Life Kit How To Navigate A Financial Crisis
Jul 6, 2021
Michelle Singletary, a personal finance expert and author, shares her wisdom on navigating through financial crises. She discusses essential strategies for prioritizing expenses during tough times and emphasizes the importance of proactive saving. Michelle warns against predatory lending and encourages open communication for support. She also highlights the careful management of retirement funds during hardships and promotes self-forgiveness and incremental steps towards recovery. Her insights are a beacon for anyone facing money struggles.
AI Snips
Chapters
Books
Transcript
Episode notes
Prioritizing Bills in a Crisis
- Prioritize essential expenses like food and shelter during financial hardship.
- Don't feel guilty about delaying less critical bills like credit cards.
Seeking Help from Family and Friends
- Ask loved ones for financial gifts, not loans, during crises.
- Clearly communicate your needs without promising repayment.
Avoid Predatory Lending
- Avoid predatory lending options like payday or title loans at all costs.
- Their exorbitant interest rates can trap you in a debt cycle.
