Staying Connected

If You’re Worried About Money, Think About This

young woman expressing a perplexed look on her face while examining monthly bills and account balances

Sometimes, one simple shift in thinking can help us know that, whatever the challenge before us, we’ll figure it out. This week, economist and Conference for Women speaker Teresa Ghilarducci provides that reassurance on our latest episode of Women Amplified.

Here it is: If you’re worried about money, think about your future self, and take action that supports that self—not the fearful self that may be activated in this moment.

Fear triggers chemicals in your brain that will make you want to do something to blast that fear away now. But those actions may not be in your long-term best interest.

So, what should you do—especially if you’re dealing with a loss of income or feeling rocked by the volatility in the stock market?

“You have to do something, but you have to do something for your medium-term and long-term self,” says Ghilarducci, a professor of economics at the New School for Social Research in New York City.

Focusing on the future, instead of this more anxious moment, will help you take charge. And from that more empowered mindset, you will be better positioned to take constructive action—on what Ghilarducci says should be three priority areas:

  1. Spending. If you don’t have a budget, this is the time to set it up—and watch it carefully. Fortunately, discretionary spending for many items—from Starbucks to hair care—is down. And we just might discover how many impulse purchases we don’t truly care about, which could help keep expenses permanently down.
  2. Debt. If you have credit card debt, ask the company to suspend payment without extra interest for the next two months—and to lower your interest rate while they’re at it. If you have a mortgage, do the same thing: ask for a two-month suspension without any extra interest accruing.
  3. Investments. If you can, look at your 401k accounts and make sure you know how much more you need to save to get on target. And, says Ghilarducci, remember that your asset values will probably come back in a year and a half. So, be patient.

Tune in to hear the full conversation with Theresa Ghilarducci on the Conferences for Women podcast, Women Amplified.


More from the April 2020 Newsletter

How to Stay Meaningfully Connected

a cheerful young woman staying connected and chatting via laptop while enjoying a bite to eat on the balcony

During another crazy time in our world, Emily Morgan had a newborn and a husband suddenly out of work because of the financial crash of 2007-2008. She’d been working at the University of Pennsylvania but wanted to give remote work a try. Twelve years later, she is a successful entrepreneur who leads a team of 40—and an expert in the remote work that has suddenly become a reality for so many.

Here are five suggestions from Morgan, a Conference for Women speaker, about how to stay connected in meaningful ways and be a leader in times like this—followed by tips from the Conferences for Women team on how to make working at home work.

  • Create brief opportunities for everyone to see each other. Her entire team comes together over Zoom for 15 minutes once a week, with various team members taking a turn hosting. They cover core values, one positive development, organizational updates, shared learnings, and a story of values in action.
  • Offer small, more in-depth chances to connect. Morgan’s team is divided into packs of five to seven who meet on Zoom one hour a week where they have an opportunity to share—including, as she puts it, to “complain to and encourage”—one another. This, she says, helps create the culture they would have if working in the office together.
  • Think creatively about how you can support your team now. For example, she is organizing a virtual camp where volunteers teach topics that will aim to keep children engaged while their parents focus on work.
  • Establish clear boundaries and expectations. Being clear about metrics the team should be focused on over the next 30, 60 and 90 days. This helps everyone stay focused on priorities and know what they are accountable for.
  • Try to model calmness. Morgan says she meditates, limits her news intake, and reflects on whether how she is leading and acting is aligned with how she wants to see others act. “I don’t,” she adds, “want to be leading from a place of reaction.”

Morgan is the founder and CEO of Delegate Solutions, which offers premium-level virtual assistant services for entrepreneurs.


More from the April 2020 Newsletter

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