6 Things You Should Be Doing Right Now

everybody's can so tomorrow is the 1st of the month and a lot of us are you know thinking about the financial hardships that we have coming and so what I wanted to do was just go over what I consider to be six things that all of us could be doing or looking at or should be looking at right now these are six things that you should consider moving forward based on the uncertainty because we all don't know you know when the incomes are going to stop or if they're going to continue and so these are six things I believe that we should all look at the first thing is communication so I've talked a little bit about this before but what I mean by that is is you should really be communicating with your lenders your credit card folks the the auto loans a maybe you have student loans insurance even your utilities you should be you should be emailing and you should be calling and you should be do everything that you can in writing to find out what they can do to work with you right now for any kind of financial hardship and please make sure that you put this in writing so in other words you want a documentation that you sent them something if you call them then you want to send an email confirming your conversation with the person so make sure you get their name and you want to you want to contact these folks because what's happening right now is these companies a lot of them are working with people and so we're already hearing and seeing on a number of levels where even at the mortgage level where some of the lenders are working with landlords and insurance companies are working with the insured's eccentric cetera cetera so the first thing is all-around communication so if you don't know put together your list today for your lenders your credit cards your auto loans your insurance your utilities and anything else that you can think of and and start counting the contacting those people now you want to do that now because there's going to be a lot of people doing this over the next 60 or 90 days and you want to get out in front of it if you can so that's the number one thing the number two thing is you really need to dig down into your expenses and we talked a little bit about this on one of the other videos which is you know the financial stress tests and we did a financial stress test individually one on your business and even one on your real estate and so but you really really need to take a look at the minimum things that you need and if you look at Moz Lowe's hierarchy of needs you know the food shelter and sleep are number one health and security are number two and then loving and belonging is number three and and all of a sudden when you start to look at those things and I believe those to be true you know a lot of these other things you know can be can be eliminated and so what I want to I'm gonna walk through some of the some of the ideas that that we're hearing from some of the emails some some of our subscribers one is start to take a look at using coupons and there's all kinds of coupons out there for food and for things that you like to do and you know for from for a lot of people they don't do that and as you know there's other people that do that all the time and so that's just one easy thing that you can do you can look on the internet for things and for discount codes and for just for just for coupons the other one is that a lot of people are doing is they're starting gardens and they're out they're out buying seeds and they're out learning how to garden and you can do all this online you can grow a lot of your own food that's something that's really really quite simple I was one of the things we did in a company is we evaluated our entire cell phone plan and you could do that individually too as you guys know there's always these cell phone companies they're always looking to you know upgrade your phone and lock you into something long well I can tell you right now Reese cram bling so you can you can find some really really good cell phone deals out there and internet deals if you've been on some kind of plan for a long long time you really need to dust that off we're hearing that people are selling their cars and they're moving to public transportation in a lot of areas you know public transportation is slowed down and even stopped so may not even be an option for you but in some areas it's still out there and you know selling a car the car payment the maintenance the insurance and all the things that that come with that is definitely something that you could potentially do or give it back to the dealer if you're not upside down on it that's one example on the utility side we're seeing things like people are installing programmable thermostats as one example they're putting in timers and power strips on lighting there they're lowering the water the the temperature on their on their water heaters they're they're putting in LED light bulbs and and then if you have any kind of watering system or whatever they're either minimizing it almost a zero or cutting it completely down so there's lots of little ways that you can do you know conservation around the utilities it's a great time to look at that if you have any kinds of insurances either health or auto or whatever it might be I can tell you that a lot of these health companies are talking to you and and and there are ways that you can raise deductibles for example and we do that all the time so if we have a we get a bid on insurance from a property and it's too high we say okay let's take a look at it with higher deductibles basically your self insuring up to a certain point but it lowers your premium because it takes less risk from the insurance company so I'm not advocating that you eliminate your insurance but there are lots of ways lots of ways to dig into your coverage and if you dig into your deductibles and you should take a look at what may be what you're paying for that you don't necessarily need I've definitely I've done that before where I was like well I don't need this I don't need this I don't need this inside of my insurance policy and there's small amounts but they add up over time and so you should be digging into that now the other one is you you might want to just take a look at moving into a less expensive option whatever that might be now that could be you know doubling up that could be tripling up that could be moving to a different part of town it could be whatever it might be but these are all very very good ways to take a look at at some of your expenses you guys start to navigate some of this the next thing that I wanted to talk about was the third one is restructuring debt and as you guys start to look at your debt whatever it might be a lot of things are you know people go in and they buy stuff and they finance them all the time whether you it could be a computer it could be a it could be a home it could be a car you know it could be all kinds of things a boat those are all things those are opportunities to pull those documents out and take a look at your interest rates and take a look at whether or not you even need them and take a look at whether you should or shouldn't even default on them because obviously the one thing that you definitely need is a home and some of your renting or buying you have to figure out you know how do you how do you stay there and and how do you restructure some of some of that debt now one of the things that I've seen people do during this time is they take high-priced credit card debt and they find a credit card that's maybe offering it at a significantly lower price and they can they can move their balances over as an example I know during the holidays I haven't gotten a credit card in years and years and years and years but what I what Prime you know was offering a not only a 0% credit card but they were offering five hundred dollars just to sign up so I got one and then I never used it again so I got $500 credit on Amazon and then I basically cut it up after after I paid whatever I bought it on so I bought like nine hundred dollars worth of stuff and they they credited five hundred and then it ended up cost me four hundred and then I basically threw it away so there are there are ways that you can go out and transfer credit card debt and to it to another one and and or look for other low cost cars because here's the deal guys money's money the credit card company doesn't care who you are they just look at the number that you're paying on a percentage so why would you care why would you care if it's your bank or somebody else because the only thing that matters is how much they're charging you for that so if you can take a credit card debt from say 20 percent down to five if that 15% is massive especially if you got 10 grand that you oh that's that's $100 a month that you can save right there just by moving around some credit card debt so you should be considering that for sure this seems rather obvious but you should take a look at whether you can sell anything any unused items that you might have and you know you know what we just went through was a period of time where a lot of people are just buying a lot of stuff they were consuming consuming consuming consuming and people have garages full of stuff people have closets full of stuff and people have cupboards full of stuff that maybe you just don't need and maybe you can sell whether it's through garage sale or just through eBay or some other source you should take a look at getting rid of many things as you can right now just to generate some cash yesterday I went to the grocery store and there was a bar slash restaurant that has a little root boutique and so I stopped in because I knew the owner and she told me that she sold thirty eight hundred dollars worth of stuff by just putting it out on the out on the sidewalk and so I said good for you she's like yeah I got to cover my rent and you know I don't have any customers right now so you know people are getting super creative on what they can do and that's just one example the other thing that you might want to think about I taught my kids how to do this a long time ago and that's barter now if you really go back and take a look at back in the day when currency was created all that bartering was a massively big thing now the government doesn't like it because you don't get there they don't get their pound of flesh they don't get their tax but I taught my kids how to do this and so my son got a he got some tires for his car by starting off with a game that he sold which was I think it was an old Nintendo game and he just kept trading and bartering and if you want to take a look at an incredible video take a look at the red paperclip video where literally they walk you through starting with a red paperclip the guy ended up buying a house literally and so there's ways that you could take things and barter for other things so you don't have to actually use cash so that's a big one and it's hard to wrap your head around this but barter is a big big big deal and people that don't small businesses do this all the time in other words if somebody has a let's say a hair salon they might they might be working with the person that has a hardware store or even a lawn service and they get their lawn cut for free but they do their hair for free so those are the kinds of things that people do all the time guys and so that's just basically bartering so you should be taking a look at that for sure the the next one is looking for a part-time job now this is really hard right now obviously there were a little over 3 million people that just filed for unemployment last week and so and of course this is gonna get hired hard hard it's getting harder harder harder but there are lots of businesses right now that are also expanding obviously the most obvious is health care the most obvious is Amazon but there are others guys I'm telling you right now there are other kinds of businesses that you could go out where they're just exploding based on demand like delivery drivers for Amazon as everyone's staying home and getting yourself so there are things that you can do with just a little bit of action a little trust me you're gonna get super frustrated they're probably not easy jobs to get but it's just you need to just kind of take action and just start doing things and the sixth thing is around mindset and this is probably one of the hardest ones for a lot of people right now so one of my favorite books is called mindset and basically it says that there's two kinds of mindsets there's fixed and there's growth and so what happens a lot of time is you know you're either in one category or another and I could tell you from my own personal experience my mom for years and years and years would say you know we can't afford that for example and it was true she absolutely positively could not and we could not afford that but for whatever reason as a kid I was like well I understand that but how come all these other people can afford something you know what I for as a kid I couldn't quite understand you know I understood my mom and I understood our financial situation we definitely could not afford something but once I wrap my head around how can I afford it it got so much better and there are four steps that you can do to to kind of get you out of what I would consider to be a fixed mindset because I know a lot of us are in big big pain right now when we're a big shock and we're big denial all a lot of us are trying to figure out how to get out of this together the first one is you need to you know you need to learn how to here your fixed mindset voice so that's the number one thing so in other words you know as if somebody says to you why don't you go get a job if your first thing is is well I can't get a job I don't know how where am I gonna get a job I don't know how to do that you know though that's called a fixed mindset once you recognize that and you actually hear it yourself and you realize what you're saying it's the number one thing in order to switch it over to some kind of a growth mindset and then the second thing is once you do that once you're aware of what your little voice is saying then now you're recognizing that you actually have a choice you know you're saying oh that's me that's me saying something internally maybe I'm not saying outside but you're recognizing it that you do have a choice and then you need to talk back with a growth mindset in other words well maybe I will try that what's a great way to look you know what have you seen who's hiring that's a growth mindset whether you whether what it works or not is a different thing but it's just it goes from immediately a negative mindset to now replacing it with with a growth mindset and then of course the last thing the fourth thing around mindset is just taking action because all that stuff can happen in this manum 30 seconds you know it could happen just like that in other words you're like you know immediately go negative and people immediately pull back right now that's what people are doing they're pulling back you're gonna see a lot of alcoholism you're gonna see a lot of drug addiction you're gonna see a lot of divorces you're gonna see all this stuff and a lot of this can be reversed by just stepping back taking a look and hearing your fixed mindset voice and trying to replace it with a growth mindset voice and taking action and that's what I'm hoping for you guys this week as we start to navigate what's gonna happen to us on Wednesday which is the 1st of April and all our bills are due so good luck to you guys I hope that you learn something here and please keep your emails and your texts and your and your DMS coming in because we are definitely incorporating corporated them into into the videos so thank you guys again and we'll talk soon and for those of you want to know about the financial stress test that I talked about here there's a link below just click on that you can download it it's free and it'll just give you some basic guidelines we also have a video for that if you want to take a look at that so good luck out there guys

Channel: Ken McElroy

Views: 66,079

Keywords: Rich Dad, Entrepreneurship, Investing, Personal Development, Get Wealthy, Earn Wealth, Ken McElroy, Entrepreneur, Rich Dad Advisor, Success, Business, Self-Help, Coaching, Real Estate, Real Estate Entrepreneur, Real Estate Investing, Freedom, Lifestyle Business, Hustle, what we should all be doing right now

Id: cZpcTEzmZXg

Length: 16min 20sec (980 seconds)

Published: Tue Mar 31 2020