Manage Your Expenses

I know this isn’t an exciting topic, in fact a lot of you are probably rolling your eyes as you read it. However, this is critically important at this time. How you manage your expenses will determine if you sink or float after this. Also, anything else I recommend means nothing if you can’t manage your spending.

I am going to keep this short because it’s pretty basic but If your income has declined at all or you are trying to save so you have more cash at the end of this you need to take a hard look at what is important and where you can cut. Sure your housing, car payment, gas, insurance, and utilities are pretty essential. Yet, there are other luxury items you could live without. I am asking you to take a hard look at those RIGHT NOW. Don’t put this off until tomorrow you have plenty of time right now. Cutting these non-essential items will help you save more cash and be ready for what is to come. I am telling you those that wanted a correction in the market (almost all of us) are going to get it.

Tomorrow we will discuss inflation. Don’t miss it! It’s important you understand what is going to happen next with our currency.

Talk to you tomorrow,
Ken

7 Ways to Deal with Anxiety

There are many different ways to deal with the anxiety that most of us are currently feeling due to the ongoing events around the world. This pandemic is affecting all of us in different ways and it is important to understand how to combat these anxieties. Those who have dealt with anxiety for their lives or for long periods already may already know how to combat but for those who have never dealt with this level of anxiety, learning ways to handle it in healthy ways is vital for your current mental health and the after-effects that this pandemic will have for most of us. Here are seven ways you can take a healthy approach to this anxiety.

Talk to Someone

The first thing to remember when dealing with any type of anxiety is to have someone to talk to. Right now, most of the world is thankfully participating in social distancing. This means that you are either with family or alone if you are living away from family at this time. Either way now is a time to be extremely thankful for the technology that we have to be able to reach out to loved ones at this time to talk to when we are feeling anxious about the current world climate we are experiencing. Having someone to vent to or communicate with can help anyone feel a tad less alone during a time when that feeling is a common occurrence. It is important to talk to people who you trust about how you are feeling so that you do not end up dealing with unresolved emotions in unhealthy ways.

The Present

Focus on the present. Yes, the world is in a pandemic, the future is uncertain and during these times you may find yourself wishing that you did more in the past to prepare for such events. Thinking about either the past or the future is merely a matter of wasted energy that will do nothing to ease your current emotions. A form of healing anxieties is to focus on smaller amounts of time instead of larger expanses. If you focus on your tasks one day at a time you are more likely to be able to handle your usual routine even under these circumstances. Right now with everything the world is undergoing, we must all come together to take each and every day one at a time.

Take a Time Out

Allow yourself to take time out. In the busyness of our usual lives, most of us tend to run on autopilot. During this time, allow yourself to take breaks in order to better take care of your own mental health. Go outside, take yourself, your family or even a pet for a walk out in the fresh air while still maintaining your own social distancing. If you want to do some inside self-care, then take on some arts and crafts or bake something from scratch with your family. Tether your connections to the world and the things that make you happy again. Be still, and know that it is okay not to be one hundred percent productive all the time when the world is going through a pandemic.

Journal

Journaling is an amazing way to handle your anxiety. Journaling is a way that most often people find it easier to work out their feelings. When you take the time to sit with your own thoughts and write them down, you will be able to work through your emotions and know how to handle them in a healthy manner. Putting things down on paper is a good way to see things in a visual manner rather than emotions that can seem mangled in your own mind. When you take the time to sit down with yourself and write down your thoughts and feelings from the day, you become more self-aware of your own emotions. This allows you to work through them rather than keep them bottled up inside.

Stay Positive

Challenge your thoughts to stay positive even when it may not be the easiest option. When you challenge your mind to control your thoughts and stay away from the tendency to think negatively at times like this, you can make a difference for your own mental health. When anxieties begin to arise in your mind, ask yourself whether or not the circumstances are in your control. If they are not, then allow yourself to move on and accept the things that you cannot change. Meditation is a great practice that you can use to become in tune with your thoughts and calm your frequently running mind throughout the day.

Exercise

Exercise gives you endorphins and endorphins make you happy and happy people do not get anxiety as often as most other people. Even stretching yourself to incorporate thirty minutes of movement into your daily routine whether that would be taking a brisk walk or taking part in an online yoga or Zumba class. When we are forced to work from home and change most of our daily routine, we can find ourselves lost in the mundane of it all. This is why it is important to get up and get moving throughout the day.

Sleep

Proper rest is also an important way to combat anxiety. When you allow yourself to get the proper rest that you need you are more refreshed and in a better overall state of mind. The average amount of time that you should spend sleeping a night should be a goal of eight hours. By getting eight hours of sleep, you are in the best position to manage your anxiety.

Conclusion

These are simply some of the ways that you can manage your anxiety. When you learn tips and tricks to manage your anxiety, you are learning how to properly manage your own mental health. Managing your mental health in a time such as the one we are experiencing now is extremely important. Mental health is crucial to our overall health and should be just as important to us. It is our hope that these seven ways to combat stress and anxiety are able to help you stay more relaxed and calm at home during this time.

5 Ways to Deal with Home Quarantine

During this time when we are all doing our part by staying at home during the quarantine, we may find ourselves trying to figure out how to handle it all. There are five key ways that you can handle your home quarantine without fully losing your mind. By taking part in these five things, you can keep you and your families live as normal and steady as possible. When you have the right tools to visualize a situation, you can handle the situation in a better format.

Stay on Schedule

One of the most important things that you can do is stay on a schedule. It can seem plausible right now to throw away the schedule but staying on task is what will keep you the most productive during this time. Staying on schedule is also extremely important for your family as well. There are so many things that are already changing in the world and if you can keep your basic schedule in line, it can help things stay calm and centered at home. When you have a routine, you are overall less anxious.

Workout

Working out is a great way to deal with the stress of being quarantined at home. Now, while it is understood that the gyms have closed down and the Zumba classes just are not as fun without your best friend laughing with you, there are ways to handle this. Zoom calls with friends and family or facetime can be a great way to work out together during this time. Even with your own family in your home, wake up in the morning and turn on some music and dance together to shake some stress off of your shoulders and start your morning routine in a positive way.

Get Dressed

While we deal with being in-home quarantine, a majority of us may be tempted to ride this entire situation out in our pajamas. While this may be the comfiest option, it is actually not the best for your mental health and can actually be a factor in depression. When you get up in the morning, take a shower, get dressed and get ready to move forward with the day, you are giving yourself the best possible start. You will feel more prepared to face your day and be able to accomplish more than you would if you simply stayed in your pajamas all day.

Stay on Task

When you first get up in the morning, make a to-do list. This is a great way to prioritize what you need to get done in the day and give you an order in which to attack the daily tasks. Do not worry about making your list as long as you possibly can, stick to five things that you absolutely need to accomplish before the end of your workday and write them down. Writing them down will help you focus and stay on task rather than just going through the motions without a plan.

Appreciation

Appreciate the time that you have with family and the time that you get to be home. Do not only look at the negative aspects of this ordeal but try to pull the positive traits from how we interact with one another during this time. It may be stressful to be home with your family every hour of every day, but there are so many people in the world right now that are stuck in isolated quarantine away from their families, we must remember to appreciate the positions that we are in.

Conclusion

There are many ways to deal with home quarantine and different things will ultimately work for different people. You have to choose how you are going to handle this situation and take the advice where you can. These five things can be a laid out foundation that can help you begin on your journey to be a little bit more sane about everything that is going on in the world right now.

The 4 Things that your kids need to understand about money

When it comes to our children, we try to do everything that we can to prepare them for the future that we want them to have and most often the future that they want as well. There are four things that your child needs to understand about money and financial wellness. As a parent, it is important that you take the time to go over these four things and help them plan for a solid financial foundation in the future. When you take the time to do this, you are showing your child how to manage their financial wellness at a young age.

Asset and Liabilities

The first thing that you want to go over with them is the difference between an asset and a liability. Assets will put money in their pockets while liabilities will take money out. The more assets that someone has, the better prepared they are when anything takes a hit at their financial foundation. This is a reality that the world is seeing in full color right now with the current pandemic going on. When you teach your child to maintain as many assets as they can you are teaching them the importance of being prepared for whatever it is that the future might bring.

Cashflow and capital gains

The next thing that you want to go over is the difference between cash flow and capital gains. When you invest with the idea of capital gains, you have no actual control over whether or not things go up or down. When you invest with the purpose of maintaining and building cash flow, you have the benefit of having a long term asset in place that you can have bringing you in funds on a regular basis.

Good debt and bad debt

You also want to discuss with them the difference between good debt and bad debt. Bad debt would fall under things like credit cards, vacations or other mundane things you do not necessarily need. Good debt is found in examples such as rental properties where the tenant would pay your debt for you and grow into long term cash flow. Most good debt like the provision of housing for others can also acquire you some tax breaks as well.

Financial self-education

Make sure that your children understand that they need to have their own financial education as well. Having wealth and not understanding that wealth is useless at its core. You never want them to be in a position where they have to rely on other people in order to figure out what they need to do with their own money. When they have the knowledge to know what is best to do with their money, then they can move forward to having a better financial future.

Conclusion

Making sure that your children have a solid foundation for their financial future is important. It is your responsibility to give your best shot at a solid foundation in the future. Take the time to teach your children about financial wellness and they will forever be grateful for it. They will appreciate that you took the time to prepare them for their future.

Do you need to pay your rent or mortgage payment?

Join Ken McElroy as he talks with CPA and tax advisor Eric Freeman about the impact that Covid-19 is having on real estate. Eric is a Tax Senior Manager for BeachFleischman PC and has been with the firm for 7 years. Eric has a Master of Accounting with a focus in tax. He has spent most of his career focusing on real estate transactions and partnership taxation. Eric has consulted on many complex transactions including multi-asset exchanges, mergers, consolidations, buy-outs, cost segregation studies and transaction formation. He also has a wide variety of experience with international issues as they relate to real estate, including both inbound and outbound transactions.

You can reach Eric through his firms website at www.BeachFeishman.com and look for the leadership team.