Coronavirus Edition: 7 Ways To Turn Fear Into Financial Favor
It's official. You've been grounded for a few weeks and are being forced to stay in your home, which can feel like solitary confinement. Mama Corona did not come here to play with you!
While you've been prescribed to socially distance yourself, the isolation can leave you feeling idle and anxious with concerns around the impact this will have on the economy, your job security, or your business. Times like this can feel like punishment, bringing up those same fears, frustrations, and feelings of being "bad", but this time with money, leaving you uncertain about your financial future.
Image via Giphy
Many people think worries about money are just a "broke" person's problem, but SPOILER ALERT, they're not. The truth is, even HIGH EARNERS can still have a TON of fear around money. It's the equivalent of hearing someone cough around you during this pandemic--the kind of fear that makes your body tense up and makes you question why your throat or stomach is hurting all of a sudden or why you aren't feeling well.
As a Money Mindset + Business Coach, I am here to help you replace panic with peace, and turn your fears into financial favor. Here are 7 steps to get started:
1. Get grounded (in a good way).
First, take inventory of your bills. If you are concerned about the months to come, figure out what is a necessity versus a luxury. If you have the money, pay your bills. If you're experiencing financial hardship, take action.
Call the creditors and see if you can receive a 60-day suspension of payments or interest.
This may apply to mortgages, rent, cable, electric, student loans, etc. While the debts won't necessarily be forgiven, it will provide you an opportunity to get on solid ground. Connect with nature, take social media breaks when needed, and make sure you are still connecting with others and not isolating yourself during social distancing.
Image by Giphy
2. Get out of your own head (and into your body).
With gyms shutting down across the country, your usual workout routine may not be available. Get creative with home workouts or take them outside for some fresh air and sunshine. You can find plenty of free workouts online or support your fitness friends that have taken their businesses online.
The endorphins will help you find a sense of peace in the midst of chaos, helping you to make better, more informed decisions. Make a habit of this, and if you find yourself overextended financially once the panic over coronavirus subsides, you can cancel your gym membership and pay yourself instead.
3. Shift your mindset.
Balance is key. Enjoying experiences and guilty pleasures are necessary as life is meant to be enjoyed. When you're feeling financial uncertainty, shift your mindset from CONSUMERISM to OWNERSHIP. Your emotions and boredom can get the best of you during this time which will only make you feel more financially strapped. With the way Amazon Prime is so conveniently set up, you may find yourself spending unnecessarily.
Rather than letting boredom take all your dollars that you won't see again, get in on the greatest sales of the year by making purchases that will actually provide you a return on your investment.
Just because you can't fly right now doesn't mean you can't buy and hold a piece of your favorite airlines. Those stocks might just bring you back some "free flights" in the future. Cryptocurrency and stocks are having their biggest sales in a long time right now. Plant a few seeds that will potentially help you rebound or pivot in the months and years to come.
4. Go digital.
Create or take your side hustle or business digital. And no, I'm not talking about unethical business practices like hoarding 17,000 bottles of hand sanitizer and getting banned from selling them online during a global pandemic. I'm talking about a business that feels like it's made for you because it is. Do you think it's a coincidence you've been forced to sit and slow down? It's times like this when you have more time to find and develop your purpose.
Take this time to assess your aptitude (innate gifts) and learned skill sets to monetize your talents. The world has been changing right before your eyes, and if you've been distracted by life, it's providing you with an opportunity. Will you take it?
5. Adapt.
Remember your ex, Blockbuster? It can be hard to recall when you found the current love of your life, Netflix. When Blockbuster didn't adapt, refused to do his inner work to heal and get with the times, he became a thing of the past and just didn't do it for you anymore as you evolved. This rings true more than ever today as society and technology continue to evolve. Some of the most lucrative and disruptive ideas were born from the last recession.
It is during these times it pays to be more receptive than ever to new money strategies and understand that through change comes opportunity.
Need an example of how to adapt? If you've been driving Lyft or Uber and this income stream has left you financially stressed, adapt to the current environment and consider food or grocery delivery (i.e., UberEats and Instacart, respectively).
6. Financial wellness is not determined by your bank balance.
This may sound counterintuitive. However, how much money you make or have does not determine your financial health. While being cash strapped can create anxiety, financial wellness is how you feel about your current financial situation. True abundance is being grateful and at peace no matter where you are. As we navigate through the unknowns in the wilderness of the coronavirus and the economic impact, focus on financial peace and balance. There are a lot of people whose identity is tied to money, who have lots of it, and they are being challenged to figure out what's really important.
Image via Giphy
7. Own your money mindset. Don't let it own you.
What does this mean exactly? It means to gain clarity and take hold of the way you think and behave when it comes to your money. Oftentimes our beliefs around money and scarcity mindset run deep, connected to our childhoods. If you've never healed your relationship with money, it's a great time to invest in doing so. The fear, anxiety, and avoidance around money that has you stuck in cycles of shame and guilt aren't even yours and it's time to unpack that.
A truly abundant mindset is being grateful with what you currently have no matter where you are in your journey to financial wellness, even during a quarantine.
Staying grounded and connected especially during these chaotic times will help you shift from fearful to favored, like scoring the last pack of toilet paper. Don't you agree?
Did you know that xoNecole has a podcast? Subscribe on Apple Podcasts or Spotify to join us for weekly convos over cocktails (without the early morning hangover.)
Featured image by Shutterstock
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Elaine Welteroth Recalls The ‘Humbling’ Hospital Experience That Sparked Her Maternal Advocacy
Elaine Welteroth is shedding light on the traumatic doctor’s experience that pushed her to advocate for expecting mothers of color.
In an interview with PEOPLE, the former editor-in-chief of Teen Vogue gave a transparent recount of her experience navigating the medical system as a first-time mom.
“I think pregnancy is the most vulnerable time for any woman,” Welteroth said. “I came into childbirth and pregnancy really naive. I was kind of shocked by how little I knew about birth and navigating the medical system.”
She adds, “I thought, I've done hard things in my life. How hard could it be to have a baby? You find a doctor, you go to the hospital, you get the epidural, you have the baby.”
Upon relocating to Los Angeles with her husband, Jonathan Singletary, Welteroth was met with “humbling” encounters with medical professionals while in search of a doctor.
She recalls one occasion with a doctor who cut her off during questioning, enforcing a limit on inquiries per visit. “I had one doctor literally stand up in the middle of a question I was asking, and cut me off and tell me that I exceeded their two to three question max per visit,” she says. “And she walked out on me, and this was the eighth doctor I’d met with.”
“I was asking very straightforward questions like, what's your intervention rate? What's your C-section rate? These are questions every birthing person should be asking of their care provider. I was asking, could I eat or drink water during labor.”
Shockingly, “The doctor literally laughed at me and said, ‘What do you think this is? You can't just walk into a hospital, pop a squat, and have a baby,’ and dismissively walked out of the room.”
Welerorth’s is just one of the many examples of Black women’s growing plea for support and advocacy during pregnancy and childbirth.
According to a 2021 study by the CDC, “the maternal mortality rate for non-Hispanic Black women was 69.9 deaths per 100,000 live births, 2.6 times the rate for non-Hispanic White women.” The NLM also reports that “Black women in the United States (U.S.) disproportionately experience adverse pregnancy outcomes, including maternal mortality, compared to women of other racial and ethnic groups.”
To combat this disparity, Welteroth has launched the BirthFund initiative to help provide midwifery care and support for families and address the alarming maternal mortality rates in the United States, particularly among Black women.
Welteroth’s dream team of “founding funders” include Savannah James, Kelly Rowland, Serena Williams, Ayesha Curry, and more.
“The beauty of this initiative is that it really does meet people where they're at. It’s a grassroots fundraising effort,” she says. “These are women and privileged folks who understand how broken this system is because of their own personal experiences, and we all come together and agree that we need a change.”
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Featured image by Rodin Eckenroth/Getty Images for The 2024 MAKERS Conference