I like shiny nickels, how about you? I like dull ones too, those are my favorite because there seems to be life there. You might think who knows where that nickel has been? But I think the stories behind that nickel could be great to hear. For fun, I fill up a change jar in hopes for an awesome vacation which inspires me in the darkest of times. I love taking my jar to my credit union and getting the coins back in dollars in order to happily pay for my vacation in cash.
How do our nickels fare if you are on the brink of losing your employment, or ready to retire without an end in sight or losing your significant other including income as a result of that loss.
There is a reality that today, many of us Americans, let alone the world, is facing a new financial reality right now. Many are scrambling to figure out what to do as unemployment reaches unprecedented levels. As a widow, I had to learn some things as I lost 100% of my income in one day. I was sustained by the church for a year but I had not worked in 13 years because I was raising children and supporting my husband’s church. My BS in Criminal Justice & MA in Counseling was almost meaningless after such a break and I still had children at home. How do you learn to manage at a time of sudden loss of income perhaps while grieving the loss of a significant person during this Covid-19 pandemic?
Many of us might experience loss of a career in our mid to late 50’s. Some young people who have been successful in the hospitality industry and other industries have come to a complete dependence on their family since they had no real resources for finances during the downturn during the COVID shutdown of events. So what can you do practically?
What I learned practically during my difficult times was;
Conserve cash in my pocket
Conserve my cash, analyze my finances and minimize my expenses. I seriously looked at my receipts even in my business. I learned to track every penny on a plain 5 column spreadsheet which included any tips that I gave out. This helped me really see what I was spending money on, eating out was huge. I did not like being alone for dinner so I ate out. I was healthy but the cost for this was high. I loved to cook for my large family but when I became an empty nester within one year of the loss of my husband, my desire for cooking diminished to almost nothing except lunch and breakfast.
Before I became a finance and grief coach, I hired a finance coach who encouraged me to go down this path. He said, “Michelle, don’t give so much to charity, you are the charity.” Those were hard words to swallow but I had to think about that, I spoke to my children about it and decided to really analyze who and what I was giving too, then I made the necessary decisions to cut back, not totally but, with wisdom. I mentioned in an earlier post, we don’t like profiting off of loss but we should still be wise. Be aware of what you have for this season and conserve your cash in your pocket. My motto for my class at the local college is embrace your reality and plan purposefully.
In his famous and inspiring Man’s Search for Meaning, Viktor Frankl, wrote, “When we are no longer able to change a situation, we are challenged to change ourselves. … Everything can be taken from a man but one thing: the last of the human freedoms—to choose one’s attitude in any given set of circumstances, to choose one’s own way.”
Invest more conservatively
Your advisor, I am sure, does an excellent job in helping you work on your portfolio in order to have you set up for seasons just like this. Maybe consider protecting what you have from further falls or gaining insight to what might work best for you and your situation.
Other Alternatives
Refinancing your home loan
Get in touch with your favorite lender and see if there is a way to refinance your home if you own your home and need a little help during these unchartered waters. At a minimum, a new mortgage might hopefully provide a more affordable monthly payment. This could help in providing a little extra cash if needed.
Stay Healthy
it’s difficult to shine your nickels or pick up dull ones if you don’t feel well. This space we are all in, can create a lot of unhealthy thoughts, feelings and physical problems so self care is vital.
Self care is any activity we do purposefully to take care of our mental, emotional and physical health thus creating an improved mood and reducing any anxiety we might be feeling.
Stop and smell the roses
I live in Old Town Orange, I take a lot of walks just by virtue of habit. I love the flowers that are blooming right now, I for sure stop and smell them. You probably already have a good list but sometimes just taking a walk, smelling the beautiful flowers, working in your garden if you have one, reading a novel you have wanted to read but did not have the time, watching your favorite movie, hot tea or wine, enjoying long dinners or meals when normally our schedules are so busy we don’t take that time can be so refreshing.
Media prevents you from shining your nickels
I love what Benjamin Graham says in his very small print thick book, The Intelligent Investor, “People let Mr. Market tell them how to feel and what to do-despite the fact that he can be nuttier than a fruitcake. And by refusing to let Mr. Market be your master, you transform him into your servant.”
The media can go back and forth, it is just as volatile as the market right now, do your own research and educate yourself, use wisdom but don’t live and breathe by the media. Otherwise your shiny nickels might get dull and you won’t notice if it is a plugged nickel.
If you need any help, I am here!
~Michelle
