Here we are in July, halfway through 2020 and I found myself debating what to write about. While there are so many issues boiling over, my main concern continues to be how to help people navigate the economic uncertainty that appears to be our new normal, for the time being. One thing I knew from the beginning of the pandemic is that it would reveal the financial fragility that plagues millions and millions of Americans.
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I recently read an article (https://www.nytimes.com/paidpost/financial-health-network/taking-the-nations-financial-pulse.html) that laid out the statistics in a study by the Financial Health Network showing that only twenty-nine percent of Americans were financially healthy in 2019. According to this study, financially vulnerable people had less than a one-week buffer of savings and not enough insurance to help them weather an emergency. Sadly, those numbers were up from 2018.
As a bankruptcy attorney, I’m sorry to say that this is not a surprise to me. I’ve watched the income gap grow over the nearly two decades I’ve spent practicing bankruptcy law. This became even more evident as student loan debt began to get out of hand after the 2008 recession. College graduates, and their parents, are carrying more student loan debt than they ever have before. Add that to stagnant wages and what we have is an environment where it has become harder and harder to live a reasonable lifestyle. Then BAM, we get hit with the Coronavirus and the world’s economy shuts down.
It would be very easy for me to become disheartened by this unfortunate downward economic trend but I won’t. Do you know why? Because I know that Americans are resourceful and resilient. I know that while times may be tough, it is these tough times that fan the flames of our ingenuity and motivation. I also know that one thing we have plenty of is pure, solid grit. Now, and in the months to come, we’re going to need that grit like oxygen or water. We’ll need it to survive.
For an in-depth discussion on grit can help you break the cycle of poverty, check out this blog post from May of 2019.
Another thing I know is that our country bounces back strongly after a seemingly insurmountable tragedy. Look at The Great Depression, the 1918 pandemic, 9/11 and war after war. Through all of those difficulties, we’ve managed to not only survive, but thrive and grow like never before.
I truly believe that this pandemic will have the same result. While it will reveal our economic mistakes and the worst in some people, it will also shine the light on our path forward as citizens and a nation. It will show us what we need to work on to become better and stronger. I can’t wait to get to the other side of this pandemic and look back on it with wiser eyes and a more compassionate heart, and I will (sooner rather than later, I hope).
In the meantime, as we wait this pandemic out and struggle forward economically, I’m working to do my part to help people navigate this uncertain economy. If you haven’t seen an advertisement for it yet, I’ve created a FREE Financial First Aid Kit, designed to help people figure out where to start if they are in an immediate financial crisis. It’s a video and a handful of downloadable documents that you can use to begin righting your finances and getting your feet back under you after an economic punch to the gut. It’s a good tool that really can help you, if you need it.
However, the number one ingredient you will need to add in order to make your situation turn around is your own well of pure, solid American grit. No kit or tool will work for you if you aren’t willing to work for yourself. Then once you get your situation straightened out, look around you and see who needs the same kind of help and lend them a hand.
Sincerely,
The Dollar Lama
P.S. Make sure you check out my online courses, books and resources, too! Investing in your money management education is an investment in yourself. That’s the best investment you’ll ever make, I guarantee it!. Don’t forget my weekly Facebook live videos on Facebook.com/newcashview, Instagram @joyalfordbrand and on my YouTube channel NCVTV. You can catch me Thursday evenings between 7:00 and 9:00 (Eastern Standard time), for my weekly NCVTV episode. They are packed full of useful and entertaining money management information! If you’ve missed any NCVTV episodes, you can see the latest on newcashview.com
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