For example, we recently found out that Spectrum is actually offering free internet in our area for those who are effected by coronavirus and didn't have internet before, but now their kids are at home and their kids need to continue their education, so they have to do it online.
Different companies are providing at different services. There are nonprofit organizations out there, churches out there. Even professional organizations are coming together to create resources and funds for people that are being impacted negatively by Corona virus. So if that is the case. First contact your companies, your creditors, see what sort of grace period assistance you can get, and then if necessary, reach out to those sort of organizations.
So keep your ear to the ground and if you're having trouble finding something like that, shoot me a message and I will do what I can to help you find some resources.
My sixth survival tip is to ride the waves of the stock market. Remember when I mentioned that a lot of people's 401ks are not looking real sexy right now? Yeah, I know. I'm sorry.
Matter of fact, I know someone who, they looked at their 401k a few months ago and discovered that they were a millionaire. My prayer is that they are still a millionaire based on the looks of their 401k, but we don't know because the stock market is acting up right now, and the truth is, with everything going on, there's not really a whole lot of evidence that is going to get better anytime soon.
However, let me assure you that it will get better. Every time the stock market crashes, every time it begins to plunge, every time there's some sort of recession, the stock market, yes, it goes down, but eventually it always recovers. Always.
When you think of the recession that we had in 2008 and the way that the markets plunged but then recovered. Well, it recovered well above what it originally was in 2008 when it crashed in the first place. And that's the same sort of thing that you can expect because that's what always happens. So I want you to just ride the waves of the stock market.
There's only two times when I want to make an exception. The first, all I want you to make an exception is if you are owning stocks in a company that we're like 95% sure is going to go bankrupt. And there are some companies like that that are going to go bankrupt.
Now, today is not the day to pull that trigger because the government is working on some major bailouts for a number of the big companies. But if your company's not really going to qualify for one of those bailouts, and they were already like borderline chapter 13 anyway, that might be a stock that you want to go ahead and pull out of.
The second exception I want to make is if you happen to be a person that has just cash lying around - like your emergency fund is right, you have no debt and there's just like extra cash here that you don't even think you're going to need for a while - go ahead and toss a little bit of that into the stock market. You know, go ahead and buy you some stocks.
The reason why is because you make the most money when you buy low and sell high, and right now we're in a place where things are low. Now is it possible that things will go lower? Yes, but most of us don't know how to time the market like that.
Okay, here's a secret: no one knows how to time the market like that.
And since no one knows how to time the market really, even though they claim they can, they can't tell you when it's going to hit its lowest point. So at some point you just got to pull the trigger. You just gotta buy the stocks and then you've got to ride the wave. All right.
Well, that's only if you have more than enough to be able to take care of your family, during this next crisis, and then if you've got a bunch of extra, then that's when you toss it into the stock market. Otherwise, save your cash so that you can take care of your family during this crisis.
Number seven is once you've done all that, you can do trust that God can handle the rest.
Come on now, y'all know who I am. You thought you was going to get out of here with a little bit, without a little bit of scripture. Come on, Sis. Come on.
When you look at Luke chapter 12 verse 22 through 26, it says, um - and I'm going to read the NIV version, the New International Version. I'm a King James Version type of girl, but, NIV is easier for people to understand, so we gon' to read that.
So Luke 12, 22 through 26 says, then "Jesus said to his disciples: Therefore, I tell you, do not worry about your life, what you will eat; or about your body, what you will wear. For life is more than food, and the body more than clothes."
"Consider the ravens: They do not sow or reap, they have no storeroom or barn; yet God feeds them. And how much more valuable are you than birds!"
"Who of you by worrying can add a single hour to your life? Since you cannot do this very little thing, why do you worry about the rest?"
You've done what you can. You've pared down your budget as far as you can go. You've made as much money as you can. You've saved as much as you can. You've quarantined yourself and you've done all that you can. At this point, all that you can do now is depend on God and trust and believe when I say that God is there and He loves you and He's ready and willing to take care of you.
Just be willing to receive His grace. Be willing to receive His love. Seek out to Him. Pray to Him. It's okay to be scared, but tell Him that you're scared and He's the one who will provide you comfort in this time of complete and utter chaos. But, He's got your back. Know that. If I didn't believe it, I wouldn't be telling you.
So you've done all you can, and once you've done all you can depend on Him to handle the rest.
If you give me some more time, I bet I can probably come up with some more survival tips, but I think I've given you the most important ones. Plus you guys know me if you've been to my channel, you know that I love the number seven. It's the number of completion in the Bible, so I like to stick to that number when it comes to tips and strategies.
Now that we've gone through these tips, next time, we're going to move away from that and start exploring the lessons that we're able to learn from this crisis. Because once we get to the other side, we can't let ourselves get caught unawares ever again. So join me here on Saturday for that part of the journey.
Now, if you're feeling a little impatient and you want to go ahead and walk through those lessons, now I have you covered. Just how much of the Dreamers Financial Playbook podcast, wherever you like to listen to podcasts and download episode number 96. Simply fast forward to around the halfway mark in the episode, and boom, you're in business.
You can find links to the Dreamers Financial Playbook podcast on iTunes, Google Play, iHeartRadio, and more in the description below.
Before you run off to the DFP, let me know that you found this episode helpful by hitting the thumbs up and subscribing to my channel. Don't forget to hit the bell so that you're notified when I drop my lessons this Saturday.
Finally, if you're looking for more information that will help you to take control of your money so you can succeed in this crazy season, there are two videos that are exactly what you need.
With that, I'll see you on Saturday. Bye bye.
If you’re one of those people struggling to figure out how you’re going to keep it all together in the midst of this insanity, I want to help. From now through the end of March, I am offering everyone a free Dream Builders Strategy Session. Just use promo code “HELP96”:
Get more tips and strategies on creating a stellar budget here:
COMMUNITY: Looking for a safe place to have real conversations about money and how to leverage it better? Dreamers’ Financial Sanctuary is that safe haven you’ve been looking for: where you can talk money and finance in an encouraging and inspiring space that is designed to help you reach the next level. JOIN US AT https://www.tianabclewis.com/sanctuary
COACHING: You may know what you need to work on or you might have your financial goals, but you still need help getting there. Let's hop on a video chat and talk through what's getting in your way and how to knock it out of your way! Best part is… the first session is on me! Grab your Rapid Strategy Consult today at https://www.tianabclewis.com/bookonline
CLICK TO TWEET: https://ctt.ec/aIB3e
Let’s connect on social media:
Want more but on the go? Check out the Dreamers Financial Playbook podcast:
Google Play: https://www.tianabclewis.com/googleplay
iHeart Radio: https://www.tianabclewis.com/iheartradio
CREDIT: Subscribe Button by MrNumber112 https://youtu.be/Fps5vWgKdl0
ON YOUTUBE: https://youtu.be/2EMM1ryI_JM