Has the fear of the Coronavirus have you feeling stuck financially?

The global spread and wide reach of coronavirus has a lot of people re-evaluating their financial plans and questioning how their money will be positioned once the virus ends. The American Dream never spoke about navigating through a worldwide pandemic, and it’s forcing many of us to really think about what life looks like financially once this virus is contained. Some are fearful, of what’s to come, while many are living in crisis mode, agonizing about how they can continue to make their money last into the uncertain future.

If you are experiencing any type of financial anxiety, follow these (4) steps and turn your Financial Fears into a Financial Favor!

1) Mindset

The First thing to challenge is your financial mindset. Always remember that what you speak is what you will eventually see, even when it comes to money. It doesn’t mean that money will fall from the sky, but it opens YOU up to see more financial opportunities that lead to monetary gains.

Don’t say anything negative about issues dealing with your money. Begin to eliminate negative thoughts that suggest the coronavirus will put an end to your money dreams or that it’s causing you to stop earning money. You may be saying, “but I’m unemployed”, or “my job has closed for the next two months”. Like I mentioned earlier, it doesn’t negate the reality, it simply keeps your mind open to seeing opportunities that may be hidden in plain sight. This is the perfect time to adopt some positive, aggressive attitudes about your money and it starts with the things you think and say. Start incorporating a few money affirmations to help ease the financial anxiety you are having.

1. My money is circulating back to me.

2. Every dollar I spend or lose comes back to me multiplied!

3. I am great at setting money plans that yield me great returns.

Make it a new habit to speak to your subconscious in a positive way. Affirmations are important because you will have what you say. Speak clearly about your money and this will enable you to adjust where necessary.

2) Budget

Secondly, create or reevaluate your budget. You have to inspect what you expect. Most Americans live paycheck to paycheck, and they have no system set up to measure the money coming in or going out. This is the truth. A sad truth, but the truth, nonetheless. How you budget or the lack thereof will determine if the Coronavirus has the power to will wipe you out financially. You must assess and know where every penny is going if you are planning to create a sizeable nest egg for any unplanned emergencies and have available cash on hand if this virus prolongs.

3) Diversification

Thirdly, re-allocate the money going into your IRAs, 401Ks or any other tax deferred investment plans. Put only the amount that your company is matching and start saving the difference in a separate savings account. The potential losses, limited access, risk and fees associated with these types of accounts is holding your money hostage. With the escalating governmental debt of 25 trillion dollars and counting, it doesn’t make sense deferring moneys into the future to an unknown tax rate. You don’t want to have the Internal Revenue Service (IRS) be the primary beneficiary of your life’s retirement savings. Use this money to create an emergency account, pay down credit card or automobile debt or put into an account that has Uninterrupted Compound Interest (UCI) to take advantage of opportunities in the Stock Market and or Real Estate Markets once this virus is contained.

4) Invest

Finally, invest in “You” so “You” are able to earn more money in the future. Do this by read books on personal development and attend virtual seminars on the things you are passionate about. Find yourself a good accountant or an experienced financial advisor to help you understand your money plans better. Invest in the sales and marketing of yourself for a better You. By investing in and becoming a better you, you’ll learn how to add value to other people’s lives and thus have the ability to earn more money in the future.

Do these four steps and watch your financial fears turn into a financial favor.