In the time of the Corona virus Pandemic many of you may be wondering how you are going to make it. Although this massive world wide shut down is something none of us have experienced, we may be uniquely qualified to offer some tips on managing your goods and conserving your assets in times of trouble. Hopefully this will help those who have been continually blessed and never experienced tough times. This also may help those who have been privileged and wonder why this is happening to them and what can they do about it.
My husband and I were self employed, owning CrunchTime Popcorn and Kim’s Creamery. Our little company was born literally into the fire. We were scheduled to open our doors October 2003 when the largest fire that had ever hit San Diego County consumed thousands of acres and the local economy along with it. We finally got our health permit to open December 26, 2003. Yes, the day after Christmas.
When the 2008 financial crisis hit we were doing well and had just expanded to our ninth location. To say the least we were overextended and spread thin. Someone once told me that self employed people wake up every morning unemployed. Yes every day we were unemployed with 7 stadium sites and 2 store front locations to fund along with around 50+ employees to pay.
We found that the 2008 financial crisis made us better business people and grew our character. We learned things that translated into our personal lives and have served us well. In less than 10 years later we grew our business to such a prosperous income that we had saved up enough money to retire. We sold the business and retired in 2017 at the age of 51. What we thought was a catastrophe taught us everything we needed to know to be financially set and retire early.
Principle #1 Live within your means.
How much money you make is not as important as how much you keep.Know how much you make and how much you spend. Never spend more than you make each paycheck. Credit cards are a big lie. It is almost impossible to pay them off with out making major changes in your lifestyle. Don’t buy it if you don’t need it. Balance your check book every month. In the age of on line purchasing you most likely have auto deductions that you have not authorized.
There is no shame in living within your means. It is better to accept where you are and set goals to accomplish more than to go into debt to have the appearance of wealth. You will be happier and more fulfilled when you buy things that you can afford. Your friends don’t have to know that you got that cute high end outfit at the thrift store or ordered that cool lamp on Ebay. Plus older things are often made sturdier and more durable.
Skip eating out take your lunch to work. You will also be healthier. Now that we are all under social distancing take this opportunity to practice your cooking skills. You will find that you can make anything at home that you enjoy eating out.
Principle #2 Don’t waste anything.
Pay attention to everything you use. Are you throwing away half of your soda? Or leaving lettuce pieces on the cutting board. We had employees that would leave a cup of ice cream on the mixing slab and throw it in the trash rather than give it to the customer. Reuse bags and boxes. Use all the food in your refrigerator before it goes bad. This requires effort and organization but imagine this was the last food you had. Would you want it to spoil?
We have lived in some of the most affluent neighborhoods in the country and also among the lowest income Americans. The most striking difference in culture between the wealthy and the poor is the way they treat their resources. The wealthy recycle, conserve, do not waste anything. They get a new couch they sell the old one on Craigslist. They build a new mansion they hire a recycling company to sell the old cabinets and marble countertops. They save the wood, flooring, wiring you name it they resell, refurbish or donate. They can not stand for resources to go to waste.
Drive around poor neighborhoods in some parts of America and you will find couches and beds galore in trash heaps on the side of the road. We used to watch those staying in the expensive hotels give their left overs to the homeless people on the street. They would wait for the people to walk away and then dump the food on the ground and never take a bite. Which person do you want to be.
This crisis is bringing the best and the worst out of people. Someone told me today that if someone came up to them wanting to steal their groceries in front of the Walmart they would shoot the person. What if there is no more food because it is spoiling in refrigerators all across America and others are going without any. Lets be conscious of what we have and what we buy so that we do not waste the resources of our own communities. This way we can all come through this with our health and also with our conscience intact.
This is a serious illness that is killing young people and old quickly without prejudice. We hope these tips are useful during this terrible time. Stay safe and healthy and remember to find some joy today and everyday.
