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In these economically challenging times, it's crucial to safeguard your finances. This week, personal finance expert Ramit Sethi joins Alice Bradley and Mytour’s finance writer Lisa Rowan to share actionable advice for thriving during financial uncertainty. Ramit, author of the New York Times bestseller I Will Teach You to Be Rich and founder of IWillTeachYouToBeRich.com, offers invaluable insights.
Following their discussion, Mytour’s health editor Beth Skwarecki interviews Dr. Constantine Kanakis, a medical laboratory scientist. Dr. Kanakis addresses Mytour readers' questions about COVID-19 testing, covering topics like test reliability and the optimal timing for antibody tests.
Tune in to The Upgrade above or access it on popular podcast platforms such as Apple Podcasts, Google Play, Spotify, iHeartRadio, Stitcher, and NPR One.
Key Moments from This Week’s Episode
Insights from the Ramit Sethi Interview
Addressing the current economic crisis:
In times like these, overreaction is the appropriate response. What does this entail? It means acknowledging that, as Americans, we tend to be overly optimistic, believing that everything will eventually work out. This cultural mindset can be detrimental. We often think, 'Sure, the economy might struggle for a few months, but it’ll bounce back.' But what if both you and your partner lose your jobs? What if your industry disappears entirely? Overreaction involves planning for the absolute worst—far beyond what you initially imagine. It’s about hoping for the best but preparing meticulously for the worst-case scenario.
Practical steps to reduce expenses and establish an emergency fund:
There are five key areas where individuals can immediately reduce expenses and even earn cashback. These include your cell phone plan, cable subscription, credit card payments, student loans, and even rent. Reach out to these providers and explain your situation, highlighting your loyalty as a long-term customer and the financial strain caused by COVID-19. While companies aren’t required to offer assistance, many are willing to accommodate to retain valuable customers. You might be surprised by how many are open to negotiation.
Insights from the Dr. Kanakis Interview
Deciding whether to take a COVID-19 test:
Before rushing to get tested, prioritize the safety of yourself, your family, and friends. Testing positive or negative won’t drastically alter your daily routine, so approach testing with a practical mindset rather than urgency.
Why a positive antibody test doesn’t guarantee immunity:
During my research on Zika in 2017, it became clear that contracting the virus provided a form of natural immunity, similar to chickenpox. However, the current situation with COVID-19 is different. This virus is a mutated strain of the Coronavirus, a common pathogen seen during flu seasons. If you’ve experienced multiple colds in a single flu season, it’s possible that reinfection with this virus could occur.
For deeper insights from Ramit on financial strategies to safeguard your future, as well as comprehensive details about COVID-19 testing, we encourage you to listen to the full episode.
Have suggestions or ideas for future episodes? Interested in being featured? Call us at 347-687-8109 or email a voice memo to [email protected].
