How do you manage your financial affairs during the Corona crisis?

Millions of people are currently facing an unimaginable reality due to the outbreak of the Corona virus (Covid-19), as the number of unemployed in the last seven weeks in the United States reached 33 million, and many are unsure of their ability to pay rent or even Feed their families in the coming months. 

In a report published by the American "Business Insider" website, the author, Laura Casado, talked about how to manage and save money according to personal finance expert and businessman Ramit Sethi who founded in 2008 "I will teach you how to be rich" for personal finance and teach people how to manage their money and increase their income. Sethi shared his practical advice on how to manage expenses and debt. 

View your options

Sethi advises many people to make a phone call with any of the companies they owe money for, and discuss their options with them, because the companies do not want to lose their customers.

Sethi explained that when credit companies (banks and loan institutions), cable companies, cell phones, or even the homeowner call you, all you have to say is, "Hello, I would like to discuss the options available to me with you, as Covid-19 appeared without following my usual payments."

During the epidemic, many companies allow failure to pay for a temporary period, some even completely waiving the fees owed. 

And in the event that you are rejected by one of the parties similar to the cell phone company, you should contact the "keep customers" section and remember that these companies spent a lot of money to earn your loyalty, and they do not want to lose you, so if you call this department and make an offer or ask about the available options He has, many of these companies will interact with you.

It is noteworthy that companies take many ways to reduce the number of customers who stop dealing with them.

Significant opportunities
In light of the Corona crisis, there are many ways to find side businesses or start small businesses from home.

In this regard, Sethi said that there are many people who set up business in the aftermath of the recent recession, as people have begun to focus on earning more money, whether by starting part-time or full-time work, which can be done remotely and actual. 

Sethi stressed that it is important to imagine how to create a service that you can eventually turn into a product that generates income in the future, even while you sleep. 

"Focus on finding ten customers willing to pay for your services with pleasure," he added. "Just try to prove that your service is invaluable. Once you find these people, you can then decide if you want to convert your service into a product."  

Asking for help,
Sethi recommended seeking advice from those close to you. He said, "Ask ten of your friends what they think you are good at doing, and often you will discover that the things you do naturally are self-evident." For example, if your friends always like how clean Your apartment, you may have some advice on personal organization that you can give people. 

And if other parents praise the good behavior of your children, you may have helpful parental advice. Then ask for the advice of other businessmen, know how they started their career, then apply these tips to yourself.

Sethi stressed the need for individuals and business owners to accept this new reality and overcome fear and seek help, since the first thing we need to do is to accept the fact that we live in a society that must help us when we need it, but that does not mean that you have to take advantage of others, Rather, you should ask for help, ask your friends for their opinion on a specific idea, or help them if they need you. 

An emergency fund
The author stated that with the closure continuing in certain countries, and with other countries beginning to reopen their economies with additional restrictions at the same time, Sethi recommends that he act with discernment when making financial and commercial decisions, as he advised his students to fund an emergency fund for one year, and invest in Make themselves more business or employee keeping abreast of market demands to increase their money-earning potential.