Every one of us has been affected by the Covid-19 pandemic in some way or another.  For some, the impacts may be minimal disruptions to every day life, while others may be undergoing serious health concerns or major financial turmoil.  These are unprecedented times for most of us and it often feels like we have very little control over the outcome.  Rather than spending time watching the barrage of daily headlines that often offer conflicting information, it is important to maintain mental and physical health by focusing on what you CAN control and taking action on those items.  Here are some things that I have done to greatly increase my opportunities for coming out of this financially stronger and recommend others can replicate in their own ways.

1. Update budgets and financial statements -  Becoming unemployed due to the pandemic has forced me to dive deep into my annual budget and financial statements to re-evaluate  discretionary spending.  Most of us have a lot of things that we can do without and not really suffer a major decline in lifestyle.  Personally, I was able to reduce my monthly expenditures significantly by going through my budget line by line.   So far, I don't really feel like I am missing out on anything.
2. Evaluate every bill that you pay - This is similar to point above but takes it a level deeper and actually looks not only if the overall expense itself is justified but if the expense be reduced.  In the cases where there are multiple providers, take this time to shop around to compare services and prices.  I was able to make a major impact on my bottom line by switching cell phone and internet services, trash removal, and prescription medications.  
3. Get quotes on insurance coverage - Chances are good that the insurance costs on your home(s), car(s), toy(s), etc. have continually escalated, especially if you have been with the same provider for a long time.  This is a great time to review your coverage and make sure that is in alignment with your risk tolerance.  By no means do I think that anyone should skimp on insurance coverage resulting in a catastrophic loss, but make sure that you aren't paying for something that you don't need.  Are your deductibles in line with what you are capable and willing to pay?  Does your coverage match the value of the asset insured?  Shop around for quotes, making sure that you are comparing apples to apples and considering the service provided by different providers.  I was able to find a reputable provider that quoted the same coverage I had on some rental properties for significantly cheaper.  The total savings added over $150 per month to my cash flow (that's $1800/year!)
4. Look for additional streams of income - Sometimes it takes an unexpected event like this to make us realize that even a "secure" job might not provide income during times of crisis.  Evaluate your skills, talents, and likes to come up with ways that you might be able to develop a "side hustle" for extra income.  That income can be used for savings and investments during good times and possibly support you during the bad times.  
5. Continue to build cash reserves - It may be harder than ever to set aside money in savings right now but doing so is also more important than ever.  With all of the uncertainty about how long the pandemic will last and what the future economy looks like, having an adequate supply of cash will be crucial.  Arguments can be made for both a deflationary and inflationary economic environment in the near future.  Building cash now will give you options to take advantage of opportunities in either case.

These five things are just the beginning of taking care of your financial house right now.  Obviously, taking care of yourself physically and mentally comes first so make sure that you are taking steps to stay healthy.  

Stay safe my friends!

Jim Rohn was one of the greatest and most influential speakers of our generation.  He had a knack for saying things that you knew were true but still gave you an "a-ha" moment.  Whenever I need some motivation, I fire up a Jim Rohn seminar on YouTube or read some of his great quotes that inspire taking action to make yourself better.  With all of the negative news surrounding Covid-19, world economies, and unemployment, I thought that a selection of my favorite Jim Rohn quotes might bring everyone some joy.

• "YOUR PERSONAL PHILOSOPHY IS THE GREATEST DETERMINING FACTOR IN HOW YOUR LIFE WORKS OUT."

• HAPPINESS IS NOT SOMETHING YOU POSTPHONE FOR THE FUTURE, IT IS SOMETHING THAT YOU DESIGN FOR THE PRESENT."

 

• "SUCCESS IS NEITHER MAGICAL NOR MYSTERIOUS.  SUCCESS IS THE NATURAL CONSEQUENCE OF CONSISTENTLY APPLYING BASIC FUNDAMENTALS."

 

• "LIFE IS NOT JUST THE PASSING OF TIME.  LIFE IS THE COLLECTION OF EXPERIENCES AND THEIR INTENSITY."

 

• "DON'T SAY 'IF I COULD, I WOULD.'  SAY 'IF I CAN, I WILL.'"

 

• "YOU CAN NOT CHANGE YOUR DESTINATION OVERNIGHT, BUT YOU CAN CHANGE YOUR DIRECTION OVERNIGHT."

 

• "THE BIG CHALLENGE IS TO BECOME ALL THAT YOU HAVE THE POSSIBILITY OF BECOMING.  YOU  CAN NOT BELIEVE WHAT IT DOES TO THE HUMAN SPIRIT TO MAXIMIZE YOUR HUMAN POTENTIAL AND STRETCH YOURSELF TO THE LIMIT."

 

• "THE MORE YOU CARE, THE STRONGER YOU CAN BE."

 

• "START FROM WHEREVER YOU ARE AND WITH WHATEVER YOU HAVE."

 

• "CHARACTER IS A QUALITY THAT EMBODIES MANY IMPORTANT TRAITS SUCH AS INTEGRITY, COURAGE, PERSEVERANCE, CONFIDENCE, AND WISDOM.  UNLIKE YOUR FINGERPRINTS THAT YOU WERE BORN WITH AND CAN'T CHANGE, CHARACTER IS SOMETHING THAT YOU CREATE WITHIN YOURSELF AND MUST TAKE RESPONSIBILITY FOR CHANGING."