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Brown Ambition

Ep. 209 β€” What Do We Do Now? (w/Special Guest Sharon Epperson)

Brown Ambition

iHeartPodcasts

Careers, Education, Self-improvement, Investing, Business

4.9 β€’ 2.5K Ratings

πŸ—“οΈ 25 March 2020

⏱️ 48 minutes

🧾️ Download transcript

Summary

As the situation with Covid-19 develops, people are asking LOTS of questions about what this means for their finances. On today's show we call up one of our besties, CNBC Senior Personal Finance Correspondent Sharon Epperson. Sharon helps us out with some of your questions, including: My 401k is down 30%, what should I do with my nest egg right now? Do I keep putting money into my retirement or divert it to cash savings? If I have emergency savings, is now a good time to put MORE money in the market? Should I refinance my student loan debt? What do I do if I lose my job? What's going on with these checks the government is supposed to send us? We also share some VERY necessary tips for self care when it feels like the world is falling apart. For more help and information check out these resources: Sharon's reporting on the financial crisis: https://www.cnbc.com/2020/03/23/coronavirus-fears-your-money-questions-answered.html Free financial planning: https://www.onefpa.org/Pages/ProBonoPlanning.aspx Resources for homeowners: https://www.lendingtree.com/home/mortgage/pay-mortgage-amid-coronavirus-outbreak/ Resources for credit card users: https://www.comparecards.com/blog/credit-card-issuers-offer-help-customers-coronavirus/ Resources for small business owners: https://www.lendingtree.com/business/emergency-business-loan-resources/ Resources for student loan borrowers: https://studentloanhero.com/featured/student-loan-coronavirus-information/ Keep sending us your questions (Coronavirus related or not) to [email protected], or hit us up on Instagram @brownambitionpodcast Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Hey, hey, hey, we're back, we're black, we're brown and blue she owned.

0:25.4

I'm so excited about this episode, man, because we have one of our faves on Sharon Epperson of CNBC.

0:33.1

She's going to talk to us about what do we need to do? Sharon, we're scorned, we're scared,

0:37.7

we're unsure. These wacky wild financial times that are happening out there. What should we do? Sharon is the dopest.

0:46.5

I can't wait to chat with her, shall we? Let's start. Sharon Epperson, thank you so much for coming

0:52.7

to our rescue. You're going to fix everything, right, Sharon? You're going to make... I don't know about

0:58.6

that. I don't know about that, but I will definitely commiserate and try to give you some guidance on

1:03.0

what I've learned so far. Well, this is just an unprecedented time, and our listeners come to us

1:10.0

for answers to their everyday personal finance questions, and it feels like a little bit like the

1:14.9

questions we're getting now are very much like the ones we've always gotten. Should I be investing

1:19.3

for saving? Should I roll over my 401k? Should I pay off my credit card debt versus my student

1:25.9

loan debt? But there's just this underlying current of, oh yeah, the world is falling apart, and

1:31.6

I may not have a job tomorrow. Let's just start off by sharing a little bit about personal experiences.

1:38.3

Right now, my dad lost his job today. He's a transit worker in Atlanta. He drives the bus for

1:46.4

special needs passengers, and they furloughed him without pay. He's texting me all day, you know,

1:52.6

how does he do unemployment and things like, you know, what about his 401k matching? And like,

1:56.8

all these things are hitting him and hitting me while I'm trying to work with a baby at home,

2:01.6

losing my mind. Tiff, on your end, what's it like? Honestly, my family is for the most part, okay,

2:10.5

but it's really like, through the budget needs to platform, which is getting so many questions. I mean,

2:15.6

people are really scared. I can't tell you how many people who are my age or younger, who are

2:20.2

legitimately like, I'm going to take all the money of my bank account, where I'm going to withdraw

2:24.8

everything from my 401k, or should I even contribute to a 401k? Or what do I do if I don't have any

...

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