The coronavirus has created a tumultuous financial environment. In times of uncertainty, you should consider taking the following steps to help you weather the storm:
- Secure a Business Line of Credit.
- Secure a Home Equity Line of Credit.
- Review your company retirement plans for loan provisions.
- Look to cash value in life insurance policies for short-term cash needs.
- Consider refinancing debt (practice loans and mortgages) to lower rates and payments.
- Do not create any new, unnecessary obligations in the short term.
- Reduce frivolous or unnecessary spending until cash flow returns.
- Take inventory of your assets and know when and how to access them if needed or if the opportunity arises.
Please feel free to reach out to us. Our team of advisors is ready to help.
LLI Advisory Group provides this information as a service to clients and other friends for informational purposes only. It should not be construed or relied on as legal or tax advice.