During Tough Economic Times Presenter Debra Barker Debra Barker is - PowerPoint PPT Presentation

Maintaining Personal and Fiscal Resiliency During Tough Economic Times

Presenter Debra Barker Debra Barker is a premier keynote speaker with a Bachelor’s Degree in Psychology and a minor in Crisis Counseling as well as a Master’s Degree in Business Administration with a minor in Accounting. She is a solution focused financial counselor/coach as well as an adult educator. Debra has been a keynote speaker for more than 20 years and has taught over 10,000 hours of solution focused developmental programs and has been a financial counselor for over 20 years as well.

Learning Objectives • Understand the impact of the current economic climate • Explore resilient responses to uncertain circumstances, including emergency events • Plan a strategy for your own financial future

Some Facts • The unemployment rate was 4.6 percent in November 2016. This is a 0.3 percentage point decline since July 2016. • Over the year 2016, the number of unemployed persons was 7.4 million. • The current economic outlook for 2017 appears to be strong; however in the long-term predictions, there is uncertainty of when the next recession might occur.

Poll Even though the current economic outlook is good, your personal situation and experience may be different. What concerns you the most at this time? A. Losing your home B. Losing your job C. No savings D. No money for child(ren )’s education E. No concerns

Job Loss: Normal Reactions • Guilt • Anger • Fear • Sadness • Anxiety • Shame • Self-doubt • Uncertainty • Relief • Betrayal

Quote "Strength comes from within — not borrowed, bought or stolen." Byron Pulsifer

Resilient Response • Bounce back. • Anticipate what is next. • Watch and plan. • Take charge. • Use liveliness and good spirit.

Being Resilient Stress Plan 1. Evaluate your current situation - list the top 5 stressors 2. Visualize what you want 3. Write down how you expect things to change 4. Include individuals you need to involve 5. Practice stress relieving activities

Opportunities • Simplify your lifestyle. • Further your education or learn a new skill. • Change careers. • Relocate.

PLAN IT OUT • P rioritize (essentials first) • L everage (resources) • A ssets (things you can draw upon) • N egotiate (talk to creditors) • I nclude others (family and friends) • T ake action (revamp budget) • O ptions (ways to make ends meet) • U nexpected (emergencies) • T imeline (manage cash flow)

Prioritize: What Is Most Important? • Utility bills (gas, water, • Health insurance electric) • Child care • Vehicle payment • Telephone service • Mortgage or rent • Medical bills • Life insurance premiums • Personal care (haircuts, • Auto insurance manicures) • Groceries • Entertainment (movies, hanging out with friends) • Credit card payments • Homeowner's or renter’s • Cable and Internet insurance

Leverage • Sell unneeded items. • Find cheaper alternatives. • Barter. • Use community resources. • Economize. • Start your own business (full-time or part-time). • Be creative: Find ways to cut costs. • Turn your hobby into extra income.

Assets: What You Can Draw Upon Human Tangible Liquid Investment Capital • Items that • Cash, • Stocks, • Skills, can be bank bonds, talents and easily accounts mutual special converted and money funds, abilities to cash market 401(k) and accounts certificates of deposit (CDs)

Negotiate • Contact creditors and explain your financial situation. • Many credit card companies can offer lower payments and/or interest rates.

Include Others • Make financial resiliency a collaborative effort. • Have a family meeting. • Share your financial goals with family members, friends and co-workers.

Take Action: Budgetary Guide • Review your current budget. • Revamp your budget based on current circumstances. • Look for ways to cut back.

Options: Ways to Make Ends Meet • Use credit counseling services. • Seek legal advice regarding bankruptcy. • Practice creative shopping. • Return to school (at least part-time). • Get a part-time job.

Unexpected What if I … • Lose my job? • Have to relocate? • Have to care for a loved one? • Need to be cared for?

Unexpected List five ways to come up with money for an emergency. 1. ________________________________________ 2. ________________________________________ 3. ________________________________________ 4. ________________________________________ 5. ________________________________________

Time Line: Manage Cash Flow • Track cash. • Anticipate income: — How much? — How often? — When? • Review priorities and list your most pressing financial obligations for the next 30 days. • Create a plan to meet spending priorities.

Resources www.Mint.com

Poll It’s not what happens to us but how we respond to what is happening that has the strongest impact in our lives. A. True B. False

Emotional Wealth • Be positive! Maintain an optimistic outlook. • Be mindful of the good things in life. • Keep things in perspective. • Do things that are fun at little or no cost. • Move forward. • Use the stress plan. • Follow the PLAN IT OUT process. • Seek assistance.

Thank You! Questions?

Works Cited Bureau of Labor Statistics. (2016, December 2). Employment situation summary . Retrieved December 14, 2016, from http://www.bls.gov/ Chernoff, A. (2009, August 6). Apple cakes save home from foreclosure . Retrieved December 14, 2016, from http://www.cnn.com/2009/LIVING/worklife/08/05/mortgage.apple.cakes/index.html?eref=rss_us Conerly, B. (2015, January 6). Economic forecast 2015 – 2017 . Retrieved December 14, 2016, from http://www.forbes.com/sites/billconerly/2015/01/06/economic-forecast-2015- 2017/#3734c8d837fd Conerly, B. (2015, November 20). Economic Forecast 2016-2017 And Business To-Do Lists For The New Year. Retrieved December 14, 2016, from http://www.forbes.com/sites/billconerly/2015/11/20/economic-forecast-2016-2017-and-business- to-do-lists-for-the-new-year/#2300594a2ab8 Inspirational Quotes. (n.d.). Quotes for strength . Retrieved December 14, 2016, from http://www.inspirationalquotes4u.com/