Personal Finance

In crisis, stay focused on building wealth

  • Chris Hogan: stay focused on building wealth, even in tough times

May 20 was ďBe a Millionaire DayĒ in the United States. I know, it might be a strange thing to bring up at a time like this, when the economy is limping along thanks to the coronavirus shutdown. But I disagree. In fact, itís more important than ever to stay focused on your wealth-building dreams.

If youíre one of the tens of millions of people whoíve recently been laid off, Iím talking to you too. Right now, you need to get scrappy, find part-time work, and go into conserve mode.

No, itís not ideal. But this season wonít last for ever. Find ways to keep moving forward, so you can put yourself in a much better position once things get back to normal.

The American Dream is still alive, because the American Dream is made up of the people who work hard to make their goals a reality. Itís not an abstract concept. Itís not a handout from the government. The reality is you must decide to take hold of your plans, focus on what you can control, and make progress.

Here are three steps you can take today to help you stay focused on building wealth during a crisis:

Evaluate where you stand: the good thing about a global shutdown is that it gives us time to slow down and reflect. Call a timeout, huddle up, and take inventory of how youíre doing with money right now. Use my Net Worth Calculator to get a quick snapshot of your wealth-building progress.

Take the next step: donít obsess about the stock market. Focus on the money choices you can control today. Keep saving money, keep investing, and stay away from debt. We canít predict when the economy will be ďback to normal,Ē and it would be absurd to try.

Cast a vision for the future: you canít control the economy, but you can choose your vision for the future. I want you to keep your high-definition dreams alive during this time. Vision carries you through difficult times, because it gives you hope. If youíre willing to work, good things will come your way. We will move through these challenges, and the economy will regain strength. And as the economy grows, so will your opportunity to grow your wealth.

Times of crisis reveal who we are: I want you to hear me on this: you can overcome! No one gets to mandate how you think, or what actions you take to control your money. So, how will you respond?

ē Chris Hogan is a two-time #1 national bestselling author, financial expert and host of The Chris Hogan Show. For more than a decade, he has served at Ramsey Solutions, equipping and challenging people to take control of their money and reach their financial goals. Follow Chris Hogan on Twitter and Instagram at @ChrisHogan360 and online at chrishogan360.com or facebook.com/chrishogan360