Coronavirus: How To Prepare

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coronavirus update

If you’re like my family, you may have thought this whole coronavirus thing was going to blow over. But, clearly things became very real over the last few days. So real, in fact, that grocery stores are out of many normal, every day needs and there are closures for schools, events, and basically anything you can think.

With that said, I want to share a few key articles as things continue to develop. I hope this helps you cope and continue making preparations.

Emergency Preparedness: Prepping for the Prepared

I don’t know about you, but I never thought there would be anything that warranted me to buy a 25-year supply of food. Sure, this latest pandemic won’t last that long. That said, we all still need to know where to get toilet paper and hand sanitizer.

This USA Today article outlines how to still buy hand sanitizer and also how to make your own if you can’t buy it.
And this one helps you find the toilet paper we all desperately need. But, I’m still unsure why we’re so worried about that — it’s not the stomach flu…
This prepper entrepreneur said on Slate that the demand was already going nuts on his online store.
From Business Insider: The 4 definitive coronavirus cleanup tools of doomsday preppers each cost under $5 — and actually work

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How Will The Coronavirus Effect Your Money?

coronavirus money

Then, there’s your money. I know — should you be worried about your money at a time like this?

The answer is: yes, you should. In all likelihood, the world is not going to end over this.

So, what are you going to do to protect your nest egg as the stock market remains volatile? Also, if you suffer from a temporary lay off or are out of work because you contract the coronavirus… what does that mean for you?

Well, let’s put your mind at ease with a few scenarios here…

CNBC talked to a few financial advisors who said you should… leave your investments alone, boost your emergency savings, support other people, and, wait for it, wash your hands. Boom.
My wife and I started going back to cash only just in time for this coronavirus. Fortunately, it’s still safe to handle cash according to Bankrate… but it’s interesting to note that China is destroying some paper currency of its own.
The New York Times discusses a few key things to do with your money… most notably whether retirees should convert their portfolios to cash, whether you should refinance your mortgage, and if it’s a good idea to jump into falling markets. Interesting read and worth it.

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