While everyone is going through the global pandemic phase, Victor Garibay shares his financial advice during the COVID-19 spread.
Victor Garibay is a 30 year old entrepreneur. Born in Mexico City and raised in Seattle, WA. He has based himself in sunny Los Angels, CA, where he has produced tv shows, worked with musicians and countless social media stars. He's experience ranges from real estate finance, food and beverage to entertainment.
Now in his 30's, Garibay wants to share the knowledge he's gained in his 20's. Offering advice from his own professional and financial experiences, especially during these difficult times, on such things as how to pinch pennies, work during closures, keep your business from any risks and all while complying with government and local regulations.
During these uncertain times the only certainty we have is our own actions. It is paramount that we make the best financial decisions. Start by managing the necessary and leaving the unnecessary behind. Managing your spending is critical. Cook meals at home instead of ordering out. Pause unnecessary services. Leave the car at home and save money on gas. Opt out of delivery options if it does not risk your health and the health of others.
Generating income during this time is on everyone's mind. Many individuals are offering services to your home. Be mindful of the health risks that come with choice. Take precautions, identify how you will protect yourself from COVID-19 and how you will protected those hiring you. Things to keep in mind for success are price accurately - know if you're making or losing money on certain jobs. Know your long and short term cash flow needs. Don't forget to keep track of all earnings (even cash) and report it with tax agencies.
On the other hand, if you're fortunate enough to have investments and you don't need that money during this time, don't sell and take a loss. Look to hold for the long term as values will likely go back up as we get through this difficult period. Also if you're small to medium business owner delay non essential expenditures, conserve cash and working capital. If your company carries business interruption insurance, check your policy to determine what the benefits might provide. Finally, for both individuals and businesses check recently enacted legislation that may provide certain benefits.
Fear, anxiety, panic and loneliness can negatively impact on your financial decisions, but also your emotional immunity. Consider ways to ensure your emotional immunity stays strong, because health is important too.
