Every Friday we send out an email called “Financial Friday” to almost 300 subscribers. This email details some suggestions we for the toilet paper shortage, the economic effects from the Coronavirus, and our recommendation to be prepared financially for all of it. If you’d like to get this email, subscribe here: https://mailchi.mp/c6a0738d2f6f/financialfriday
|Financial Friday. A short weekly email that includes financial stories, tips, interviews, deals, podcast, book recommendations and more! |
Here is your weekly dose of financial and life wisdom.
1) What we’re watching —
We’re always looking for solid, enjoyable entertainment. This show, has been especially enjoyable for us, and was recommended to us by a Dutch millionaire. Marcus Lemonis is the Chairman and CEO of Camping World and host of the show. He goes into small struggling businesses and offers investment and business coaching in exchange for himself being in charge of the entire operation for a certain amount of time. Definitely provides some drama, facepalming, and business lessons along the way! Can be found on CNBC (free/purchase), and Amazon Prime (purchase).
2) A Non-Profit We Just Can’t Stop Admiring —
How do you feel about abortion? Bet you didn’t see that coming. This non-profit has found a solution that’s pretty incredible. 84% of women who get abortions said they felt like it was their only option when they did so. Save the Storks focuses on solving that problem. They build vans full of medical equipment and resources for pregnant women, park them outside of abortion clinics, and give the expectant mothers resources to help them succeed in Motherhood. Of those expecting mothers who enter their vans, 4/5 choose not to get an abortion. Instead of picketing and protesting “Pro-Life or Pro-Choice”, they realized that they needed to offer a solution to the problem, not just more words. This is the type of thinking that will solve many problems in America. The beauty of this solution is it does allow for the women’s choice, but it educates and empowers the expectant mother on her choice. Watch this video to learn more about them here.
3) A quote we’ve been pondering —
“The measure of a country’s greatness is its ability to retain compassion in time of crisis.” – Thurgood Marshall
4) What to do now for Coronavirus —
Make sure you have at least two weeks of the essentials on hand. Don’t go crazy, but having two weeks of food and basic necessities would be wise, especially if you have kids. (Diapers, wipes, etc.)
One solution to toilet paper is a bidet. (Sprays your underside with water to clean it and is an alternative to toilet paper.) We know several people who use bidets and totally love them, even when there isn’t a toilet paper shortage.
This article talks about the importance of acting now and not waiting to practice social distancing – in order to slow the spread of the disease. We can’t overwhelm our healthcare centers, that is where the disaster will strike. Highly thought provoking and employs good data. It’s also received 18MM views in the last 48 hours.
5) How We’re Financially Preparing for the Economic Impact of Coronavirus–
Far more worrisome than the disease for most of us is what the economic impact will be. With pretty much any business that has any type of public need to survive (entertainment, restaurants, supply chains to and from China, and so on) the economic ripples will be felt in the weeks and months to come. Jobs are going to be lost, and weak parts of the economic system are going to crumble, affecting the rest of the infrastructure.
Here’s what you should do now to prepare for the coming months:
1. Save a $1000 emergency fund
2. Get out of all debt besides a house.
3. Save a 6 month Emergency Fund
In that order. Take our course to see how to do this extremely fast.
During this time of social distancing, and self-quarantine, it would also be wise to have at least 3 days worth of cash at home. This amount would help you and your family survive if you had to purchase everything from other people and had nothing at home. The cash should be in $1, $5, $10, and $20 bills. It’s smart to have some cash in times of crisis in general, regardless of coronavirus this is something you should do! Also, this can be a part of your $1000 or 6-month emergency fund.
Enjoy your weekend and stay safe!
Dan and Kay
P.S. Forwarded this E-mail? You can sign up to receive Financial Friday, every Friday, here.
P.P.S. If you haven’t done your taxes yet, Turbo Tax is a great option. We’ve done our taxes through Turbo Tax the last three years. Unfortunately, even if Coronavirus is still making us all stay in our homes, I’m pretty sure the government will still want our taxes.