Episode•March 26, 2020•14 min

Coronavirus Have You Down? | Ep. 33

Join Tiffany as she talks about money and the coronavirus. Although this has been an unprecedented worldwide pandemic, there are lessons to be learned! Links Vocabulary Words: https://www.moneytalkwitht.com/finance-blog/wednesday-financial-word-of-the-week-www-recap https://www.moneytalkwitht.com/word-wednesdays/basis-point Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Market downturns are temporary; long-term investors should keep investing
S&P 500 and Dow are down ~30% as of recording, comparable to 2008 levels
Markets always recover—even after 40% drops in 2008-2009, they rebounded and exceeded prior highs
Dollar cost averaging during dips lowers your cost basis over time
2
Build or top off your emergency fund immediately
Target 3-6 months of expenses minimum; 6-12 months ideal depending on career stability
Unemployment expected to spike due to business closures and stay-at-home orders
Essential vs. non-essential job status doesn't guarantee safety
3
Take advantage of temporary federal relief measures
IRS extended tax filing and payment deadline to July 15, 2020
Federal student loan interest accrual paused with no end date announced—payments now reduce principal only
Current mortgage rates as low as 3.25% make refinancing worth exploring if your rate is 4.5% or higher
4
Pause major purchases and reassess spending habits
Hold off on big-ticket items like cars until economic outlook clarifies
Quarantine revealed existing food stores were underutilized—cooking at home became the norm
Focus on needs over wants during uncertainty
5
Find silver linings and reconnect with what matters
Homeschooling allowed teaching children topics not covered in school (e.g., circle of life via fish tank)
Started backyard garden and returned to baking bread—simple living skills resurfaced
More outdoor family time than ever before; challenge listeners to identify personal positives

Intro

Tiffany Grant addresses listener concerns about money during the COVID-19 pandemic and market crash, offering practical financial guidance alongside reflections on personal growth.
Tiffany Grant is the host of Money Talk with Tiff, a podcast focused on personal finance, debt freedom, and financial education.

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– Market Crash Context & Long-Term Investing Mindset

Tiffany opens by acknowledging the unprecedented COVID-19 pandemic and market turmoil, noting the S&P 500 and Dow are down roughly 30% year-to-date.

When you invested, you invested for a reason. And typically when you invested, it was for the long term.
– Tiffany Grant

She reassures younger investors (20s-40s) they have time for recovery, citing the 2008-2009 crash where markets fell 40% but later exceeded prior highs.

– Dollar Cost Averaging Strategy

Encourages continued investing during the dip to benefit from lower purchase prices.

Your cost basis will start going down if you keep buying during this time.
– Tiffany Grant

Links to vocabulary explanations (basis point, dollar cost averaging) provided in show notes.

– Tax Filing Extension & Student Loan Relief

IRS extended 2020 tax deadline to July 15. Federal student loan interest accrual paused indefinitely—payments now go entirely to principal.

This has never happened before where interest is no longer accruing on federal student loans. So please take advantage.
– Tiffany Grant

– Emergency Fund & Spending Caution

Urges building 3-6 months (ideally more) of expenses in savings due to rising unemployment risk. Advises pausing major purchases like cars until clarity emerges.

Go ahead and make sure that is fully funded... three months worth of expenses saved up. I like to see six months, sometimes even 12 months.
– Tiffany Grant

– Refinancing Considerations

Fed funds rate near 0% has driven mortgage rates to historic lows (as low as 3.25%). Refinancing may make sense if current rate is 4.5% or higher and savings exceed 1%.

I'm at a 4.25. And I think I feel pretty safe there. I'm not going to refinance at this time.
– Tiffany Grant

– Silver Linings & Family Reconnection

Tiffany shares personal positives: homeschooling, starting a garden, baking bread, more outdoor family time, and witnessing the circle of life in a fish tank.

In every circumstance, in every trial, in every tribulation, there's always going to be something good that comes out of it.
– Tiffany Grant

Challenges listeners to identify their own sources of joy amid the crisis.

Resources

Topics

COVID-19 Financial ImpactMarket DownturnEmergency FundDollar Cost AveragingStudent LoansTax DeadlinesMortgage RefinancingPersonal Finance During CrisisFamily & MindsetSilver Linings