The Coronavirus has sistas out her and the world going crazy. Most people also being on a self-imposed quarantine or advised to practice social distancing to help mitigate the spread of this virus, isn’t really helping us either. With nothing but time, people are online sharing how they’re combating their boredom.

market crash.

Well "Dat Rona" (which our community has affectionately named it) hasn't only altered human behavior, but the markets have been going haywire as well. One day it's waaaaay down. The next day it picks back up a bit, and then back down. We’re effectively in a market downturn.

For everything you or any millennial needs to know about market corrections, which a downturn is also referred to, check out this article.

I posted on my Instagram stories why no one in the black community was seemingly talking about this and the consensus I received was that most blacks aren't invested in the market so this financial downturn isn't directly affecting them and therefore they're not phased.

money concerns.

So the question then becomes, why are so many of us not invested in the market? The answer I received was a lack of disposable income due to the fact many are living paycheck to paycheck. But I also know that we're rocking all the Fashion Nova, all the Jordan's, hair and nails are getting done period! So I don't know if I buy the "I can't afford to invest" spiel. Yes, it's true for many, but not the majority. It comes down to what we’re willing to sacrifice.

6 Ways to Stretch Your Paycheck

1. Call and negotiate - Whether it’s your credit card interest rate or your cell phone bill. Ask to speak to the retention department if needed.

2. Cook at home - Meal plan and stick to it. You can even get fancy once in a while. If you’re not “a chef”, YouTube is a great visual teacher.

3. Cut your cable - Cable companies are out here shamelessly robbing people. Like for real, for real. There’s Netflix and plenty of other (legal) streaming services.

4. Don’t let the SALE sign fool you - If something’s on sale for 50% and cost you $100. You didn’t save anything unless you had every intention of buying it at full price. Make no mistake, you just parted with $100 - you didn’t save $100.

5. Cancel your gym membership - Currently, we can’t go to the gym anyway. And I’m all about physical health and well-being. This is you’re paying for a membership you never use. I don’t care if it’s just $15/month. If you don’t use it, cancel it.

6. Sell what you don’t need/use - There’s the Facebook marketplace and a number of consignment apps where you can sell pretty much anything. One woman’s trash is another woman’s treasure. You’d be surprised.

Use the savings from the above and invest it!

money math.

So I can only conclude that most are not because they don't know how, they don't know where which ultimately leaves little to no interest to even bother. Add the fact that there's a risk factor involved, and I understand why one isn't interested. Here's the thing though, investing is about the only way for your money to grow exponentially at a rate higher than the average interest rate. If you lend out $100, would you rather get back $102 or $120? That $100 may go down to $80 one year, but then back up the next year. And if you don't need the $100 for about 5 years, you could end up with $150 or a lot more. That number changes drastically if you put in $100 a year, let alone $100 a month. This is also known as compound interest or compound earnings.

money queens.

The Budgetnista and My Fab Finance are two queens out here on these internet streets that are educating the sistas on how to effectively handle their money. Having been in the financial industry myself for over 10 years, I know a thing or 5 as well, so please feel free to ask if you have any questions. As our teachers used to say, there's no such thing as a dumb question. That's what sisterhood is all about, strengthening each other, building up one another, and making sure we're all good and winning out here.

[Related: What I learned From Steve Harvey About Dreaming Your Way to Wealth]

money legacy.

This blog is about encouraging women to pursue their dreams, and a life with limited resources also limits your options. My hope is that you dare to pursue your passion. If it can only be a side hustle for now, that's great. Try to find ways to monetize that passion so that you can slowly climb out of the paycheck to paycheck life. (Where there’s purpose there’s provision - I believe that wholeheartedly). Throw in investing in that equation and you can now start to look out for your children's future. Financial freedom isn't as much about having the freedom to buy more stuff. It's about freedom of choice.

conclusion.

With many of the schools closed for the next little while because of the pandemic, we're now realizing the luxury entrepreneur-mamas have of not having to worry about childcare. Can you afford to not go to work for the next 3 weeks? If the answer is no, then something in your circumstances needs to change. And trust, I'm in the same boat as most of you. Cause I can't really afford to not get my next paycheck unless I'm dipping into my retirement savings, which I'd rather not. But the option is there. Which is why I'm saying, we need to make these side-hustle coins sis. You can do this! Need a lil help with ideas? Ask me in the comment section below.

[Update: This article was written in early March. We’ve all been home from work now unless we’re essential workers, so the childcare concern may not be as applicable. However more applicable is if you haven’t been able to work from home, has the stimulus check(s) been enough to support you and your family? Adding another income stream will never do you wrong. Seriously consider it.]

Grace & Peace,

-Vi