Protecting Your Finances During COVID-19

Have you ever dreamed of retiring early? Or wondered what your life would be like if you didn’t have to work a 9 to 5? An increasing number of people are redefining what retirement means for them. In this episode of Protecting Your Finances, Karen Boothe from Engage Forward is chatting with Heather Culp and Kim Edwards about the FIRE (Financial Independence Retire Early) movement. Using FIRE principals, Kim accomplished her goal of retiring before the age of 40. In this episode she shares her take on whether anyone can accomplish FIRE or if there are only specific situations that allow people to achieve FIRE. According to Kim, there are a lot of ways that people can achieve FIRE including real estate, stock plans, and pension plans if this is something that they want to pursue. With this in mind, to achieve FIRE it’s important for anyone to be aware of what that final dollar amount is that they need to retire. If you think FIRE might be a financial goal you want to aim for, you have to have a plan. You can start by identifying the amount you want, what age you can get there, and how you can get there sooner. An important aspect of FIRE is being aware of what you’re willing to give up to get there. FEATURED ON THE PODCAST Name: Heather Culp [https://www.essexrichards.com/attorneys/heather-w-culp/] What she does: Heather is an attorney atEssex Richards [https://www.essexrichards.com/attorneys/heather-w-culp/]in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Name: Karen Boothe [https://www.linkedin.com/in/karenboothe/] What she does: Karen is the Founder  of Engage Forward LLC [https://engage-forward.com/]. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim Edwards [https://www.linkedin.com/in/kim-edwards-2b2a08] What she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart. 💵 KEY TAKEAWAYS 💵 Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔Pursuing entrepreneurship doesn’t guarantee success. Starting your own business can have more hidden risks than some people realize. There are a lot of benefits to working for an employer, including retirement savings and health coverage. If you do decide to pursue entrepreneurship, be fully aware of what you’re getting into before you quit your day job. ➔Consider the 4% rule. Kim explains how she uses the 4% rule for her own FIRE retirement — she spends only 4% of her investment portfolio on her living expenses each year. With most stocks and investments growing at a rate that is higher than 4% this means that her overall portfolio still grows year after year. ➔Having a plan is key. Having a clear financial plan is key to achieving FIRE, you need to know where you’re at and how you can get to where you want to be. This includes being aware of what you’re willing to sacrifice and how you’ll adjust to bumps in the road along the way. If FIRE is not for you, you still need to have a plan for how you’ll get to retirement. 💡 EPISODE INSIGHTS 💡 [02:03] High income salaries not always required: Kim shares how high income salaries are not the be all and end all to achieving FIRE. She recognizes that earning potential can fluctuate throughout someone’s career. [03:50] Calculate your number: Knowing the number you have to get to for retirement helps you plan for FIRE and identify your gaps. Kim uses the 4% rule [https://www.campfirefinance.com/4-percent-rule/] to determine what she can withdraw from investments in her retirement. [07:25] Consider your changes: FIRE might not be for everyone, knowing what changes you’re willing to make including having a smaller family, living in a city with a low cost of living, or changing your lifestyle are all considerations to make. [13:25] Work hard and plan well: We can’t all retire before 40, but as long as you’re making a living wage, you should be able to reach a comfortable retirement goal if you plan ahead. ABOUT THE PODCAST ★Subscribe to Protecting Your Finances During COVID-19 [https://pod.link/1508003150] in your preferred podcast app. For more information, you can visit Essex Richards at www.essexrichards.com [http://www.essexrichards.com/]. You can reach attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe at karenb@engageforward365.com or (888) 472-6795. This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.

It’s time to go back to the classroom, and for the first time in a long time, we’re not talking about the generation of school kids today who are sick of virtual learning. These are lessons for those of us who thought we’d escaped math homework forever. In this episode of Protecting Your Finances During COVID-19, host Karen Boothe from Engage Forward talks with Heather Culp, a commercial litigation and bankruptcy attorney with Essex Richards, and Kim Edwards, a retired e-commerce executive, about why it’s so important to focus on math in your financial planning. Kim says that embracing math opened her eyes to new possibilities, including pushing herself to retire before her 40th birthday. Understanding the math of your personal situation — how much you need for retirement, for your daily expenses and to maintain your lifestyle — is key to achieving financial stability. Math is a fundamental skill to all aspects of financial planning, from calculating what size house you can afford, to investing in the stock market. Karen’s appreciation of math started from the early days playing Bargain Hunter to participating in specialized STEM programs, math was always a core part of her life. Whether you embraced math from an early age or are realizing its value as an adult, it can help fortify your finances. Don’t worry if you’re not an expert yourself yet: This episode explains how being mindful of your options and the help available can get the answers you need. FEATURED ON THE PODCAST Name: Heather Culp [https://www.essexrichards.com/attorneys/heather-w-culp/] What she does: Heather is an attorney atEssex Richards [https://www.essexrichards.com/attorneys/heather-w-culp/]in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Name: Karen Boothe [https://www.linkedin.com/in/karenboothe/] What she does: Karen is the Founder  of Engage Forward LLC [https://engage-forward.com/]. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim Edwards [https://www.linkedin.com/in/kim-edwards-2b2a08] What she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart. 💵 KEY TAKEAWAYS 💵 Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔Don’t be afraid to ask the experts around you. It’s OK if math isn’t your strong point. Chances are there is someone you know who is an absolute whiz at math, is super passionate about investing, or who knows a lot about mortgages. Seek out these people when you have questions. ➔Learning Excel can take you a long way. Even if you didn’t learn how to use Excel in school, you can still pick up the skills you need to use the software to calculate retirement amounts and complete comprehensive budgets through YouTube and free online courses. ➔Consolidate and simplify your bank accounts. Many people end up with more bank accounts and credit cards than they truly need. Keeping your banking streamlined makes it easier for you to manage, and for the people who need to step in when you’re no longer here. 💡 EPISODE INSIGHTS 💡 [01:35] Learning math will help you achieve your goals: Kim shares that it wasn’t until she realized how many doors math could open for her — and dropped her anti-math attitude — that she was able to make big strides towards her goals. [05:28] Encourage financial literacy from a young age: Unfortunately, math and financial skills are not always part of the curriculum. Seeking out programs like Junior Achievement [https://www.juniorachievement.org/web/programs] can help supplement what school misses. [11:03] You don’t have to know everything yourself: If you have a knowledge gap, make sure you know where you can go to get the help you need, and ensure your questions are answered. [11:58] Take an online Excel course: Even having basic skills in Excel can help you better solve the financial questions you have. There are a considerable number of YouTube videos and online courses that anyone can access. ABOUT THE PODCAST ★Subscribe to Protecting Your Finances During COVID-19 [https://pod.link/1508003150] in your preferred podcast app. For more information, you can visit Essex Richards at www.essexrichards.com [http://www.essexrichards.com/]. You can reach attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe at karenb@engageforward365.com or (888) 472-6795. This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.

A balanced budget is central to financial stability, but many people are missing important pieces that prevent them from seeing a complete picture of their finances. Learn core budgeting principles and beyond in this third episode of the Protecting Your Finances During COVID-19 podcast. Hosts Karen Boothe, bankruptcy attorney Heather Culp, and retired e-commerce executive Kim Edwards share advice for creating a successful budget: know your income, know your expenses, and figure out what’s a need versus a want. They suggest you take an in depth look at your paycheck, understand your expenses on a micro and macro level, and weigh the importance of what’s in your budget. Don’t forget about saving. Planning for your future by figuring out how much you need to retire is an important part of your financial planning. Kim provides a useful tool in monitoring your finances through her “Net Worth Day” challenge that has helped guide her financial journey to an early retirement. The conversation goes deeper by bringing into focus the way psychology plays a role in your relationship with money and how you manage your finances. FEATURED ON THE PODCAST Name: Heather Culp [https://www.essexrichards.com/attorneys/heather-w-culp/] What she does: Heather is an attorney atEssex Richards [https://www.essexrichards.com/attorneys/heather-w-culp/]in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Name: Karen Boothe [https://www.linkedin.com/in/karenboothe/] What she does: Karen is the Founder and owner of Engage Forward LLC [https://engage-forward.com/]. Karen provides educational guidance and is passionate about what she does. Engage Forward LLC exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim Edwards [https://www.linkedin.com/in/kim-edwards-2b2a08] What she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart. 💵 KEY TAKEAWAYS 💵 Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔Pay down outstanding debts. If you have money left over after paying all your monthly expenses, consider reducing any outstanding debts you may owe. ➔Don’t spend what you don’t have. Some Americans have been opting to pay with credit cards instead of cash during the COVID-19 pandemic. This can be great if debt is paid off right away. If neglected, it can quickly become a financial burden. Pay for expenses using the money in your bank account, or pay off your credit card right away to minimize debt. ➔Know your spending habits. Keeping track of your finances. Plan ahead for one-off purchases. Credit card statements can be a great tool to keep track of expenses on a monthly and yearly purchases. The bottom line — know how your spending aligns with your budget. 💡 EPISODE INSIGHTS 💡 [1:26] Americans are borrowing more than ever: Karen summarizes key points from a recent Bloomberg article stating that American consumers hit $14.6 trillion in debt [https://www.bloomberg.com/news/storythreads/2021-07-14/big-auto-loans-low-interest-rates-americans-binge-on-debt-in-2021] in the first three months of 2021. While mortgage interest rates are low and credit card balances have actually declined, student and auto loans continue to be big issues. [3:41] Student loan payments are still frozen: Heather discusses how the moratorium on federal student loan payments has benefitted many people. [7:56] Limited supplies are fueling inflation: Karen speaks on the strained supply and demand chain, particularly in the auto industry. She shares her own experience with finding a rental car. [9:32] Choosing credit cards over cash: Karen explains how people using less cash as a response to preventing the spread of COVID-19 could be a factor in prompting more credit card usage, and therefore causing an increase in credit card debt [11:24] People are putting off paying back debt: Karen questions if Americans are putting off paying off some of their debts for later in favor of spending now. [12:38] Know what your true budget is: Kim encourages the responsible use of credit cards as a method for keeping track of expenditures. Heather touches on alternative methods tracking finances. ABOUT THE PODCAST ★Subscribe to Protecting Your Finances During COVID-19 [https://pod.link/1508003150] in your preferred podcast app. For more information, you can visit Essex Richards at www.essexrichards.com [http://www.essexrichards.com/]. You can reach attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe at karenbkarenb@engageforward365.com or 866.948.9199. (888) 472-6795. This podcast was recorded and is being made available by Essex Richards and Engage Forward LLC for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward LLC make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward LLC. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.

Americans are returning to normal spending habits for the first time since the height of the COVID-19 pandemic, but are they paying off debt as fast as they’re accumulating it? Consumer debt has risen to $14.6 trillion in the first three months of 2021 — with student and auto loans especially high, according to recent article on Bloomberg Wealth. In the second episode of Protecting Your Finances During COVID-19, host Karen Boothe along with bankruptcy attorney Heather Culp and retired e-commerce executive Kim Edwards discuss how the pandemic has influenced the current economic climate and how the finances of the average American has been impacted. COVID-19 relief support from the federal government has helped many pay down some existing debt. Credit card balances have taken a dip for the second year in a row.  Many still find themselves pushing most of their loan repayment responsibilities  down the line. All the while, many industries are experiencing price hikes and limited supply. Tune in to learn how we got here, and how to keep track of spending amidst complicated economic times. FEATURED ON THE PODCAST Name: Heather Culp [https://www.essexrichards.com/attorneys/heather-w-culp/] What she does: Heather is an attorney atEssex Richards [https://www.essexrichards.com/attorneys/heather-w-culp/]in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Name: Karen Boothe [https://www.linkedin.com/in/karenboothe/] What she does: Karen is the Founder  of Engage Forward LLC [https://engage-forward.com/]. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim Edwards [https://www.linkedin.com/in/kim-edwards-2b2a08] What she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart. 💵 KEY TAKEAWAYS 💵 Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔Pay down outstanding debts. If you have money left over after paying all your monthly expenses, consider reducing any outstanding debts you may owe. ➔Don’t spend what you don’t have. Some Americans have been opting to pay with credit cards instead of cash during the COVID-19 pandemic. This can be great if debt is paid off right away.If neglected, it can quickly become a financial burden. Pay for expenses using the money in your bank account, or pay off your credit card right away to minimize debt. ➔Know your spending habits. Keep track of your finances. Plan ahead for one-off purchases. Credit card statements  can be a great tool to keep track of monthly and yearly purchases. The bottom line — know how your spending aligns with your budget. 💡 EPISODE INSIGHTS 💡 [1:26] Americans are borrowing more than ever: Karen summarizes key points from a recent Bloomberg article stating that American consumers hit $14.6 trillion in debt [https://www.bloomberg.com/news/storythreads/2021-07-14/big-auto-loans-low-interest-rates-americans-binge-on-debt-in-2021] in the first three months of 2021. While mortgage interest rates are low and credit card balances have actually declined sightly, student and auto loans continue to be big issues. [3:41] Student loan payments are still frozen: Heather discusses how the moratorium on federal student loan payments has benefitted many people. [7:56] Limited supplies are fueling inflation: Karen speaks on the strained supply and demand chain, particularly in the auto industry. She shares her own experience with finding a rental car. [9:32] Choosing credit cards over cash: Karen explains how people using less cash as a response to preventing the spread of COVID-19 could be a factor in prompting more credit card usage, and therefore causing an increase in credit card debt [11:24] People are putting off paying back debt: Karen questions if Americans are putting off paying  some of their debts  in favor of spending now. [12:38] Know what your true budget is: Kim encourages the responsible use of credit cards as a method for keeping track of expenditures. Heather touches on alternative methods of  tracking finances. ABOUT THE PODCAST ★Subscribe to Protecting Your Finances During COVID-19 [https://pod.link/1508003150] in your preferred podcast app. For more information, you can visit Essex Richards at www.essexrichards.com [http://www.essexrichards.com/]. You can reach attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe atkarenb@engageforward365.com or 866.948.9199. This podcast was recorded and is being made available by Essex Richards and Engage Forward LLC for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward LLC make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward LLC. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.

The COVID-19 pandemic has been a rollercoaster ride for many of us. While the public health issue is significant, COVID-19 has undoubtedly affected the world’s economic situation as well. We’re in a state of fragility, with people losing jobs or working reduced hours, and businesses closing due to the crisis. On an individual level, this crisis has led to increased anxiety and panic, particularly when it comes to finances. In this inaugural episode, Attorney Heather Culp of Essex Richards [https://www.essexrichards.com/] and Engage Forward [http://www.engageforward365.com/]’s Karen Boothe discuss how you can manage financial anxiety while making sound decisions during the COVID-19 crisis. They provide advice both from a financial and a legal standpoint, particularly for those who don’t know where to start and are feeling overwhelmed. It’s essential to take a step back and take inventory of your available assets, your income, and your expenditures, then examine your priorities. If you have extra time on hand during the shelter-in-place order, use this time to gather important documents and information. Should you find yourself in a financial bind, Heather provides a list of available legal remedies. There are also various financial relief options you can apply for, including loans, unemployment insurance, and stimulus packages. Before making any financial decisions, Heather and Karen strongly encourage you to speak with your attorney, financial advisor, or another expert to assist you in choosing the best path forward for you and your family. EPISODE HIGHLIGHTS * Where to start if your finances have been affected 12:48 * 5 legal options for those with financial troubles 17:10 * Where people can make financial adjustments in their lives 30:36 * What to do with the stimulus payment provided by the government 35:26 * Importance of knowing practical information 38:01 * Typical issues with bankruptcy filing 39:20 * Using retirement funds to pay debt 46:37 * Things to avoid doing 50:14 * Important financial documents to prepare during a health crisis 53:07 * Key takeaways 55:44 * The advantage of tools like technology 57:17 For more information, you can visit Essex Richards at www.essexrichards.com [http://www.essexrichards.com]. You can reach Attorney Heather Culp at hculp@essexrichards.com [hculp@essexrichards.com] or 704.377.4300 and Karen Boothe at karenb@engageforward365.com [karenb@engageforward365.com] or (888) 472-6795. This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.