In this unprecedented global pandemic, it can feel like a lot of things are out of your control.
One thing that’s not is your money.
Here are some immediate next steps that you can act on to take control of your money.
1) PROTECT YOUR “4 WALLS”
In times of crisis, you need to protect you and your family. Start with your most pressing needs: food and groceries, electricity and water, mortgage or rent, and transportation.
2) BEEF UP YOUR EMERGENCY FUND
This is your insurance against rainy days and we’re in the middle of a hurricane right now. Aim to have at least 3 to 6 months worth of expenses saved up outside of your investments. If that seems daunting, start with $1,000 and work from there.
3) GIVE & BE GENEROUS
We’re all trying to get through this together. Consider donating to your local food bank, paying for a struggling friend’s rent payment, or doing something to help benefit your local community.
4) LOOK AT INVESTING EXTRA CASH
Have money above and beyond what you need right now? Look at taking advantage of the current markets by adding money to your retirement accounts or other investments.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through HighPoint Advisor Group, a registered investment advisor. HighPoint Advisor Group and Kennedy Financial Group are separate entities from LPL Financial. Steven Fronrath is solely an Investment Advisor Representative of HighPoint Advisor Group, and not affiliated with LPL Financial. Any opinions or views expressed by Steven are his own and are not those of LPL Financial.