Never stop learning

Thanks to the novel coronavirus aka ‘Ms. Rona’, summer 2020 will not look like any summer we’ve seen before. Even if you have cancelled overseas travel plans this year, now might be a great time to change things up, especially with stay at home orders lifted, the economy reopening and places of amusement, including beaches and movie theatres now open, though protocols are still in place. The added benefit is that the need to be ‘socially distant’ could help us to stick to our budget, as we have to maintain ‘social distance’ from some ‘money magnets.’ 

We are half-way through what seems like a whirlwind 2020 already, and some people feel like the year has thrown them several curveballs back to back.  If this is true for you, the good news is that it is not too late to get back on track with a renewed financial drive, and today we want to help you to do just that. 

Are your children learning good money habits from you?  “Save up to buy shares in Nike before buying another pair of Nike shoes,” was the life-changing advice that Damon Williams, a teenage entrepreneur got from his mom, April Williams. The result, at 14 years old, her son, Damon, grew his net worth to more than US$50,000. Damon’s story is a hallmark of how parents can teach their children, the invaluable lesson of investing and saving at a young age.  As a result of COVID-19, more parents are able to spend more time at home, homeschooling or simply bonding, as such now is also a great time to teach or reinforce money lessons. 

If you lost your major source of income today, how long could you finance all of your expenses before being forced into debt?  The potential financial impact of COVID-19 makes this one of the most important questions for everyone to answer.