At the Money Café Corp, we are recommending our clients and associates read, understand, and refer to this book as the template for our (collective) multi-faceted recovery plan, as our goal is to provide practical solutions to real problems caused by COVID-19.
Research indicates Canadians are seeking easily implemented and practical solutions to the myriad of financial concerns triggered by this pandemic and we believe, this guide can serve as a ‘subliminal’ reminder and ‘go-to resource’ to overcoming our financial concerns.
The years 2020 and 2021 will go down in Canadian history as two of the most significant and tumultuous years in this millennium, where a deadly, brazen, and unannounced event forced our day-to-day lives, including our livelihood, to temporarily shut down.
This shutdown triggered unchartered, incomprehensible, and mind-blowing adjustments, which, sadly, will be felt for years; however, do not be disheartened; at the Money Café; we have created a myriad of course-correction activities to reverse the ill-effects of COVID.
To say we were not prepared is an understatement; however, every disaster, regardless of its nature and effect, triggers actionable plans to generate positive responses; likewise, every problem has an amicable solution. At the Money Café, we have the recovery formulae.
Based on COVID-19’s, 24 x 7 media coverage, we learnt a lot and better educated ourselves; however, if we are caught off-guard with COVID-20 or 21; we have ourselves to blame. When COVID-19 first appeared on the scene, no one, including the ‘experts’ could have predicted its depth and severity or the consequential current and or future financial impact on our day-to-day lives.
Unfortunately, a small percentage of Canadians chose to defy COVID-19’s warnings and continued living ‘normally’; sadly, their actions triggered super-spreader events, which was inexcusable! However, COVID-19’s impact goes way beyond the health aspects; it is 100% correlated with the financial impact of our long-term wealth creation goals.
What we failed to understand (at the time) is, over and above the health crisis, at-home isolation married with our inability to work, (whether we ended up in the hospital or not), had a direct correlation to our financial concerns, status, and recovery.
The ill-effects of COVID-19 went much deeper than missing paycheques; we were so focused on our health; we didn’t pay attention to COVID-19’s interruption of our wealth creation activities. Why? Canadians held on to their cash; primarily, as a safety net, as we simply did not know, (due to the nature of unchartered territory) how we were going to be affected and for how long.
Let us face the facts, as much as COVID-19 affected millions globally, we are eternally thankful that comparatively speaking, Canada had one of the lowest case counts per capita (globally) and a large percentage of contracted Canadians survived the ill-effects of COVID-19.
COVID-19 has been labelled the pandemic of the century! To see first-hand and/or to verify COVID-19’s magnitude, simply turn on your TV, grab a newspaper or go online to confirm the current and long-term effect and potential of this catastrophic pandemic.
This calamitous phenomenon created an era of mayhem and ambiguity; an era in which we now must meticulously and systematically recover by a) increased sense of awareness; b) invest a significant percentage of human resources and c) an actionable financial plan.
There will be no ‘free lunch’ here; we must roll up our sleeves and do what is required to pave the pathway to a smooth recovery, the good news is; focusing on the end result or your personal goals, will make our recovery process more enjoyable.
To ease our frustration and to offset our inability to work, we appreciated and were grateful for the six (6) month mortgage deferral privilege from our banks and credit unions, freezing of credit card and utility payments and/or any other financial privileges. However, the deferral privilege or freeze was not free, as with most lending facilities, it came with a cost and that cost can significantly derail our recovery and wealth management journey if we do not take heed and create a practical and actionable recovery action plan.
Did you realize, deferring your mortgage payments for 6 months added 15 - 18 months to our mortgage amortization? Check out yours…
Solution Providers: At your disposal are Financial Advisors, who are not only experienced with wealth management planning, are trained to help everyday Canadians whether a multitude of financial storms, including COVID-19. More than ever Canadians need a Financial Plan and the Manage Your Money™ software is our #1 user-friendly platform to create this critical document.
Finally, COVID-19 has affected everyone, whether you were offering or receiving financial advice, thankfully, with over 32 years in the Wealth Management sector (Advanced Case Specialist) and the creator of Canada’s first consumer-focused Financial Planning software, I am experienced and well equipped to handle financial challenges. Next: Chapter 2 of 10: Debt Elimination…
We're a multi-licensed firm focused on Wealth Creation and Preservation. We can help you regain the time we lost to COVID. Book an Appointment Today...
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