How to Navigate a Financial Crisis

Learn how to navigate a financial crisis like a seasoned chief financial officer!

• You navigate a financial crisis by first choosing to stay calm. Observe and plan rather than act on fear and panic.
• You remember that money is a tool.  It does not define you.
• You practice thinking by asking yourself, “How do I guide my family through the COVID-19 pandemic without losing my job or closing my business.”
• You step up and show your employer that you can communicate effectively and work with little direction. 
• You step up and maximize your professional value by volunteering for difficult tasks and hone your leadership still through training and experience.
• You are taking advantage of any excess downtime by focusing on a side hustle.
• You are grateful for the opportunity to work from home because it means you get to spend more time strengthening or repairing family relationships.  You fully embrace that we are all in this together.
• You have a wealth mindset and realize that your wealth will grow even if your income shrinks so long as you can manage expenses, negotiate and avoid more debt.
• You make a well thought out short-term plan to get you through the next 6 months.  You make sure that this plan is not at odds with your long-term vision for the future.  It does not make sense to throw out our long-term goals given a short-term crisis.
• You have been tracking your expenses at least quarterly and know exactly where you can cutback and where you need to spend more.
• You perform a financial self-assessment of your finances and your ability to withstand any financial setbacks.
• You closely monitor the stock market and look for the best opportunity to get back into the market by reviewing price evaluations of the S&P 500.
• You closely monitor mortgage rates and bond markets for opportunities to save, make or protect money. 
• You understand that discipline equals freedom and know that actions you take now could make or break you in 1,2 or 5 years.
• You write down what is happening, what you are thinking, and what you are doing to make sure you learn and grow from this.
• You believe in yourself. You got this!

Dale