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Flexible Payment Planning


With Tiffany Hollinger


August 31, 2020

While Covid-19 is still ever-present and continuing to have a substantial financial impact in every economic realm, the effect from COVID 19 has been tremendous. The results have been felt from big corporations, small businesses, and to the everyday individual households. In the previous article of Money Monday's with #AskTiffanyH, I shared that I would provide a few tools that have built wealth for many after the Great Recession of 2008, which can be good examples of potential opportunities after Covid-19.


However, I would be remised if I didn't provide a few recaps:


1. Take an assessment of where you are financially.

At a minimum, write down and list all your expenses; it's no better way to attack debt than to see them in writing. It becomes real, and your subconsciousness begins to focus on it, thus becoming a significant priority. Write them down!!!


2. Contact creditors and ask for assistance.

Creditors have made several available ways to help individuals and households by either reducing, eliminating, or adjusting monthly payments for a few months. Utilize the help: credit cards, car notes, student loans. Call them today!


3. The amount saved from above or any other means is a step in the right direction. Save as much as possible!  DO NOT use your savings to pay off debt, make home improvements (necessary repairs, yes, improvements, no), or go on vacation. SAVE SAVE SAVE…….


You aim to position your finances, strengthen your financial stability, and aid in leveraging future opportunities. The most significant amount of wealth created in this country has occurred after a financial crisis. So, by increasing your savings, you position yourself to excel and create wealth when the global pandemic has passed.


After the 2008 financial crisis, the housing market bottomed out in most states in the United States around 2010-2011. So, in 2011 Real Estate was at an all-time low. Thus, as I'm sharing my persona experience along with several of my Real Estate Investor cohorts experience. During this time, in Northeast Ohio, single-family properties could be purchased for prices between $2-7k in several working-class communities. Yes, these properties needed anywhere from $5-15k of improvements, making the total investment between $7-23k. Yet, rents go for $800-950 a month, $9,600 - 10,800 annually. Now, this is Passive Income!  Depending on how your expenses are managed, this could net (after property taxes and insurance) $400-750 a month of a passive income! That's also a 30-39% annual return on your investment!!!!!


The moral of the story is that many could leverage this opportunity after the 2009 financial crisis because there were savings! Cash! Now don't fret! While money was needed to make the initial purchase, the repairs were paid for with money over time. For me, every two weeks when I got paid, I had something done to the property. It took me six months to finish the first property, remember this is not an overnight, get rich process; wealth is built over time. Yet, after that six months, I was able to rent it for $850 a month, and it did not have a mortgage! Then I repeated that process several more times. Here's the catch! Today, nine years later, the same house, the same condition, and the exact location go for $30k. Was it more possible that someone had $7k cash or $30K cash? The point is, the opportunity was most significant in 2011-2013.


So, I repeat, save! Save! Save! Because when this financial crisis passes, there will be economic opportunities available to create wealth. While I am not saying the opportunities will always be in Real Estate, what I am saying is out of every crisis arises needs. As needs arise, cash is the asset to leverage, utilize, and take advantage of the presented opportunities. Let this be the inspiration and motivation to work on stabilizing your finances now! To save, save, save, so that when this current financial crisis ends and opportunities present themselves, you and your household will also create wealth!


Any questions, more details, or tips, please contact me at or on Instagram at @Ask_TiffanyH, Financial Planner & Realtor.

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