During Tough Economic Times Presenter Debra Barker Debra Barker is - - PowerPoint PPT Presentation

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During Tough Economic Times Presenter Debra Barker Debra Barker is - - PowerPoint PPT Presentation

Jul 08, 2023 786 likes •1.06k views

Maintaining Personal and Fiscal Resiliency During Tough Economic Times Presenter Debra Barker Debra Barker is a premier keynote speaker with a Bachelors Degree in Psychology and a minor in Crisis Counseling as well as a Masters Degree

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Maintaining Personal and Fiscal Resiliency During Tough Economic Times

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Presenter

Debra Barker

Debra Barker is a premier keynote speaker with a Bachelor’s Degree in Psychology and a minor in Crisis Counseling as well as a Master’s Degree in Business Administration with a minor in Accounting. She is a solution focused financial counselor/coach as well as an adult educator. Debra has been a keynote speaker for more than 20 years and has taught over 10,000 hours of solution focused developmental programs and has been a financial counselor for over 20 years as well.

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Learning Objectives

  • Understand the impact of the current economic climate
  • Explore resilient responses to uncertain circumstances,

including emergency events

  • Plan a strategy for your own financial future
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Some Facts

  • The unemployment rate was 4.6 percent in November
  • 2016. This is a 0.3 percentage point decline since July

2016.

  • Over the year 2016, the number of unemployed

persons was 7.4 million.

  • The current economic outlook for 2017 appears to be

strong; however in the long-term predictions, there is uncertainty of when the next recession might occur.

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Poll

Even though the current economic outlook is good, your personal situation and experience may be different. What concerns you the most at this time?

  • A. Losing your home
  • B. Losing your job
  • C. No savings
  • D. No money for child(ren)’s education
  • E. No concerns
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Job Loss: Normal Reactions

  • Anger
  • Sadness
  • Shame
  • Uncertainty
  • Betrayal
  • Guilt
  • Fear
  • Anxiety
  • Self-doubt
  • Relief
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Quote

"Strength comes from within — not borrowed, bought

  • r stolen."

Byron Pulsifer

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Resilient Response

  • Bounce back.
  • Anticipate what is next.
  • Watch and plan.
  • Take charge.
  • Use liveliness and good spirit.
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Being Resilient

Stress Plan

  • 1. Evaluate your current situation - list the top 5 stressors
  • 2. Visualize what you want
  • 3. Write down how you expect things to change
  • 4. Include individuals you need to involve
  • 5. Practice stress relieving activities
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Opportunities

  • Simplify your lifestyle.
  • Further your education or learn a new skill.
  • Change careers.
  • Relocate.
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PLAN IT OUT

  • Prioritize (essentials first)
  • Leverage (resources)
  • Assets (things you can draw upon)
  • Negotiate (talk to creditors)
  • Include others (family and friends)
  • Take action (revamp budget)
  • Options (ways to make ends meet)
  • Unexpected (emergencies)
  • Timeline (manage cash flow)
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Prioritize: What Is Most Important?

  • Utility bills (gas, water,

electric)

  • Vehicle payment
  • Mortgage or rent
  • Life insurance premiums
  • Auto insurance
  • Groceries
  • Credit card payments
  • Cable and Internet
  • Health insurance
  • Child care
  • Telephone service
  • Medical bills
  • Personal care (haircuts,

manicures)

  • Entertainment (movies,

hanging out with friends)

  • Homeowner's or renter’s

insurance

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Leverage

  • Sell unneeded items.
  • Find cheaper alternatives.
  • Barter.
  • Use community resources.
  • Economize.
  • Start your own business

(full-time or part-time).

  • Be creative: Find ways to cut costs.
  • Turn your hobby into extra income.
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Assets: What You Can Draw Upon

Human Capital

  • Skills,

talents and special abilities Tangible

  • Items that

can be easily converted to cash Liquid

  • Cash,

bank accounts and money market accounts Investment

  • Stocks,

bonds, mutual funds, 401(k) and certificates

  • f deposit

(CDs)

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Negotiate

  • Contact creditors and explain your financial situation.
  • Many credit card companies can offer lower payments

and/or interest rates.

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Include Others

  • Make financial resiliency a collaborative effort.
  • Have a family meeting.
  • Share your financial goals with family members, friends

and co-workers.

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Take Action: Budgetary Guide

  • Review your current budget.
  • Revamp your budget based on current circumstances.
  • Look for ways to cut back.
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Options: Ways to Make Ends Meet

  • Use credit counseling services.
  • Seek legal advice regarding bankruptcy.
  • Practice creative shopping.
  • Return to school (at least part-time).
  • Get a part-time job.
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Unexpected

What if I …

  • Lose my job?
  • Have to relocate?
  • Have to care for a loved one?
  • Need to be cared for?
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Unexpected

List five ways to come up with money for an emergency.

  • 1. ________________________________________
  • 2. ________________________________________
  • 3. ________________________________________
  • 4. ________________________________________
  • 5. ________________________________________
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Time Line: Manage Cash Flow

  • Track cash.
  • Anticipate income:

— How much? — How often? — When?

  • Review priorities and list your most pressing financial
  • bligations for the next 30 days.
  • Create a plan to meet spending priorities.
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Resources

www.Mint.com

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Poll

It’s not what happens to us but how we respond to what is happening that has the strongest impact in our lives.

  • A. True
  • B. False
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Emotional Wealth

  • Be positive! Maintain an optimistic outlook.
  • Be mindful of the good things in life.
  • Keep things in perspective.
  • Do things that are fun at little or no cost.
  • Move forward.
  • Use the stress plan.
  • Follow the PLAN IT OUT process.
  • Seek assistance.
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Thank You!

Questions?

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Works Cited

Bureau of Labor Statistics. (2016, December 2). Employment situation summary. Retrieved December 14, 2016, from http://www.bls.gov/ Chernoff, A. (2009, August 6). Apple cakes save home from foreclosure. Retrieved December 14, 2016, from http://www.cnn.com/2009/LIVING/worklife/08/05/mortgage.apple.cakes/index.html?eref=rss_us Conerly, B. (2015, January 6). Economic forecast 2015–2017. Retrieved December 14, 2016, from http://www.forbes.com/sites/billconerly/2015/01/06/economic-forecast-2015- 2017/#3734c8d837fd Conerly, B. (2015, November 20). Economic Forecast 2016-2017 And Business To-Do Lists For The New Year. Retrieved December 14, 2016, from http://www.forbes.com/sites/billconerly/2015/11/20/economic-forecast-2016-2017-and-business- to-do-lists-for-the-new-year/#2300594a2ab8 Inspirational Quotes. (n.d.). Quotes for strength. Retrieved December 14, 2016, from http://www.inspirationalquotes4u.com/