Learn how to reset your finances
While in self-isolation
We are now entering the lockdown phase from Coronavirus. Let’s look at how to use your self-isolation for financial survival.
The PANDEMIC CRISIS most likely will lead to prolonged compulsory lockdown at home. It won’t be all over with a two-week voluntary home isolation. The global financial crash has surely only just begun and nothing anyone had planned for life or finances will be the same.
Filling in the time at home will become a problem. There is only so much Netflix you can watch and what if it goes down? The cleanup jobs around the house you always meant to do takes up some time at first. Closed hardware stores will stop new projects pretty soon.
Everyone will need a personal project to keep their sanity and relationships stable. It may be learning that language or perfecting your musical talents.
Once over the panic, horror and acceptance of decimated finances, the most useful project ever, is learning about and understanding your own finances. You need to understand where you are now and how to get out of this mess.
Most people think they have an above average handle on their financial understanding. Does that mean that following freely available infomercials have led everyone off the cliff together?
Don’t get angry or fall into despair.
Accept the situation and use your immense free time to learn, understand, and plan your finances.
Where to begin the journey of financial education and planning?
You could read the top 20 books on personal financial advice on Kindle or overload with “advice” from the web. A lot of web information is very useful, but it can be difficult to distinguish between fact and “infomercial”.
The basic advice suggested by respected authors is usually somewhat similar, but all with their own slant. Reading the lot will only give great confusion.
Learning how to condense, use and apply this knowledge to your personal finances is the challenge.
Financial Literacy Program
Whether you are an absolute beginner or have a reasonable handle on your investments, you are sure to find value in our Free Money Smart Tips in 3-Minutes a Day.
DIY Personal Financial Planning Software
If you are one who likes control and truly understanding of your choices, you could learn to use
financial modelling software like Financial Mappers.
Understanding your finances would be your most useful project ever.
The financial path we have all been following is proving to be a house of cards.
Use your enforced self-isolation time to understand where your finances are now, and plan your choices of action in the “brave new world”.
Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.