Thread by @roncaruthers

1. What to do if you've lost your job.

(I will post a thread for business owners later tonight.)

If you've lost your job, I'm sorry.

It sucks.

I've never seen anything like this in my life before.

I DO believe we'll get back to work pretty quickly, but here are some tips:

2. First, if you've filed your taxes in 2018 or 2019 OR you're collecting Social Security

AND

You make less than $75,000 as a single or $150,000 as a married couple,

You will get the stimulus money of $1,200 each plus $500 for any kids under 18.

3. That should come in the next couple or 3 weeks.

Next, you should IMMEDIATELY file for unemployment.

My understanding is that you'll not only collect local UE, BUT, you can collect up to $600 a week MORE from the federal government for up to 4 months.

4. AND you can do some gig work or side work as well, before they 'ding' you.

BUT it looks like you will have at least SOME of your benefits reduced if you do.

The rules differ by state, and you can learn more about them here:

marketwatch.com/story/cares-ac…

5. Now, what if you need MORE money than that?

Here is the order that you should take money in:

First, if you have an emergency fund, then that's what you go for first.

Next, if you have a Home Equity Line of Credit, that's next up.

6. If you don't have either of those, then I would suggest either your credit cards OR your retirement accounts.

I'm not a fan of EITHER of those, but you gotta do what you gotta do.

7. Personally, I would do the credit cards first, because there are all sorts of rules tied to the retirement accounts,

But again, do what you have to do to survive.

IF YOU HAVE TO USE YOUR RETIREMENT ACCOUNTS:

Try to pull from the bond portion or cash inside first.

8. The reason is any stocks are likely down AT LEAST 20%, but the bonds or the cash won't be affected.

(Also, if you need some help with where to put the 401k moving forward, feel free to DM me and we'll chat.)

9. Now, the CARES Act says you can withdraw that money 10% penalty free and either pay it back in 3 years OR spread the tax on it over 3 years.

And do NOT forget about opportunity cost. Meaning, whatever you pull, you lose not only that, but EVERYTHING it would earn.

10. So, if you're 40, and you were earning 7% on your money, and you pull the whole $100,000 that they'll let you, you'll likely pay 24-40% in taxes AT LEAST, so you'll only have $60,000 to $76,000 to spend.

BUT, had you left it there, in 20 years, you would have had $400,000.

11. So, just THINK before you do anything.

So, that should take care of your money.

What about your rent or mortgage?

12. In CA, nobody can evict you for 60 days.....or CAN they?

Conflicting info

However, rent it STILL due, so if u have it, I'd send it in so you don't get behind the 8-ball.

If your mortgage company is offering a deferral, then you can decide how to proceed based on the terms.

13. If you decide to start selling some of your stuff to raise cash, there is an excellent course on how to do it and price what you're doing:

It will also show you how to buy and sell other people's stuff. (affiliate)

gumroad.com/a/213496947

14. Now, how about spending any free time you have?

I would DEFINITELY use this time to learn new skills, especially ones that make you money.

Twitter is full of ideas and ways you can hustle from home, but here are 2 courses I've purchased that I got a TON of value from:

15. First, @joserosado has a KILLER course on website design and building.

I knew NOTHING about it, or the process or what tools to use,

But Jose walks you through it start to finish.

I'll be using it to rebuild my own website this month.

You could do that OR....

16. IF you want to make money, you could literally call every business in town that's been forced to close, or limit what they do, and charge them to set up an e-commerce site so they can stay viable.

I believe it's some of the easiest money you'll make.

gumroad.com/a/138572915/sw…

17. 👆(Affiliate)

OR, again, since people are moving online, you could offer to help with their graphic design.

Again, this is a subject that I know LESS THAN NOTHING about (I'm a money guy), but this course broke it down in a way even I could understand.

18. For a simple E-book cover, you could charge $35.

3 a day for a week would be $525 a week, working 5 days.

And it is VERY little work, once you understand the basics, which are laid out here. (affiliate)

@DeytonBrewer has the course.

gumroad.com/a/703755379

19. So, those are a couple of areas I recommend that you could focus on & make money.

But, what about your mental health?

Besides getting sun and exercise EVERY day, if possible, be sure to feed your mind.

Now is a GREAT time to develop a daily reading habit.

20. I'm currently reading Pre-Suasion by @RobertCialdini and The Success Principles by @JackCanfield

Next up, I'll re-read How to Get Rich by @FelixDennis, one of the greatest books ever.

Actually, all of them are great.

20b. And, here is a great reading list for copywriting put out by @ronaldnzimora AKA Other Ron (legally, that is his name now, he says he's changed it, but hasn't sent proof over yet)

https://twitter.com/ronaldnzimora/status/1037276231056744449

21. AND, I'm back to playing guitar, which I took a break from for the last couple of years.

@Fender has an excellent series of online courses, or you can use @YouTube for lessons on ANY instrument.

Also, if you don't know how to cook, now is a great time to learn.

22. @bonappetit has a ton of recipes online, and YouTube does as well.

So, what is the lesson here?

23. Whether you like or dislike @realDonaldTrump , I believe the protections they're putting in place will have the smallest long term impact on the economy, and protect the most amount of us possible.

But, regardless, YOU can come out of this stronger, richer, fitter AND wiser.

24. Everything can be a blessing if you choose to find it.

@NapoleonHillFdn once said: 'Inside EVERY adversity is the seed of a equivalent OR GREATER opportunity.'

Hopefully, this gave you some ideas of how to plant and nurture that seed.

Be well.

/end