Our Cash Confessional series, in partnership with Bank of America, takes a personal and anonymous look into how people of all ages and incomes spend their money. Answers have been lightly edited for clarity and anonymity.
PARTICIPATE: Want to be featured? Go take this new 29 question, anonymous survey. We’ve recently redone the survey to give participants more freedom to showcase their financial decisions and personality — without having to track weekly expenses. To see the other installments of Cash Confessional, click here.
Tell us about yourself.
I’m a female in my 50s. Married.
Industry and income?
We own over five restaurants and all are now closed (doing takeout is only being done to keep a few people employed). We went from 100 to 0 in one day!
Our annual income was $1,500,000.
How has the coronavirus impacted your work?
Currently, we have no money coming in.
Where did you learn how to manage your money?
We started from the very bottom, and I mean bottom. We were always afraid of debt so we never have carried any balances on our credit cards, our cars are paid for, we paid our kids’ college tuition, and hopefully we will come out of this okay.
Did your parents ever support you?
No. 1 most stressful thing?
Not being able to pay employees who had to be laid off.
Due to the uncertainty of the crisis, we have no idea when we will be able to be back in business. In the meantime, rent is due at all of our restaurants — and it’s not cheap.
Landlords are saying insurance should cover, insurance is saying they do not insure for pandemics!
Rent or own?
We own. The house was all paid for (we were looking to buy a bigger house).
One thing you’d like to purchase that you can’t currently afford?
House with a few acres of land.
How has the coronavirus changed your spending habits?
We’re spending only on necessary things like food. We normally travel A LOT and that has stopped, obviously. No more luxury brand name purchases for the time being. Goodbye Chanel purse, LV belt, and Gucci coat.
Do you budget?
How do you invest your money?
We have a financial adviser. All of the earnings from our investments have disappeared. We are hoping that when this is all over the markets recover sooner rather than later.
Credit card strategy?
At what age do you hope to retire?
62-years-old. We were on track until this MF hit us hard.
Are you motivated by money?
No. 1 piece of financial advice?
Do not spend more than you make. If you can’t pay off your credit card in full at the end of the month, DO NOT BUY.
Build your financial know-how with free tools and information to help you make more confident decisions. Visit the Bank of America Better Money Habits site today.
Need 1:1 guidance on getting your finances in order? Schedule an appointment with a Bank of America specialist today or stop in your local financial center.
PARTICIPATE: Want to be featured? Go take this new 29 question, anonymous survey.