Money Under
STRESS Make a Stand and Fight Back by Lisa Chastain
I know firsthand what it is like to be overwhelmed with money worries. Seven years ago, my now ex-husband was unemployed, our credit score tanked, our home was sold at a short sale, we were drowning in credit card debt and living off of my IRA money.
cancellations and closures, let alone our extensive service industry. I am a Las Vegas native and as a stagehand’s daughter; I know that the service industry is the lifeblood of our amazing town and it was going to hemorrhage badly.
At the same time, I was struggling to gain momentum as a financial advisor, but the job did teach me how to dig us out of the hole. Fast forward to today, after a difficult divorce and financial struggles, I am stronger than ever. I just want you to know that I come from where you may be now, and I am here to tell you that you can get through this.
I have been interviewed several times since then and asked the same question, "What can people do right now to weather the financial crisis?" Having survived many financial crises of my own, here are my nuggets of hope that I believe will serve anyone who’s working through financial strain today:
Two weeks before Las Vegas shut down for COVID-19, I saw the signs that, as a city, we were going to be in trouble. I was on a news interview shaking, thinking about all of the jobs that would be lost from event
LEADING
1
Stack your cash This is not the time to take drastic measures to pay off loads of debt or invest in something wild. This is the time to save and build up a rainy-day fund. Focus on ensuring
2 3
your needs are handled, then save aggressively; make it a game! How much can you save right now? Invest in yourself Join a free money minded meetup or mastermind, team up with a friend and hire a financial coach, enroll in free online training in a new career or apply for a new job. This is the perfect opportunity to reinvent yourself. Master your cash flow Understand what you make, spend and keep. Have the courage to look back three months. Make empowered decisions about changes in your life. Map out the next eight weeks of bills. Keep life and money simple. Overcomplicating the basics will add more stress to your plate that you don’t need.
FALL 2020: LVWOMANMAGAZINE.COM
