How to handle your finances during the Covid-19 crisis

Is this the right time to enter the stock markets?

Friends, I hope you are all keeping well in these strange coronavirus times.  This was not planned but I thought it would be good to exchange ideas on how to get through this crisis and potential recession.

The Covid 19 or Coronavirus has been spreading rapidly at a fast pace across every country in the world. This has had a tremendous impact so far for the infected people, the way we live our daily lives, the global economy, and our finances.

For those who do not know me, I am from Belgium, currently live in Luxembourg and here the current measures have been reinforced as of last week. In short, everything is closed, except the bare minimum: grocery stores, pharmacies, hospitals and so on. People can cross borders only with a valid reason (and there are controls by the police). The rules are strict but I am glad about that. This virus is a sneaky and devious beast:  you may be infected without showing apparent signs and you might pass it on unwillingly to your friends, family or random stranger. So if not for yourself, practice social distancing and do not infect groups of persons that are more sensitive to it like your grandparents for example.

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Sure, It will be an adaptation to stay at home to work remotely with the whole family for the coming weeks, but it is a short-term pain for a long-term gain for everyone. The virus, this enemy has already taken a toll on too many lives and one of the ways to help each other is to “flatten the curve” of the projected amount of infected people by avoiding as much contact as possible. The sooner the expansion of the virus is under control the sooner our lives will go back to normal (and our finances as well). I will not expand too much on the medical issues, stats and guidelines, I’ll leave that to the experts 😉.

Here are the topics I am discussing today :

  • The most important: Your health
  • Practicing gratitude every day. This is something I have been doing for a few years and for me, this has helped me to gain more mental strength a bigger desire to do good and less desire to do harm. Try it for one month and let me know how it went. This will also help you to be less subject to panic. And on that note, I invite you to watch an excellent video on the topic by Matt D’Avella, How to deal with uncertainty.
  • Emergency funds, the crucial piece of your personal finances in a crisis. Check out as well these excellent tips from my friend Jacob: Emergency Budget: How to Budget During a Pandemic.
  •  We’ll recap some useful financial definitions: Recessions, bear markets, and Black Swan events.
  • Stock Markets: What should you do? Is it the right time to get started? Which stocks should I buy?
  • Let’s help each other, every little gesture can go a long way so let’s behave and care for our neighbors (let’s not behave like the douche that hoards 400 rolls of toilet paper at the supermarket,…)

Listen here:

…or listen on Apple Podcasts or Spotify.

Amigos, I hope you will all stay safe and healthy during this pending recession. But rest assured, this pandemic like the previous ones will pass 👊.

RESOURCES 

Man holding sign for Covid
Photo by cottonbro from Pexels

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