Good Financial Reads: How to Handle Your Finances When Times Are Tough

3 min read
April 17, 2020

How to Handle Your Finances When Times Are Tough

7 Things You Should Do Right Now

by Joe Morgan, Best Financial Life

The market has crashed. Like we always knew it would.

We didn’t know when. We didn’t know why. And we don’t know for how long.

But we knew it would crash again, which is why we plan for it.

So, now what?

Here are seven things you should do right now to improve your position during this crash:

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For Such a Time as This...A Time for Heroes.

by Kyle Mast, Clarity Financial LLC

So much has changed in the past 2 months.  The COVID-19 pandemic has spread across the world and I often find myself wondering how you will look back on this historical event when you are older.

The world is changing quickly in many ways for so many people as we all try to adjust our lives to fight the virus.  People are losing jobs, are getting sick, and in some cases, losing their lives.

A defining moment.

Much of your life may seem average as you go through it, even though every moment is a true gift from God.  However, as history has shown, for every generation, there are defining moments that will call upon you to dig deeper and decide how you will respond to the current situation.


What's Keeping Your Financial Planner Up At Night

by Trent Porter, Priority Financial Partners

Amid a particularly bad day on the stock market a couple of weeks ago, I got an email from one of my longest-standing clients with the subject “We are fine - read at your leisure.”  Inside he told me the school where he teaches had been closed due to the COVID-19 outbreak, but how great it had been to take advantage of the time by playing board games and watching movies with his wife.  He gave me some inspirational quotes and said he wanted to make sure that between all of the reassuring of clients that I’ve been doing, I also take time to be with my family and take care of myself.   


How to Manage Your Personal Finances Through Tough Times

by Eric Roberge, Beyond Your Hammock

Figuring out how to manage your personal finances is never easy.

Most of us didn’t get a formal education in money, and even majoring in something like business or finance doesn’t help much when it comes to personal finance.

If we learn anything, it usually comes from our parents — and that might not be a good thing.

If nothing else, we can try and Google our way to a financial education… but that’s a bit like trying to drink water from a fire hose. There’s a ton of information out there (and, this being the internet, a considerable amount of it isn’t good data or even true).

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How Should You Be Thinking About Financial Freedom During This Crisis?

by Jake Northrup, Experience Your Wealth

The concept of financial freedom continues to gain popularity – either through the FIRE movement or people abandoning the work-until-you’re-65 mentality. However, it can be unnerving during times like this.

The market has fallen sharply, our economy is heading for (if not already in) a recession and your income may be unstable right now.

We haven’t experienced a recession since 2008/2009 and it’s never easy. Even though the cause varies, recessions are actually a very normal part of an economic cycle.

Because of this, you may be thinking financial freedom is not realistic anymore, but that couldn’t be further from the truth. This is actually a fantastic time period for you to reevaluate how financial freedom would actually work for you.



How to Build a Safety Net for Your Plan

by Massi De Santis, DESMO Wealth Advisors, LLC

You don’t have a sound plan for your desired goals in life until you plan for emergencies and setbacks. In financial planning, this means planning for and building the right ‘safety net’, an amount of savings you set aside and only touch in case of an emergency. How should we evaluate the amount of savings required in a safety net? The answer varies by individual and household, but here are some general guidelines.

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.