As the COVID-19 pandemic rolled on, questions about job security and financial stability arose due to the nature of the virus. Unexpected unemployment and salary cuts could be causing individuals to feel anxious about their financial standing. Here are a few things to remember to manage your credit well. Steve Sorensen Embezzlement.
In a crisis as unpredictable as COVID-19, it would be helpful to review one’s current financial state. Monitor finances by going through all bank accounts, savings, payroll, and even investments. Estimate how far savings and emergency funds can go in the event of unemployment. The key to rising from financial anxiety is facing the truth about your wealth. Determine which parts of the usual expenditures should be cut. Steve Sorensen Embezzlement.
Take the reins by being proactive and planning. Global crises give rise to scams and identity theft. Make it a point to protect your identity by looking through your credit report. This would allow you to place a credit alert on your accounts to prevent fraudulent activities. Steve Sorensen Embezzlement.
Revisit the idea of withdrawing too much cash during a global crisis. When a large amount of cash sits at home, it is not ensured by the federal government. Also, the money withdrawn from bank accounts will not yield any interest and would only be in danger of being spent. The risk of being stolen at home exists as well. Only have access to enough cash. For all other expenses such as utility bills, food and groceries, and auto loans, and more, opt for cashless transactions. Steve Sorensen Embezzlement.
Steve Sorensen embezzlement. More than half of the American population spend more than they earn. As a result, they pay through credit to link the gap. With that kind of lifestyle, it’s easy to see how some struggle to pay off their debt even as their salaries increase.
Paying off debt quickly doesn’t mean it’s also easy. Many people who have successfully paid their debts credit their success to aggressive saving and a radical decrease in spending. The first step to paying off debt is acknowledging the existence of debt. Coming to terms with it will enable one to plan steps toward being debt-free. Following the initial step, one must pay more than the minimum. Doing this could mean fewer nights out and movie nights at the cinema. Steve Sorensen embezzlement.
Get a side gig. Spending less and earning more is a killer combo. A side hustle ensures more money coming in. However, remember to protect the goose that lays the golden egg: the main hustle. Live meagerly. Tighten the budget, make ends meet, and save aggressively. The greatest reward in doing all this is paying off debt much faster. Steve Sorensen embezzlement.
Sell stuff that don’t spark joy anymore. Much like a side hustle, selling useable, yet unwanted and unnecessary things around the house can bring in added money. Being wise with money doesn’t only mean spending less and earning more; it also means finding other ways to make more. Paying off debt isn’t rocket science, but requires much thought, time, and effort. Steve Sorensen embezzlement.
Committing mistakes is a part of life, and is an essential part of our progress. However, certain mistakes are too costly to be a part of your learning process. Especially in investment, where you’re talking about your money, you can’t have too many mistakes in your portfolio.
Here are some of them so you can avoid them in the future.
1. Confirmation bias
You may believe certain things about market conditions and research for information to support those beliefs. This is dangerous as you might be ignoring other information that could be valuable in your decision making.
Times are changing faster than ever before, not only in technology but investment as well. You may fall victim of “anchoring” where you become fixated on past information and then use that information to make investment decisions.
3. Herd mentality
People like to “belong.” It’s in our DNA. This desire could motivate you to pursue an investment just because it’s the trend and everybody’s doing it. Study and weigh the investment carefully before committing.
Hi there, Steve Sorensen here. I’m a certified public accountant and business writer from Colorado. I have a strong background in business and finance. I also offer advice to companies on clamping down on employee embezzlement. Visit my blog to know more.