Realizing the Positives During Negative Times - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-03-24T07:00:13
In today's episode, you'll hear from your hosts only. Hopefully, you find some comfort in today's episode during this uncertain time.
This episode is covering the Coronavirus, how it impacts us mentally, physically, and financially even if we're lucky enough to avoid getting sick.
These are certainly tough times but we hope there are some bright spots you can use as motivation to get through this.We don't know how long this could last, so let's get through this prepared and together.
Listen, learn, and let us know what you think.Episode Summary
Topics Covered in Todays Podcast Focusing on Coronavirus and FIWe start off covering current correction
We’re currently at late 2016 levelsThen talk through scenarios if you pulled out of the market in 2008 and stayed out for X number of years
Even if you invested at the height of the market (September 2008), your annualized, inflation-adjusted return as of March 2020 is 4.5%Federal tax filing deadlines and payments extended to July 15 (including estimated quarterly payments)
Cover importance of having an emergency fundBriefly touch on unemployment benefits
Share our thoughts on if we get stimulus checks, what you could do with it Go over side hustling / extra income ideas
We look at how you can support local businesses and yourselfDo you have tech skills? Help companies go digital as a consultant
Share our opinions on stopping the spread of the virus (incubation period, social distancing, etc.)Give insight into our own personal impacts with travel etc
Brainstorm some low cost/ free hobbies you can do onlineHelp you see how Zoom/Skype tech can replace happy hours and social events
Emphasize fitness while quarantined Try to highlight the money you'll be saving during a quarantine
Then look to share some potential escapes you can still do that are quarantine friendlyRunning
Camping Biking
Photography Road trips
We go into over-preparing, mentally and financially, for the potential that life remains in an altered state for many monthsFinally, we remind you that now is the perfect time for projects you've been putting off, now is the perfect time to accomplish
Key Takeaways
This could take time: We have to plan both mentally and financially for uncertain times to consider for many months.Silver Linings: It's certainly not a situation any of us want to be in, but what can we do to come out of this as strong as possible?
FI is here to stay: There are voices out there calling for the end of FI, but there will never be a reason to stop aligning your spending to your values, living responsibly, and educating yourself on finances.Call to Action
Really think through and put together a plan for how you can last 8+ months living in this way that covers you financially, emotionally, and physicallyJoin the Community
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Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa