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Thread: Coping with the financial crisis

  1. #1
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    Default Coping with the financial crisis

    I've always been relatively responsible with money, but with the coronavirus I'm getting more aggressive with my financial health.

    Recently, I joined YNAB and it's been a tremendous help vs. my paper and pencil budget. They even have a Facebook group for people who have just lost their job. They have a free trial BTW. I'm doing everything I can to save and make money right now.

    I hope you all are doing well. How are you adapting to the financial crisis?

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    Senior Member minibagel's Avatar
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    Default Re: Coping with the financial crisis

    I have also being taking my finances super seriously. Saving and investing is my top priority right now. I don’t have YNAB, but I make spreadsheets for everything. I just paid off my student loans on Thursday! I finally have more money to put in my solo401k and maybe Roth IRA, currently I am looking into getting a brokerage account for index funds.

    Good luck on your goals!


    edit: meant to say taxable brokerage account
    Last edited by minibagel; 05-16-2020 at 10:00 PM.

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    Default Re: Coping with the financial crisis

    Check this out, its a free version of YNAB.

    https://aspirebudget.com

    Ive found a lot of info and guidance from the Personal Finance and Financial Freedom Early Retirement subreddits.

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    Default Re: Coping with the financial crisis

    Just being thrifty and realistic about long term finances.

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    Default Re: Coping with the financial crisis

    Financial health has always been an important for me. Now, during the quarantine I am not filled with the desire to risk my health, i prefer staying at home So, whats the answer? At I've been spending these months with fun and it helped me to earn some decent amount of money.

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    Default Re: Coping with the financial crisis

    I use every dollar www.everydollar.com it's free to use it. or you can get the 15 day trail of the new Ramsey+ I've been using the free account since 2017.

    Right now working baby step 2. $2,000 to go.

    I am definitely way more control of my money then ever before in my life.
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    God/dess Zofia's Avatar
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    Default Re: Coping with the financial crisis

    Dave Ramsey's basic advice is very sound. Spend less than you make! Save at least $1,000 in an emergency fund and then start to pay down your high interest credit cards and other debts.

    Where I disagree with Dave Ramsey is the use of debt financing. Certain debts are acceptable in my book. Debt to buy things that make money is fine, at low interest of course. Debt to buy a house that you can afford is fine. Trying to buy a house without debt requires a considerable amount of wealth and then ties up too much of your wealth in an asset that is a necessity, but a somewhat costly necessity. I would prefer buying a smaller home with a mortgage at a low interest rate and paying it off over time letting inflation make the purchase even cheaper for me.

    I borrowed money, a lot of money, to buy my business. I have paid off most of that debt and the business is paying me handsomely now. I did take the PPP loan for my business, approximately $1.0m. I expect to meet the requirements for conversion to a grant, so that will be a big win-fall for my company, and ultimately me in November or December if all goes well. And, the PPP loan has made it possible for me to keep the business going through this period.

    HTH
    Z

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    Default Re: Coping with the financial crisis

    Quote Originally Posted by Zofia View Post
    Dave Ramsey's basic advice is very sound. Spend less than you make! Save at least $1,000 in an emergency fund and then start to pay down your high interest credit cards and other debts.

    Where I disagree with Dave Ramsey is the use of debt financing. Certain debts are acceptable in my book. Debt to buy things that make money is fine, at low interest of course. Debt to buy a house that you can afford is fine. Trying to buy a house without debt requires a considerable amount of wealth and then ties up too much of your wealth in an asset that is a necessity, but a somewhat costly necessity. I would prefer buying a smaller home with a mortgage at a low interest rate and paying it off over time letting inflation make the purchase even cheaper for me.

    I borrowed money, a lot of money, to buy my business. I have paid off most of that debt and the business is paying me handsomely now. I did take the PPP loan for my business, approximately $1.0m. I expect to meet the requirements for conversion to a grant, so that will be a big win-fall for my company, and ultimately me in November or December if all goes well. And, the PPP loan has made it possible for me to keep the business going through this period.

    HTH
    Z

    You obviously have a lot of knowledge of finances. Good for you. I wish more women were smart with money.

    Dave Ramsey is unsustainable and I got bullied in his group from a guy that recognized me from the club. Dave Ramsey seems to attract a following that I don’t vibe with.

    I started a debt boot camp with YNAB. Finding a healthy money support group has helped me so much. They have a lot less black and white thinking and value judgements in the YNAB community. I’m not like, “Hey I’m a cam model”, but I don’t think I’d be viciously attacked either.

    YNAB teaches to reduce debt, but they have a healthier attitude about finances. I wouldn’t have survived the pandemic without student loans.

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    Default Re: Coping with the financial crisis

    About 40% of Americans don't have enough ready cash to pay for a $1,000 emergency. That is a big market he is playing to. Good marketing, not always applicable. Financial advice is really very particular to the specific situation

    Z

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