What To Do When You Run Out Of Money (Literally)

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 Support the show