Avoid Major Money Moves When You’re in Crisis Mode

With many Americans in financial survival mode, PennyGem’s Elizabeth Keatinge tells us how to get out of this state of mind.

Transcript

00:00many Americans are in survival mode when it comes to their finances 38% are heading into 2021 in

00:10that state of mind according to fidelity investments annual new year financial resolution

00:15study experts tell market watch that living in survival mode can inhibit you from seeing the

00:21future when it comes to finances quote unfortunately our ability to see the big picture is severely

00:27limited when we're in fight or flight mode unquote chicago-based financial planner at the planning

00:33center andy baxley tells market watch in addition as cnbc reports many families are moving in together

00:40so they can cut expenses and continue to spend time together amid lockdowns the key is to have

00:45a plan if family members are still generating income they should save an emergency fund a down

00:51payment for a place to eventually live and money to furnish it baxley tells market watch that although

00:57it may feel like you're living day-to-day making ends meet on rent food and healthcare it's important

01:03to have a vision for what you want your life to look like continue to make small steps toward the

01:08future update your resume reach out about a potential new job or ask about a promotion