Don’t Waste a Crisis MONEY MATTERS
WITH DR. ANDREW LEE Dr. Andrew Lee is professor of English at Lee University. He also serves as a coordinator for Dave Ramsey’s Financial Peace University. He and his wife Esmerelda have three children.
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s of this writing, we in southeast Tennessee have just entered week nine of the coronavirus crisis. In many of our communities, restaurants and retail businesses are slowly re-opening, often with restrictions on the number of patrons allowed at one time. By now, many of us are accustomed to wearing a mask when out in public, and most of us are hypervigilant about hand washing. So, in numerous ways, many of us have lots in common during this crisis in terms of choices we are making to help keep everyone safe and to end this pandemic as quickly as possible. On the other hand, I’ve noticed a marked difference between how people are using their time during this crisis. First, the good news. From what I’ve witnessed on social media posts and heard from talking to various friends, this crisis has brought many families much closer together. With everybody at home all day and night, families are playing board games, actually talking to each other face to face, and growing emotionally closer. Furthermore, many people are getting a chance to tackle long overdue chores, home improvement projects, yardwork, etc. However, this is not the case for everybody. Many people are binge-watching Netflix all day and night, while many others are constantly complaining on social media about how “bored” they are. My wife and I read these complaints with utter amazement and incredulity. Bored? Are you kidding me? With so many books and articles to read, so many writing projects, so much to learn—and all of it just a mouse click away—how could anyone be bored right now? So, here’s my financial advice for this month—don’t waste this crisis! If you do have more free time on your hands due to coronavirus, use it wisely! Here are some
10 // June 2020
practical suggestions, financially speaking, in no particular order. Review your monthly budget and see where and how to make cuts to unnecessary expenses. If you’re married, be sure to include your spouse in this and get his or her input about the monthly budget. If you have teenagers or adult children living at home, they should also be included in this activity (teachable moment). If you don’t have a monthly written budget, cheer up: with all your extra time sitting at home during this crisis, now is the perfect opportunity to make a written budget! READ read read! Check your local library website and read books and articles online about saving, money management, investing, paying off debt, etc. Quit watching mindless TV shows on Netflix and instead find YouTube videos on personal finance, making budgets, etc. Join Audible.com and start downloading books on personal finance, money management, retirement investing, etc. I read countless audio books while doing yardwork, walking the dog, and cycling around the neighborhood. On that same note, search Apple podcasts and iHeartRadio for podcasts on money and financial matters and subscribe to all the ones that pique your interest. Also, during all your free time during coronavirus, why not log onto your company’s 401(k) website and review your retirement accounts to see how much you’ve accumulated at this point? Then use a free retirement planning calculator and see how much you’ll need to retire with the lifestyle you want, and see if you’re on track to meet your goals. Not started a Roth IRA yet? Good news—if you are feeling “bored” during this crisis, now’s your chance to open an account online and start contributing to your Roth IRA. Whatever you do, don’t sit around griping that you’re bored right now. You have way too much to do right now to change your future!
