EPISODE RESOURCES

Mortgage Forbearance 101

Credit Card Assistance

#30MoneyMoves Challenge

Upwork

Navigating Financial Hardships: Practical Tips When Emergency Reserves Run Out

In this episode, we discuss strategies for managing your finances when you've planned ahead but still find yourself running out of money. We share insights from a recent conference and highlights a common challenge faced by many: even those who have thoroughly prepared with substantial emergency reserves are finding their resources depleted after prolonged periods of unemployment or financial strain. The episode provides various actionable tips for alleviating financial pressure, such as communicating with lenders for debt forbearance, utilizing balance transfer credit cards, pausing automatic contributions to investment or retirement accounts, and evaluating subscription services for potential cuts. Additionally, options for income generation through freelancing platforms like Upwork and Fiverr are explored, as well as potential avenues for accessing Roth IRA contributions, 401k loans, and leveraging non-qualified investment accounts through securities-backed lines of credit. 

00:00 Introduction: Facing Financial Challenges
00:46 Personal Reflections and Industry Insights
01:10 Understanding the White Collar Recession
02:19 Emergency Financial Advice: Breaking the Glass
02:36 Caveats and Considerations
04:01 Debt Management Strategies
04:39 Exploring Forbearance Options
06:09 Credit Card Hardship Programs
07:25 Student Loan Relief Options
10:12 Balance Transfer Cards
11:13 Pausing Contributions and Evaluating Subscriptions
14:08 Leveraging Gig Economy Platforms
17:26 Accessing Retirement Funds
19:56 Non-Qualified Investments and Lines of Credit
23:31 Conclusion: Extending Your Burn Rate

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