More Americans than ever are feeling insecure about their finances and struggling to make ends meet as the coronavirus pandemic takes hold of our health and economy. According to the All-American Impact Survey from Peak Prosperity , 49% of Americans reported a cut in income due to the pandemic […]
Personal Finance Rules It’s OK to Break During a Pandemic
by: Andrea Woroch
Here is my take on Andrea’s personal finance advice:
Is it ok to Break Personal Finance Rules Under Any Circumstances?
Andrea Woroch writing for MSN wrote an informative personal finance article on 9/9/2020. The title is as you have seen above, Personal finance rules its ok to break during a pandemic.
And I went, oh my God Andrea, should I go down that route?
Andrea tells me, always pay your bills on time. I ask, “does Andrea know that I am jobless and with zero income because of a pandemic.”
Doesn’t he know that I live from paycheck to paycheck? Where the hell will I get money to “always pay my bills on time?”
Was Andrea’s article giving the right advice to a population suffering due to COVID19?
The answer is no. It all depends on the economic standing of an individual. How do you earn your money?
The majority of folks live from paycheck to paycheck. They can’t afford to lose a single working day because that would mean hunger.
People who survive from paycheck to paycheck have no savings. They have no financial rules to break because they have no financial choices to make. They have no retirement funds.
Was Andrea speaking to this group? No. He was speaking to people who could afford to make financial choices during a pandemic. He was talking to people who didn’t lose much of their incomes.
Andrea’s article gives sound personal finance advice to his target audience. The group whose earnings are above the national average.
Is it Ok to Break Personal Finance Rules Under Any Circumstances?
The answer is NO if you can help it.