The opinions expressed in entries in the LC Blog are those of the author, not of Lawyers Club of San Diego.
Many of us have more on our plates than ever. In addition to the challenges posed by COVID-19 on our personal lives, there has been much upheaval in the legal world and we’ve been called upon to adjust almost every aspect of how we conduct business. We are going to look at steps you should take now, to make sure you stay on track financially.
For many, income has changed. You may have had your pay cut, your bonus deferred, your promotion put on hold. Here is what you should be doing now if your income has been impacted:
This is the time to conserve cash, since no one knows what the next quarter or two might look like financially. You can take these steps to prepare for financial uncertainty:
If your financial life has been disrupted, this is a good time to organize it. I know you don’t need any more to do, but knowing what you have will help you see what needs to be addressed to be financially secure. We suggest these steps to organize your financial life:
We wanted to end on a positive note, so we focused last on opportunity. As the saying goes “every cloud has a silver lining.” There is opportunity in disruption. How can you pivot in business? What personal financial opportunities now exist from this pandemic? You may want to explore these opportunities to enhance your financial security:
The planner in me knows that taking the time to position yourself now to weather this storm can set you up for financial security. Rather than dive in to all the steps, pick the one or two that are most important to you, and focus on those. If you have any questions, please reach out to us. And as always, if there is a particular topic you’d like us to cover, please let us know.
Editor’s Note: On May 5, 2020, a group of women financial planners held a webinar for Lawyers Club of San Diego members on the most important financial moves to make now, given the financial issues presented by COVID-19. Their goal was to arm attendees with the tools needed to make smart financial moves now, looking at financial security on the other side of this pandemic. If you would like further information, you can contact The Money Confidante, or click here to watch the full one-hour webinar (this post details the webinar highlights, in the order the material was covered in the webinar).
Bridget Venus Grimes is President of the financial life planning firm WealthChoice, and is passionate about helping women attorneys make smart financial choices and live the life they want.