Financial Tips for the Corona Crisis
Updated: May 5
Moshe is an insurance agent who has been in the field for more than 9 years, and has picked up many tips over the years from the clients and families he has helped!
I can still recall the panic that struck me when the Corona crisis just started. It felt like being at some end of the world apocalypse movie scene. The streets were empty and for some strange reason, also windy.
I remember calling my friend while rushing to stock up on canned goods, I was convinced that this is going to end up like some plague movie with zombies roaming around looking for brains. Thankfully my brain is still intact.
In the coming week, I was frantically thinking of what I can do in this out-of-control scenario. After a week of pulling on my own dwindling hair, I still could not calm down. I looked at a Facebook forum online where I usually answer financial questions, called "Living Financially Smarter in Israel".
The panic and confusion were rampant there; people were asking "What should we do? How do we get money for unemployment or how do we get grant money as independents or business owners? Are we even eligible for it?" I started answering questions and helping as much as I can with the knowledge I acquired over the years and it helped!
My first financial tip for you is: help someone!
If you feel like the world is collapsing on you and you do not know what to do, find someone who needs help and help them.
When you help a person in need you feel more confident and sure of yourself. You stop feeling afraid because you are not thinking about being afraid, you are thinking about helping someone.
My second financial tip for you is: make a list
Sit down with a pen and paper or preferably an Excel spreadsheet and start writing down all your financial assets and liabilities. How much you have got in your account, how much you have in your savings plans how much you have in your pension plans and Keren Hishtalmut or Kupat Gemel (If you want to get a snapshot of your pension plans including Kupot Gemel and Kranot Hishtalmut check out this website: www.swiftness.co.il or you can also call me or your insurance agent and ask for the information (It costs 20 shekels but it is worth it).
After finishing the assets and liabilities list make another list for income and expenses if the expenses are higher than the future money coming to you then you need help.
The third tip is: ask for help!
My mother once told me that asking for help is a sign of growing up and I agree.
If you need help, put your fear or ego aside, and ask for help. You'd be surprised by how much love and support you will get!
In the coming months I helped many people, I looked online for any solution for people to get any finances or professional help, and I did 3 live streams on Facebook with financial tips that can help save money or get unclaimed money you are entitled to from taxes, insurance claims or forgotten funds. From the positive feedback I received, I drew new strength and built my first professional website filled with more than 30 videos explaining insurance and investment terms.
I am enormously proud of it.