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That misinformation, political jabs, and general ridiculousness are flying around on social media. And I also know that this disease, COVID-19 aka coronavirus, is a real existential threat to potentially millions of people. BiggerPockets is responding, and I personally am responding.

We understand that this might not be of pressing concern to many individuals here on BiggerPockets. I am taking steps to avoid contact with other people, so that I personally am not an unwitting carrier, spreading it to those who are susceptible.

However, as an investor, avid student of personal finance, forum contributor, host of the BiggerPockets Money Podcast, author of Set for Life, and CEO of BiggerPockets, I will offer my opinion on how we should think about reacting to the current economic climate. Outside of those lucky enough to not be directly affected more than that, know that for millions, school closings and layoffs of hourly workers are already in effect.

The market has plunged, and the government is taking extraordinary measures. Having a strong financial position is a lot like maintaining good health. If you eat correctly, manage your sleep, exercise, brush your teeth, and maintain appropriate hygiene, your risk of becoming sick is low, and your risk of lasting consequence from any illness is even lower. If you track your spending, spend less than you earn, maintain an emergency reserve, and invest consistently but not aggressively for the very long-term, then similarly, your risk of going into debt or online payday loans no fax having to sell off investments at a market low point is low. And your risk of bankruptcy or accumulating bad debt is even lower. If you are here on BiggerPockets, it is likely that you aspire to attain early financial freedom—the ability to permanently (including in a recession) retire from wage-paying work and never have to rely on a paycheck again to support your lifestyle. For everyone else, I hope that this article is the kick in the pants you need to begin aggressively getting into shape financially.


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Everything is processed automatically, and at the end of each month, I review my spending, categorize that which Mint does not automatically categorize for me (which is most of my spending), and analyze where my money goes.

Even with tracking spending and making adjustments, I am always astonished at the waste that I can personally cut from my budget. It is five to 10 minutes to set up and five to 10 minutes a month to maintain. It can help you immediately begin accumulating more cash to shore up your financial position or to invest with. And the biggest categories of expenses are typically housing, transportation, and food. While you may not have direct control over these today, you absolutely have control over these items over the next 12 months. Figure out a way to eat healthy and delicious meals, prepared personally, from grocery stores. Figure out a way to manage your eating out expense, so that you are in control.

If I wanted a safer car, or a family vehicle, I might buy a 2010-2015 SUV model, used and well maintained, after much research. But honestly, my Corolla is safe, reliable, and has plenty of gadgets. I admit—I should have been biking all along, but I got a little out of shape in this area in the last year or two. When your lease is up or you think about your next move, buy or rent a place that is well within your budget. Spend as small a fraction of your income on housing as you reasonably can. High-interest credit card debt, delinquent bills, unpaid parking tickets, debt with interest over 7 to 8 percent. When you have bad debt, you need to aggressively, all-out attack loans for bad credit online instant decision it. Bad debt implies a lack of liquidity, a lack of cash or savings. Tracking your spending, consciously controlling your big three expenses, and removing or avoiding bad debts results in an almost magical outcome. Without any changes to your overall health, happiness, or leisure activities, you begin generating a major surplus of cold hard cash in your bank account, each and every month. It is critical to lengthen this runway if you hope to retire early, and it dramatically reduces your stress level when thinking about a recessionary economic environment. In other words, fight hard to save 50 percent, or more, of your after-tax take home pay.

At that rate, you will accumulate a year of runway in just 12 months. Spending less both increases the rate at which you accumulate cash and decreases the amount of cash you need to cover one year of spending. This runway will directly and immediately impact your stress level, your freedom of choice, your opportunity to make investments. It is critical to moving toward early retirement… and critical to successfully navigating a recession.

But even if they plunge further, and even if I get laid off, I still have a YEAR of runway, sitting there, ready to be deployed. Instead of being overwhelmed, the current market situation is an expected, natural part of the cycle that I and every other person pursuing financial freedom has naturally been preparing get fast cash now for.


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Because of that insurance, I can continue my philosophy of investing—the only philosophy of investing that I believe truly makes sense for the vast majority of the population—to invest for the very, very long-term, in appreciating, cashflowing assets and to do so regularly and consistently for the duration of my what is a merchant cash advance loan career and into retirement!

I add at least five figures to this reserve with every additional purchase. I payday advance loan in ny do not touch this reserve, except to pay for maintenance and CapEx. I should never have payday loans no credit check no fees to put money into my real estate business. I should never be forced to sell by market conditions. Because I will never have to sell, I can run and capitalize my business optimally for long-term performance, retaining the option to sell, refinance, or hold, when I review my portfolio annually. Because of my personal financial runway, I will never be forced to sell stocks to maintain my lifestyle or other businesses. I will never spend loans for bad credit online instant decision the principal—I will never spend the original investment.

You know the formula for good personal finance—just like you know that you need to eat right, sleep, exercise, and maintain your hygiene to avoid developing chronic illness. You know that there is no reason to panic or rush to sell. Feel free to join us on the BiggerPockets Money Podcast as we too navigate through the economy of 2020. Please feel free to join us on the other podcasts, as investors continue to make the most of the situation and build wealth.

Please feel free to ask questions in the comments below or privately message me. All are welcome to ping me personally with questions, to leave a comment, or to listen to us on the BiggerPockets Money Podcast. Our team and I have and will continue to preach, preach, preach the importance of building a rock-solid financial foundation, with reserves, where we spend less than we earn. As part of that mission, we will help you navigate 2020, and I will personally make myself available to anyone who needs help. You will be able to continue carrying out your strategy or adapt to any changes in the landscape. You may even find outsize opportunity in the coming months. We will help you to take control of your spending, tackle bad debts, build an emergency reserve, then build a runway, then begin investing. And if you are one of those people who still think this whole thing is overblown, then who knows, maybe we bounce right back as an economy.

Feel free payday loans victoria tx to make fun of me in the comments if that turns out to be the case. Join us in person on Thursday, February 25th, 2021, for REI Live SRQ! Steve lives in Siesta Key, Florida, where he owns multiple vacation rentals, and spends his free time mentoring entrepreneurs and investors, with a passion for helping others live their best lives. Steve will talk you through how he got started in real estate from the Pizza Business!

Join us in person on Thursday, February 25th, 2021, for REI Live SRQ! This is a troubling time full of uncertainty in the world. And as a landlord, many of these unemployed workers are renting from us.

And despite what the general population thinks, most landlords are not rich, greedy, multinational corporations with billions sitting in the bank. Most landlords are people just like you and me—people who, whether by accident or on purpose, ended up with a few rental properties and are trying to manage them while also working a job or running a business. But I can at least share with you my exact strategy that my wife and I have come up with. Ok, this is kind of a summary point, but it needs to be made.

Whether in the Wild West or dealing with a tenant, shooting from the hip is generally a pretty terrible plan.

Making decisions on the fly usually results loans for bad credit online instant decision in bad decisions being made, so step one is commit to having a plan written down for how you will deal with this issue. Because for most property owners, this is not a question of IF but WHEN. Now, the remainder of the steps here are more concrete, but I want to make sure we address this. Tenants are people, and they are going through a remarkably scary time, as well. For as long as there have been tenants and landlords and bills to be paid, there is a super interesting piece of human behavior at play: People will pay the bills that give them the greatest consequence of not paying.

In other words, most people financially struggling can pay most of their bills—but not always all of them. This is why late fees are so vital in normal landlording. When the choice between paying rent and buying a flat-screen TV are presented to a tenant, the late fee and threat of eviction tips the scale toward using that money to pay rent. The ability to issue a late fee loans for bad credit online instant decision might also be banned soon. We plan to do this by giving them their options, as they may be unaware of the different ways they could come up with the rent.

Related: BiggerPockets Podcast 374: What Real Estate Investors NEED to Know About the Coronavirus, the Economy, and the Problems at Your Door First, we plan to keep an eye on programs that the government is designing to help tenants. Right now, there is a very real possibility that the government is going to issue cash payments to every adult American, which could help.

Also, we are going to offer other suggestions, as well. For example, could they borrow the money from a relative? In fact, to help where we can, we plan to offer to pay the fee associated with using a credit card. Now would be a good time to get set up with a rent collection system that has the ability to get paid via credit card.