>> WELCOME BACK TO CHEDDAR
EVERYONE THIS FINANCIAL FITNESS
SEGMENT IS SPONSORED BY
LENDINGTREE SHOP AND COMPARE
LOANS CREDIT
CARDS INSURANCE AND MORE
ACCORDING TO A RECENT MCKINSEY
REPORT CONSUMERS EXPECT THE
ECONOMIC IMPACT OF COVID-19
TO LAST A YEAR OR LONGER
JOINING US NOW TO DISCUSS IS
DILAN A SUPPORTER WHO
IS THE FOUNDER AND FINANCIAL
ADVISOR AT NEW STREET ADVISORS
THOUGH ON A GREAT TO SPEAK WITH
YOU AS ALWAYS LET'S START RIGHT
IN THE INTEREST OF TIME HERE
COVID-19 CERTAINLY CHANGE HOW
WE THINK ABOUT OUR FINANCES.
SO WHAT KIND OF ADJUSTMENTS ARE
PEOPLE MAKING TO PROTECT
THEMSELVES FINANCIAL.
>> GREAT TO SPEAK TO YOU AS
WELL, BRAD YEAH, I THINK THE
FIRST THING PEOPLE ARE DOING A
LOT OF CURBING THEIR SPENDING
SO BEFORE IT'S
PERCENT PURCHASE. BOTH FOR
TAKING TIME TO MAKE SURE DOES
THIS MAKE SENSE IN THE CURRENT
TIME YOU ACTUALLY NEED THIS IS
A SALON IS A NECESSITY SOME SEE
A LOT OF THAT FROM CLOUDS
REALLY MAKING SURE THAT WE
AND ANALYZE EVERY PURCHASE WE
MAKE THE NEXT THING YOU'RE
SEEING IS PEOPLE DOING A LOT OF
KEEPING IT IN HOARDING
LIQUIDITY
IN CASH WHEN SO UNCERTAIN TIMES
BUT THEN WE GO BACK TO HIS OUR
BARE MINIMUM OF WHAT FOOD WHAT
OUR BILLS PAID WANT TO HAVE
CASH IN THE BANK.
SO YOU SEE PEOPLE A LOT OF
DOING A LOT OF THAT BEING SAID
THEY HAVE EXCESS LIQUIDITY FOR
UNCERTAIN TIMES YOU'RE ALSO
SEEING PEOPLE STARTING TO PLAN
RIGHT SO FOLKS THAT THEY
HAVE A PLANNED DURING THIS TIME
AND I SAID TO REALIZE ALL RIGHT
WE'VE GOT TO HAVE A PLAN TO GET
SHOULD WORK WITH SOME OF THE
SITUATIONS. I HAVE A SOUND
FINANCIAL FINANCIAL FOOTING FOR
WENT ON CERTAIN THINGS COME UP
TO SEE A LOT OF THAT DURING
THIS PANDEMIC AND I THINK WE
NEED TO ASSESS ALL THESE
DIFFERENT AREAS.
>> NOW FINANCIAL PLANNERS THEY
OFTEN RECOMMEND HAVING 3 TO 6
MONTHS OF EXPENSES SAVED IN
CASH
FOR EMERGENCIES IS THIS ENOUGH
WHEN YOU CONSIDER THE
CONTINUING ECONOMIC
UNCERTAINTY.
>> EXACTLY YOU KNOW THAT THE
RULE OF THUMB IS ALWAYS NO ONE
TO 3 MONTHS MAYBE 3 TO 6 MONTHS
BASED ON WHAT YOUR SITUATION IS
MAYBE THAT PLAY BECAUSE THE
CIA'S YOU'RE A SMALL BUSINESS
OWNERS, SOME OF THOSE A
CONTRACTOR YOU MAYBE HAVE TO
SHUT DOWN OF ALL YOUR INCOME IN
ALL YOUR COMES KIND OF
EVAPORATED. NOW YOU SEE
CONSIDERING DOES THIS SENSE
MAKE SENSE. WE'RE MOVING INTO
NOME ON 7 OF THE PANDEMIC AND
YOU KNOW A LOT OF PEOPLE ARE
STILL HAVING SEE WE HAVEN'T
SEEN A SECOND
STIMULUS YET WE HAVEN'T SEEN UP
FULL CAPACITY FOR SMALL
BUSINESS OWNERS AND
RESTAURANTS, SO MANY PLAYBOOKS
IT'S FOR MY CLIENTS AND
SAY HEY. WE IDOLIZE WHAT'S
HAPPENED WHERE WE SIT WE MAYBE
NEED TO LOOK AT IT THAT 12
MONTHS THAT MIGHT BE MORE
COMFORTABLE FOOTING AND BUT FOR
SOME OF THAT SCENE SOME
UNCERTAIN TIMES.
>> NOW ACCORDING TO THAT SAME
MCKINSEY REPORT THAT WE WERE
MENTIONING AT THE
TOP HERE. OVER HALF OF PEOPLE
CONCERNED ABOUT THEIR JOBS ALSO
HAVE LESS THAN 4 MONTHS
OF SAVINGS, HOW TO DO A GESTURE
SAVING HABITS IF YOU'RE WORRIED
ABOUT LOSING YOUR JOB.
>> YEAH BRAD I THINK THE FEW
THINGS THAT YOU CAN DO
PROACTIVELY RIGHT SO THE
SITUATIONS YOU WANT TO TRY TO
BE PROACTIVE RATHER
THAN REACTIVE. SO ONE OF THE
THINGS I'M TELLING CLIENTS IS
TO MAKE SURE THAT YOU PAY
YOURSELF FIRST WHAT I CALL IT
SO ITEM ATTIC TRANSFERS EVERY
INSTITUTION WOULD LIKE TO
DO IS YOUR PAYCHECK. IT'S A
BANK ACCOUNT YOUR PAYCHECK.
IT'S YOU KNOW ANY BEFORE YOU
PAY TO GET THERE BECAUSE YOU TO
MATT TRANSFERS
WRITE YOUR SAVINGS ACCOUNT.
SO YOU DON'T SEE IT AND IT JUST
GOES STRAIGHT TO SAVING THE
NEXT THING I THINK PEOPLE FOUND
TO BE HELPFUL ON THINGS I WORK
OUT
MY CLIENTS IS GOALS BAY SAVING
SOMETIMES YOU SAVE A LITTLE BIT
BETTER. WE HAVE A LITTLE EXTRA
INCENTIVE. SO MAYBE IT'S YOU
KNOW YOU'RE SAVING FOR THAT
EMERGENCY CAST, BUT FOR MANY
ARE SAYING PER DOPPLER HOUSE
BUT THE CERTAIN TIMES ONE MAYBE
2 GOALS IS SAVING SO THAT WE
CAN REACH THOSE GOALS A BIT
FASTER BASED ON
INTRINSIC MOTIVATION. THE LAST
THING THAT YOU CAN SUPPLEMENT
YOUR INCOME SOMEHOW THERE'S
DIFFERENT AREAS YOU CAN SELL
SOME THINGS ONLINE OR FIND A
SIDE HUSTLE BUT THIS IS FOR
PEOPLE TO WORRY ABOUT THEIR
CAST. YOU CAN TRY TO LOOK AT
THOSE 3 AREAS TO TRY TO HELP
YOU WITH
THAT BUFFER.
>> SO MOST PEOPLE THEY'VE CUT
BACK ON SPENDING DURING THE HOW
DO YOU RECOMMEND ADJUSTING YOUR
BUDGET BEFORE RETURNING TO A
MORE NORMAL WAY OF LIFE.
>> YEAH, I WOULD SAY YOU WANT
TO KEEP CONSERVATIVE MINDSET
HERE WHEN IT COMES TO GOING
BACK TO MORE NORMAL PERIOD
OF LIFE. SO THE BIG THING I SEE
WHEN PEOPLE ARE BUDGETING THE
BIG MISTAKE THAT
PEOPLE MAKE IS THAT OPRAH
OPTIMISTIC ABOUT INCOME RIGHT
SO THE PLAN IN
INCREASE IN SALARY OR
MAYBE BONUS THAT HASN'T COME
ALL THE WAY THROUGH YET 30 PLAN
THAT IN AN INCREASE THEIR
EXPENSES WHEREAS WE HAVEN'T
SEEN THAT COMING IN AND LET
WERE THING YOU WANT TO DO WITH
THE BUDGET IS MADE
PULLBACKS OR HAVE TO CHANGE
THINGS ON THE NEGATIVE BASIS
RIGHT TO WANT TO KEEP A
CONSERVATIVE MINDSET BECAUSE
WE'RE STILL UNCERTAIN. WE DON'T
KNOW WHAT'S GOING ON OUT SO IF
YOU'RE BUDGETING TRY TO KEEP
YOUR FIXED EXPENSES. THE WHERE
THAT AND TRY TO MAKE SURE THAT
YOU PLAN TO THE CONSERVATIVE
BASE IS SO THAT WE DON'T HAVE
TO PULL THE REINS BACK IN THE
UN
CERTAIN SITUATIONS.
>> NOW YOU KNOW ONE OF THE
OTHER UNFORTUNATE POSITIONS,
BUT ALSO SOMETHING THAT SMART
TO CONSIDER IS THE FINANCIAL
CONSEQUENCES OF BECOMING SICK
WITH COVID-19 AT WORK AND
BECOMING INFECTED. WHAT SHOULD
YOU DO TO PROTECT YOURSELF
BEFORE RETURNING TO THE OFFICE.
>> YEAH THE SIDES LIKE LOOKING
AT YOUR INSURANCE PLAN WITH THE
EMPLOYER MIX OF EVERYTHING IS
DOWN PAT. YOU ALSO WANT TO MAKE
SURE THAT YOU UNDERSTAND YOU
KNOW WHAT IS IT HAPPENS IF YOU
BECOME SICK WHERE THE
GUIDELINES THAT ARE
YOUR EMPLOYER HAS SET OUT ONE
OF THE REGULATION THAT THEY SET
OUT YOU KNOW WHAT IS THE
COMPENSATION STRUCTURE LOOK
LIKE DURING THAT TIME WHAT
LIABILITIES FOR YOUR EMPLOYER,
YOU WANT TO LOOK AT ALL THOSE
THINGS AS WELL AS MAKE SURE
THAT YOU HAVE A BUMPER WHEN IT
COMES TO A HEALTH SAVINGS
ACCOUNT MAYBE AT BEST SAY THAT
YOU CAN PREPARE FOR ANY OF
THESE
DIFFERENT THINGS WITH ALL ITS
30 WANT TO BE REALLY
CONSERVATIVE WHAT MAKES THEM
TICK ALL THE RIGHT
STEPS ROAD.
>> THE MOTTO SAPPORO WHO'S THE
ADVISOR AND FOUNDER AND
FINANCIAL ADVISOR I SHOULD SAY
THAT NEW
STREET ADVISORS, YOU WERE ALL
THE GREA