How to Rebuild Wealth + Finances During the Pandemic

The pandemic has left financial damage for many people that may linger for many years to come. Some people may have to rebuild their finances again from job losses, rising prices, and business closures. Here are some simple ways to help you build your finance + wealth from the ground up. 

The first step a person can take to rebuild their finances 

First, get an understanding of where you are now. Take a closer look at your current financial situation – by looking at your budget, assets, and debts. Ask yourself questions to determine: 

  • Am I spending too much? Are there any areas I can cut back? 
  • How much do I owe to creditors? 
  • What assets do I have that can help me to rebuild my wealth? 

 Practical steps to rebuild finances 

  • Home Ownership – if you are a renter, consider if now is the time to purchase a home.
    • Find programs that may help with a down payment or closing costs assistance.
  • Savings – If you are in a position, rebuild your emergency account by deleting a recurring expense – such as cable and putting the money in a savings account
  • Investing for retirement + goals – set up an account with a financial institution to start stashing money away for retirement. 

Find ways to protect your wealth.

      • Seek out insurances to ensure in case of an adverse event; you are protected.
        • Life Insurance – Make sure you have an adequate policy, good idea to get a policy outside of your employer (in case you separate) 
        • Home and Renters Insurance – Protect against adverse events against your property
        • Disability Insurance – is also crucial – in case you are not in a position to work. 

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