Keyboard and Mouse

$MONEY MONDAYS

With Tiffany Hollinger

hello@AskTiffanyH

October 26, 2020

I’m often asked how do I feel or what do I think about the current economy, as we are still living through this Covid-19, global pandemic.  Interesting enough, the bigger questions is how do they feel?  “According to a recent survey from NextAdvisor, 51% of Americans feel at least somewhat anxious about their financial situation following the coronavirus outbreak. Nearly three in 10 Americans’ financial situation (29%) has been negatively impacted since the pandemic began.”

 

https://time.com/nextadvisor/banking/coronavirus-financial-anxiety/#:~:text=According%20to%20a%20recent%20survey,impacted%20since%20the%20pandemic%20began.

 

Again, my response is, how do you feel?  As a financial professional, it’s more important to address the thoughts and feelings of my clients.  The primary way for me to do that is to provide them with tools and resources to deal with whatever financial issues they are currently facing and to create ways to address issues that may arise in the future.  The way I do this is by creating a Financial Plan.  However, please take note, if my clients did a financial plan before Covid-19 hit, it will require us to sit down and update that plan, as we would do with any other life changing events, like marriage, death in the immediate family, addition of a new child, layoff, a disability, etc. 

What are some benefits of Financial Planning you ask?  Many…..

 

1. A financial plan can help you increase your savings faster

- The ability to see your cash flow allows you to identify how you can save more

2. A financial plan can help offer peace of mind

- knowing that your assets and income is sufficient to cover the liabilities and expenses can help you rest easier at night.  Not to mention, that even if they don’t today, that here’s a plan to get you to that place. 

               

3. A financial plan can help you reach your goals

- Its creating a road map to help you get from where you are today to where you want to be in the future.  It also provides some tools for things that may occur in the future.

Not to beat a dead horse, but most Americans are just winging it, when it comes to their finances.  Typically only about 25% of people utilize any type of financial plan.  So, here’s my question. If most Americans are living from pay check to pay check; if most would incur an economic hardship if there was an unexpected emergency of $1,500 or more; if we are seeing the economic impact of this Global Pandemic and not sure of what the future impact may be…Wouldn’t now be a good time to create a Financial Plan?

                                                                                                                                                 

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

© 2020 by Women of Color Foundation

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