Saving money during coronavirus is a ‘good lesson’: Dave Ramsey
Personal finance expert Dave Ramsey discusses how people are saving money amid the coronavirus crisis.
Our nation observed “Be a Millionaire Day” last week on May 20. I know, it might be a strange thing to bring up at a time like this, when the economy is limping along thanks to the coronavirus shutdown. But I disagree. In fact, it’s more important than ever to stay focused on your wealth-building dreams.
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If you’re one of the tens of millions of Americans who’ve recently been laid off, I’m talking to you, too. Right now, you need to get scrappy, find part-time work, and go into conserve mode.
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No, it’s not ideal. But this season won’t last forever. Find ways to keep moving forward, so you can put yourself in a much better position once things get back to normal.
No one gets to mandate how you think, or what actions you take to control your money.
The American Dream is still alive because the American Dream is made up of the people who work hard to make their goals a reality. It’s not an abstract concept. It’s not a handout from the government. The reality is you must decide to take hold of your plans, focus on what you can control, and make progress.
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Here are three steps you can take today to help you stay focused on building wealth during a crisis:
Evaluate where you stand. The good thing about a global shutdown is that it gives us time to slow down and reflect. Call a time-out, huddle up, and take inventory of how you’re doing with money right now. Use my Net Worth Calculator to get a quick snapshot of your wealth-building progress.
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Take the next step. Don’t obsess about the stock market. Focus on the money choices you can control today. Keep saving money, keep investing, and stay away from debt. We can’t predict when the economy will be “back to normal,” and it would be absurd to try.
Cast a vision for the future. You can’t control the economy, but you can choose your vision for the future. I want you to keep your high-definition dreams alive during this time. Vision carries you through difficult times, because it gives you hope. If you’re willing to work, good things will come your way. We will move through these challenges, and our economy will regain strength. And as the economy grows, so will your opportunity to grow your wealth.
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Times of crisis reveal who we are. And I want you to hear me on this: You can overcome! No one gets to mandate how you think, or what actions you take to control your money. So, how will you respond?
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Chris Hogan is a two-time #1 national best-selling author, financial expert and host of "The Chris Hogan Show." For more than a decade, Hogan has served at Ramsey Solutions, equipping and challenging people to take control of their money and reach their financial goals. His second book, "Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—And How You Can, Too," was published in January 2019. You can follow Chris Hogan on Twitter and Instagram at @ChrisHogan360 and online at chrishogan360.com or facebook.com/chrishogan360.
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