What Do We Do Now? Your Biggest Coronavirus Money Questions Answered (w/Special Guest CNBC's Sharon Epperson)

Brown Ambition

iHeartPodcasts

Careers, Education, Self-improvement, Investing, Business

4.9 • 2.5K Ratings

🗓️ 25 March 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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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

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See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hey, hey, hey, we're back, we're black, we're brown ambition.
0:25.3	I'm so excited about this episode, Manga, because we have one of our faves on, Sharon
0:31.1	Epperson of CNBC.
0:33.8	She's going to talk to us about what do we need to do, Sharon, we're scared, we're scared,
0:37.8	and we're unsure.
0:39.2	These wacky, wild financial times that are happening out there.
0:42.7	What should we do?
0:43.7	Sharon is the dopest.
0:46.3	I can't wait to chat with her, shall we?
0:48.8	Let's start.
0:49.9	Sharon Epperson, thank you so much for coming to our rescue.
1:12.5	You're going to fix everything, right, Sharon? You're going to make... I don't know about that. I don't know about that, but I will definitely commiserate and try to give you some guidance on what I've learned so far. Well, this is just an unprecedented time. And, you know, our listeners come to us for answers to their everyday personal finance questions. And it feels like a little bit like the questions we're getting now are very much
1:16.9	like the ones we've always gotten, you know, should I be investing for saving? Should I roll over
1:20.6	my 401K? You know, should I pay off my credit card debt versus my student loan debt? But there's just this
1:27.2	underlying current of, oh, yeah, the world is falling apart and I may not have a job tomorrow.
1:33.3	And, you know, let's just start off by sharing a little bit about personal experiences.
1:38.3	You know, right now, my dad lost his job today.
1:42.3	He's a transit worker in Atlanta.
1:45.2	He drives the bus for special needs passengers, and they furloughed him without pay.
1:50.4	And he's texting me all day, you know, how does he do unemployment and things like, you know, what about his 401K matching?
1:56.6	And like all these things are hitting him and hitting me while I'm trying to work with a baby at home
2:01.5	losing my mind. Tiff, on your end, what's it like?
	...

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