Welcome back to PSA Thursday, a weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
Today, we cover two topics:
- How to build an emergency fund during an emergency
- The investment approach you can take to weather the storm
Here are the points we cover:
- What to do if you’re worried that your emergency fund isn’t big enough to handle this crisis
- Recommendations on how much to put in your emergency fund
- Should you worry about having too much cash?
- The best savings and budgeting strategy to use if you haven’t experienced a decline in income
- What to do if you have had an interruption in your income
- How small business owners can pivot their business
- Strategies for breaking into freelancing during this time
- When to think about reducing your retirement contributions
- Using a home equity line of credit in a dire situation
- What does the rebound in the stock market mean?
- Why it’s so important to stay the course and not attempt to time the market
- The benefit of dollar-cost averaging
- Why we can’t compare this situation to any situation of the past
Resources Mentioned:
- Afford Anything community platform
- Paycheck Protection Program from the SBA
- The Red Backpack Fund – GlobalGiving, backed by Sara Blakely
- CARES Act
