Managing Finances Through COVID-19

(Tami): Hey everyone, this is Tami Green and I have a surprise guest this morning. Some of you know him very well. I'm America's most respected life coach and I'm the inventor of The Brilliance Code. 

Before we go into the live presentation, I just want to show you the shirt I have on! It says, “girls can do anything.”  My husband got me this shirt.

I want to give a shout out to my daughter, Elizabeth Price (link to her name to her social media public page) who is the author of the Victoria-Tate Blog (link to her blog www.victoria-tate.com.) See her guest post on dealing with anxiety here (link here: https://www.tamigreen.com/blog/2020/3/25/pure-panic-life-with-anxiety). 

Also, I want to give a shout out to our beautiful six-year old twin daughters, Graci and Lilli. They are forces of nature. Stay tuned for more information about their new Instagram channel, because we all need a little cuteness right now. 

I am going live every day to give you guys resources and information to deal with the COVID-19, the Corona Virus. And I have in my household one of the best resources for you on something that's worrying us the most: our personal finances.

This guy here is my handsome husband, Craig!

(Craig): I've been in the investment business for over a 30 years working with clients and the investment advisory business. We now have a platform in which we, support investment advisors across the country.

(Tami): Craig is going to talk about resources for you guys during this Corona Virus outbreak and our recovery moving forward.

(Craig): Thank you. I know you're all about bringing resources to your followers, your team, your community, and you've given me an assignment to bring resources tangible resources that are happening today that will affect your personal finances. And one of which is really good. We found the best up to date resource, it’s called a hubforhelp@nytimes.com. The authors of this resource,Ron Lieber and Tara Bernard actually field questions, emails all day long. They're constantly updating the site.

Next, the $2 trillion stimulus package is supposed to be ratified today in Congress. It’s going to give help and resources to individuals, families, families with kids and also those, like us, who own small businesses. 

For every individual with an income below $75,000, if you're single, you're going to receive $1,200.  Families married with no kids will receive $2,400. There’s an additional $500 per child. The estimated timing of that will be in two to four weeks. So I would, I would push it to four weeks because it takes time to set up.

(Tami): I think a lot of us want to know timelines. I know I’m asking you these questions nightly as your wife concerned about finances right now. And so I think a lot of people want to know how much they will receive but also the timeline.

(Craig):  The other thing that the federal government is doing is enhancing employment benefits. If you've lost your job—file for unemployment with your state. Our states usually give $200 to $500 a week. The government is adding an initial $600 per week on top of that for the next four months. That will be a big help.

(Tami): I’ve had a question on this from our listeners: “Is it better that my company just keeps me employed without hours or lays me off right now?

(Craig): Yes, there is a part of this stimulation package to incent small business owners to not lay off people by providing them with small business loans. Some of them can be for forgiven for not laying people off. 

So if you've been laid off, there's a good chance help is on the way for your employer to get you back to work as quickly as possible. And that's a huge benefit. 

For those of you that have food needs,, there's something like 450 billion going to food assistance. They're going to stock food banks across the country. 

(Tami): I've been accessing the New York Times as they've got the best information right now on everything. When you sign up for them, you may have to put in your email address. They're not going to make you pay for this.

(Craig): Right. The New York Times is waiving all subscriptions so you can access all this information for free. 

The other thing, if there are students out there and you're worried about, “I've lost my job and now I can't pay my student loan: The package has suspended student loan payments to September 30.

(Tami): The next question is about paying mortgage payments and renters not wanted to get evicted. 

(Craig): Well, again, assistance is on the way for mortgage payments. Federally backed loans to make mortgage payments for the first 60 days. And then depending on needs, there's an extension of four 30 day periods. So that's four more months for a total of six months.

(Tami): What if you are a renter?

(Craig): There is help for landlords who do not evict tenants. Because, we want no disruption and for people to be displaced because of the economic situation we're in.

(Tami): When you were researching all this, did it make you feel better about the economy in general and for our listeners personal finances? I know our family members had been laid off. There's uncertainty, and you know, as a mother I'm worried about them. So as a father, did this make you feel better researching this?

(Craig): Very much. Help is on the way. 

The other thing that I would comment on, is regardless of your politics, I'm really glad the president has put a stake in the ground and said, you know, by Easter we want to get the economy moving again. We want everybody going back to work. 

I was initially worried by this statement and thought, “wow, what if we're not through the virus by then? And the end of the outbreak is a moving target. 

But I think it is really important to put a stake in the ground and say, “at some point in time we're going to be moving forward. We may start with the non hotspots around the country and different ages of the workforce going back to work earlier. 

To answer your question, I am encouraged. I think there's hope and money and relief coming.

(Tami): We just had another question about people on disability. These are some of the most vulnerable people in our society. Is there anything passed for additional relief for people on disability?

(Craig): That's really a good question. I would email you can email hub for help at [inaudible] dot com with your question. I'm confident that she will get a good answer.

(Tami): Guys, if you know the answer to this if or if you hear of any resources for mental health, the biggest appeal I can give to you guys is to let us know or post on our social media. I really want to be a resource for you guys for help right now.

This is a huge resource my husband's given us right now.

(Craig): Yeah, we're in this together. We are big time.

You know, for my kids and others who have 401k plans and money in the stock market, there's just been this huge swing of volatility, which is very disconcerting. The recommendation is if you have a financial plan and you've got your goals, know that there's going to be gyrations in the market all the time. 

We’ve weathered through lots of storms over the years, including the 2008 crisis. And unless you have specific needs and need cash, go to short term reserves first, but stay the course with your investments.

(Tami): Stay the course and keeping your money in the stock market.

(Craig): Precisely. Here’s the reason why this last month, from peak to trough, the market decline was 35%, which on paper wiped out a lot of people's net worth, right? 

But the last three days, the market has rebounded 20%. Just think if you panicked and got out at the bottom, you now miss that 20% increase in a short period of time. So that's, that's when I say stay the course.

(Tami): So what's going to happen to the market? I know it's impossible to predict. Is it going to go down?

(Craig): I think we're going to have a lot of volatility as we sort through the impact of the Corona Virus on the economies. But these are temporary times and we will get through them. It's not like the banking crisis where our economy was really fragile and teetering—we went into this with a very strong economy. Obviously all economies, and particularly ours, are consumer based. And that's why the stimulus package is so important to get people back to work, to get help for people, to make it through this period of time.

(Tami): I was going to talk about that. So, basically guys, think the government right now and their priority. They worked on the Corona Virus to get it contained and that's getting under control right now. All the testing, all the masks, all the ICU beds. There is still more to do, but it’s getting under control. 

Our president and other lawmakers are already onto the next phase. The next phase now is getting our country going financially. 

The stimulus package and these appeals to get back to work are so important. 

Craig just said that our economy is based on consumer spending. You can think about the economy from a high level and funnel down to our personal level. We need employers and we need people working. The top priority is to get us back to work. And when Trump says things like, “we're going to start people working (I think he said he's gonna announce it on Monday) in low impact areas of the country” he is saying we want to get things going back as quickly as possible. 

(Craig): While also being prudent with the science of the virus too. 

(Tami): It's a balancing game for sure. I have another question from someone recently from a couple ready to buy real estate. They both currently have jobs. Would you advise them to buy right now or wait?

(Craig): It depends on the circumstances. With temporary dislocations and if there was a reduction of price from the seller and you felt there was an advantage to be had, I would say absolutely. And particularly if both income earners have, clarity on their income and there's not going to be any disruption there, I don't see any reason why not to.

(Tami): Thank you baby. We can be found at www.tamigreen.com That's my website. Be safe. See tomorrow, same time, same channel, even on the weekend.

💚, tg

About Tami Green Speaker – Author – Coach - Philanthropist – Entrepreneur Known as one of the most respected coaches, endorsed by renowned Martha Beck, Congress and more, Tami’s intention is to be a catalyst for people of all backgrounds, experiences, creeds, cultures or professions, to realize their ‘superhero’ within. Tami’s programs mobilize people to practice higher thinking – to grow and be more through utilizing life’s lessons or chaos, and capitalize on what might be perceived to be obstacles which are truly opportunities to see beyond. She has a mission to validate that you are just what and where you must be. No second guessing. She gives permission to be your normal. Emotions are there to tell a story. Examine your thoughts. Direct your life. Deliver to those who need to know what you have realized. Tami openly tells her personal story and introduces her tenets of ‘thought technology’. Pulling stories from others and changing those stories if, or as, they need changed, she provides the guidance to rewrite your ‘script’. Contact Tami at team@tamigreen.com