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Don't Panic!: How to Manage Your Finances—and Financial Anxieties—During and After Coronavirus
As soon as the COVID-19 global pandemic hit North America, Licensed Financial Advisor Christine Ibbotson, syndicated "Ask the Money Lady" columnist and recent author of How to Retire Debt-Free and Wealthy, started receiving hundreds of emails from concerned citizens. Should I sell off my stocks? How should I budget my spending during a temporary work stoppage? Is a mortgage payment holiday a really good thing—what's the catch? How can we use this situation to make money and lower debt?
Ibbotson has worked quickly and diligently in the face of this global financial crisis to provide readers in Canada, the US, and UK with a collection of thoughtful responses to, and practical advice for, their most pressing concerns. Topics include what help banks and governments can offer during the pandemic, what we can learn from past financial crises, how to financially secure your future—including pent-up demand that will turn the markets, and best investment and lending strategies—and how to create a financial plan and move your finances in a different direction, ultimately leading to a safe and secure—and maybe even early—retirement.
Ibbotson has worked quickly and diligently in the face of this global financial crisis to provide readers in Canada, the US, and UK with a collection of thoughtful responses to, and practical advice for, their most pressing concerns. Topics include what help banks and governments can offer during the pandemic, what we can learn from past financial crises, how to financially secure your future—including pent-up demand that will turn the markets, and best investment and lending strategies—and how to create a financial plan and move your finances in a different direction, ultimately leading to a safe and secure—and maybe even early—retirement.
64 pages, Paperback
Published April 1, 2020
1 person is currently reading
6 people want to read
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Displaying 1 - 6 of 6 reviews
June 19, 2020
I received an advance reader copy of this book to read in exchange for an honest review via netgalley and the publishers.
This book is about managing your finances for the future starting now for after the covid19 pandemic to help secure your future.
This book had interesting points but when your a single parent with limited capacity to work and earn over a certain amount this is not really a book that help you. I would love to read a book more along the lines of that scenario which so many people would benefit from.
This book is about managing your finances for the future starting now for after the covid19 pandemic to help secure your future.
This book had interesting points but when your a single parent with limited capacity to work and earn over a certain amount this is not really a book that help you. I would love to read a book more along the lines of that scenario which so many people would benefit from.
April 8, 2020
Not Terribly Helpful - or Reassuring
(Full disclosure: I received a free e-ARC for review through NetGalley.)
I hate to start a review - any review - on such a negative note, BUT. Let me just say that it's incredibly difficult to take someone seriously when they spout dumbfuck shit like this.
And, my personal favorite:
https://giphy.com/gifs/reaction-MuAmu...
I'm pretty sure that Ibbotson is Canadian, which - let's be honest - makes her lumping the Canadian, UK, and US governments together all the worse. Trudeau might be taking this pandemic seriously, but you don't exactly have to be a news junkie to see that the same can't be said of 45, who has continued to ignore, minimize, and deny the threat of COVID-19; held ventilators and PPE hostage in a petty vendetta against the Democratic governors of blue states; and used this global tragedy to enrich himself and his cronies.
Just three days ago he was bragging about smashing models at a coronavirus briefing.
https://twitter.com/JenniferJJacobs/s...
So, yeah. I understand that you're trying to stay upbeat and positive so as to not further stoke the flames, but could we just dispense with the niceties for the foreseeable future? Pretending like politicians or bankers give a flying fuck about the homeless or working poor does nothing for your credibility, okay.
With that out of the way, I wish I could say that the advice offered in Don't Panic!: How to Manage Your Finances—and Financial Anxieties—During and After Coronavirus proved helpful - especially given the foul mood it put me in - but alas, it's kind of a mixed bag.
My meager investments, inherited from my late husband*, have taken a beating in the last six weeks, and I was hoping for some advice on protecting (and growing) what I have left in a volatile market. While there are a few general suggestions for managing your portfolio (Ibbotson seems partial to real estate, and there's a solid emphasis on reorganizing your debt while interest rates are low), very little seems specially tailored to the current situation.
Rather than focusing exclusively on the unique situation unfolding even now, there's a lot of general advice: on budgeting and saving money; planning for your retirement; and estate planning. It feels like she's trying to cover way too much in so few pages - really, what amounts to a booklet - and so she doesn't really do justice to any of the topics she addresses.
For example, the section on reducing costs is laughably brief; Ibbotson suggests cutting back on what we spend on our pets by not buying them expensive toys. Idk about you, but one of my biggest - and most unpredictable - monthly expenditures is vet bills. An easy way to save some money is by purchasing medications online (Chewy is my favorite, but Allivet is good too) or at human pharmacies; the markup at a veterinarian's office is mind-boggling. Additionally, you can often - but not always! - save a ton by opting for the human versions of OTC supplements. The Costco brand glucosamine/chondroitin costs me about $25 for a one-year supply - a fraction of what just one bag of glucosamine/chondroitin dog chews will run you. (Always have your vet review the ingredients, and double check that they haven't changed when replenishing your supply!)
![2020-02-20 - Lemmy the asthmatic - 0003 [Original]](https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/hostedimages/1586365936i/29254755.jpg)
Inhalers are expensive, y'all! Months of searching, and the cheapest I've been able to source Lemmy's Flovent inhaler in the US is $275. I found the exact same inhaler going for ~$500 on my old veterinarian's online store.
------------------------------
Returning to an earlier point, it's probably unfair to expect a book to adequately address a crisis that's still developing. By their very nature, books are usually static and not easily updated. To that end, I'd recommend finding one or two reliable investment sites and following them religiously. (You can find Ibbotson at Ask the Money Lady, askthemoneylady.ca.) Don't Panic! just isn't worth the $4.95 investment.
* Yeah, you read that right: inherited. When he set up the accounts, he neglected to add my name as a joint owner or even a beneficiary, so the assets had to go through his estate before I could claim them. Minus the 6% MO state law mandated I pay the lawyer that I was legally required to hire. Fun, right! Pro tip: always list a beneficiary (TOD) on your accounts, if possible.
http://www.easyvegan.info/2020/04/10/...
(Full disclosure: I received a free e-ARC for review through NetGalley.)
I hate to start a review - any review - on such a negative note, BUT. Let me just say that it's incredibly difficult to take someone seriously when they spout dumbfuck shit like this.
I am pleased to see that governments are stepping up in this crisis to protect workers as well as business owners.
The last thing anyone wants is to have families become homeless.
And, my personal favorite:
This pandemic is not being taken lightly by anyone.
https://giphy.com/gifs/reaction-MuAmu...
I'm pretty sure that Ibbotson is Canadian, which - let's be honest - makes her lumping the Canadian, UK, and US governments together all the worse. Trudeau might be taking this pandemic seriously, but you don't exactly have to be a news junkie to see that the same can't be said of 45, who has continued to ignore, minimize, and deny the threat of COVID-19; held ventilators and PPE hostage in a petty vendetta against the Democratic governors of blue states; and used this global tragedy to enrich himself and his cronies.
Just three days ago he was bragging about smashing models at a coronavirus briefing.
https://twitter.com/JenniferJJacobs/s...
So, yeah. I understand that you're trying to stay upbeat and positive so as to not further stoke the flames, but could we just dispense with the niceties for the foreseeable future? Pretending like politicians or bankers give a flying fuck about the homeless or working poor does nothing for your credibility, okay.
With that out of the way, I wish I could say that the advice offered in Don't Panic!: How to Manage Your Finances—and Financial Anxieties—During and After Coronavirus proved helpful - especially given the foul mood it put me in - but alas, it's kind of a mixed bag.
My meager investments, inherited from my late husband*, have taken a beating in the last six weeks, and I was hoping for some advice on protecting (and growing) what I have left in a volatile market. While there are a few general suggestions for managing your portfolio (Ibbotson seems partial to real estate, and there's a solid emphasis on reorganizing your debt while interest rates are low), very little seems specially tailored to the current situation.
Rather than focusing exclusively on the unique situation unfolding even now, there's a lot of general advice: on budgeting and saving money; planning for your retirement; and estate planning. It feels like she's trying to cover way too much in so few pages - really, what amounts to a booklet - and so she doesn't really do justice to any of the topics she addresses.
For example, the section on reducing costs is laughably brief; Ibbotson suggests cutting back on what we spend on our pets by not buying them expensive toys. Idk about you, but one of my biggest - and most unpredictable - monthly expenditures is vet bills. An easy way to save some money is by purchasing medications online (Chewy is my favorite, but Allivet is good too) or at human pharmacies; the markup at a veterinarian's office is mind-boggling. Additionally, you can often - but not always! - save a ton by opting for the human versions of OTC supplements. The Costco brand glucosamine/chondroitin costs me about $25 for a one-year supply - a fraction of what just one bag of glucosamine/chondroitin dog chews will run you. (Always have your vet review the ingredients, and double check that they haven't changed when replenishing your supply!)
Inhalers are expensive, y'all! Months of searching, and the cheapest I've been able to source Lemmy's Flovent inhaler in the US is $275. I found the exact same inhaler going for ~$500 on my old veterinarian's online store.
------------------------------
Returning to an earlier point, it's probably unfair to expect a book to adequately address a crisis that's still developing. By their very nature, books are usually static and not easily updated. To that end, I'd recommend finding one or two reliable investment sites and following them religiously. (You can find Ibbotson at Ask the Money Lady, askthemoneylady.ca.) Don't Panic! just isn't worth the $4.95 investment.
* Yeah, you read that right: inherited. When he set up the accounts, he neglected to add my name as a joint owner or even a beneficiary, so the assets had to go through his estate before I could claim them. Minus the 6% MO state law mandated I pay the lawyer that I was legally required to hire. Fun, right! Pro tip: always list a beneficiary (TOD) on your accounts, if possible.
http://www.easyvegan.info/2020/04/10/...
April 2, 2020
I had high hopes for this book, and started reading the second it downloaded. It’s a short book, so I finished it in one go. I still wish I could give it more stars. I only gave 3 stars because it has several strategies for investing, earning or reaching financial goals. All of them are solid, and following them will bring the desired outcome. Unfortunately, none were new, or original.
But what bothered me the most, is that the author is clearly not from Alberta. If you had already been affected by lay-offs, the Fort Mac fire and inability to find work in your field, then none of the strategies suggested are possible.
The author stresses the importance of having a will, investing, and getting professional consultation. Maybe getting a will properly written and notarized “only” costs about $600, but when you are still trying to pay your rent by midmonth, because you can only find part time minimum wage employment, you have a dozen other things that $600 are needed for. And if that was your reality pre-covid 19, it is even more worrisome today.
I had hoped the book included some advice, some glimmer of hope to hold onto, to help guide me through this and what to do once things are old-normal again.
If you have investments, if you have money to make investments, then the book is for you.
If you’re panicked because your finances are in shambles, then this book won’t help you manage your finances or anxieties, neither during or after covid 19.
Save your money, buy some food instead.
Thank you to NetGalley and the publisher for the free eBook. The opinions stated here are my own based on reading the book.
But what bothered me the most, is that the author is clearly not from Alberta. If you had already been affected by lay-offs, the Fort Mac fire and inability to find work in your field, then none of the strategies suggested are possible.
The author stresses the importance of having a will, investing, and getting professional consultation. Maybe getting a will properly written and notarized “only” costs about $600, but when you are still trying to pay your rent by midmonth, because you can only find part time minimum wage employment, you have a dozen other things that $600 are needed for. And if that was your reality pre-covid 19, it is even more worrisome today.
I had hoped the book included some advice, some glimmer of hope to hold onto, to help guide me through this and what to do once things are old-normal again.
If you have investments, if you have money to make investments, then the book is for you.
If you’re panicked because your finances are in shambles, then this book won’t help you manage your finances or anxieties, neither during or after covid 19.
Save your money, buy some food instead.
Thank you to NetGalley and the publisher for the free eBook. The opinions stated here are my own based on reading the book.
April 15, 2020
This book was exceptionally good.
I began reading it soon after it came out, and it was very helpful and inspiring for this horrible time we are in right now.
I'm not going to sugar coat it -- this book will not tell you how to make your rent payments if you don't have the money for it! No one can pull money out of nothing! However, this book is extremely helpful if you're looking for ways to use your money effectively and efficiently during COVID-19. As Ibbotson says: MONETIZE your money - make it MOVE!
She also has a great new plan in this book, which she calls the Cascading Financial Plan (which I believe is an Ibbotson original). She outlines this plan in her book, and even gives a template for you to use yourself. Basically, this plan helps to project your money over the decades until you retire. My partner and I recently used this plan to help plan our future cash flows. It really helped to give us a better focus and sense of calmness about our future. Thanks Christine!
Overall, this book was short and to the point. It helped me in more ways than one, and I definitely do not regret buying it!
For just 5$ for the Ebook, how could you not get it!
I am looking forward to hearing more from Ibbotson in the future.
I began reading it soon after it came out, and it was very helpful and inspiring for this horrible time we are in right now.
I'm not going to sugar coat it -- this book will not tell you how to make your rent payments if you don't have the money for it! No one can pull money out of nothing! However, this book is extremely helpful if you're looking for ways to use your money effectively and efficiently during COVID-19. As Ibbotson says: MONETIZE your money - make it MOVE!
She also has a great new plan in this book, which she calls the Cascading Financial Plan (which I believe is an Ibbotson original). She outlines this plan in her book, and even gives a template for you to use yourself. Basically, this plan helps to project your money over the decades until you retire. My partner and I recently used this plan to help plan our future cash flows. It really helped to give us a better focus and sense of calmness about our future. Thanks Christine!
Overall, this book was short and to the point. It helped me in more ways than one, and I definitely do not regret buying it!
For just 5$ for the Ebook, how could you not get it!
I am looking forward to hearing more from Ibbotson in the future.
December 20, 2021
The author can't seem to decide who the audience is. The ultra-rich with 500k to invest in an SMA and no issues carrying a ton of debt on their portfolio, or the middle-aged person who only has their house as a retirement strategy. I am skeptical of the idea to borrow against your house to invest in the stock market right now (or ever) when so many businesses are closing their doors permanently.
No advice for people without investment money who rent and lost their jobs (which she is aware of, as she mentioned those in chapter 1). No advice for managing anxiety during this financial crisis other than 'ignore everything about not getting into debt, my million/billionaire clients made money with this strategy. If you aren't rich, it's because you are too scared'.
No advice for people without investment money who rent and lost their jobs (which she is aware of, as she mentioned those in chapter 1). No advice for managing anxiety during this financial crisis other than 'ignore everything about not getting into debt, my million/billionaire clients made money with this strategy. If you aren't rich, it's because you are too scared'.
June 25, 2020
Although containing some generally good financial advice, I feel that this was written and published far too early in our current situation. The rules, guidance, support and financial world are changing so fast and regularly, that any advice is bound to be out of date as soon as given at the moment.
Displaying 1 - 6 of 6 reviews