How to Protect Your Money With Ramit Sethi
Let’s face it, the economy is feeling a little doomed right now. So this week we are learning to protect ourselves financially with the help of personal finance advisor Ramit Sethi. Hear him talking to Alice Bradley and personal finance writer Lifehacker Lisa Rowan about his practical tips for getting over this economically dire time. Ramit is the author of the New York Times bestselling book I’ll Teach You To Be Rich and founder of IWillTeachYouToBeRich.com .
After their conversation, stay tuned to hear Lifehacker Health Editor Beth Skoreki speak with medical scientist Dr. Constantin Kanakis. Dr. Kanakis answers questions from Lifehacker readers about all aspects of COVID-19 testing, from how reliable it is to the best time to take an antibody test.
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Highlights from this week’s series
From an interview with Ramit Sethi
On how to respond to the current economic downturn:
[T] The right thing to do in this [this] situation is overreacting. What does this mean? This means that we are a culture of optimism. Americans, we are always: “In the end, everything will work out. You know, we’re going to walk off into the sunset holding hands. ” And this cultural view really affects us, and it can affect us badly. We think, “Oh yes. You know, the economy can be bad for a couple of months, but it will come back. ” No. What if you get fired and your partner gets fired? What if your job is gone and your entire industry is gone forever? This is what overreaction means. This means that you really start planning for the worst, and whatever you think is the worst, five times more. And then you start saying, “Okay, I hope this doesn’t happen.” I hope I’m overreacting. But I’ll make a plan just in case.
Here are some steps you can take now to cut costs and start building a contingency fund:
There are five main areas where people can cut right now and get cash back. So it’s a cell phone bill, cable TV bill, credit card bill, student loan, and even rent. You can call these companies. You can tell them, hey, I’ve been a big COVID-19 customer for three years, which made things difficult for me. What options do you have? … They don’t have to do it. But you’d be surprised how many companies there are because they don’t want to lose their customers. They think for a long time. They know that if you stay close, you will be worth a lot to them. [So] you might be wondering how many actually do it.
From an interview with Dr. Kanakis
When considering whether you should take any COVID-19 test:
[When] people talk to their PCP or … if they just want access to one, they should first think about keeping themselves, their family and friends safe. It doesn’t have to be this crazy fight to get tested. The fact that the results will be positive or negative will not really change anything in your daily life. So keep that in mind.
On why people shouldn’t feel automatically protected if they test positive for antibodies:
I did a bit of work with the Zika virus, and when it was reported in the news in 2017, if you contracted the Zika virus, you had your own vaccine, for example, for chickenpox. You know, if you have a virus, you are safe. This is not necessarily the same situation. It is a kind of mutant virus strain called Coronavirus, which is one of our common viruses during the flu season that we see every year. So if you’ve ever caught a cold twice in the same flu season, chances are that it could cause re-infection.
To hear more of Ramit’s valuable information about the monetary steps we must take to protect ourselves right now, as well as more important information about all types of COVID-19 testing, we highly recommend listening to the entire episode.
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