Founder and CEO of personal finance website I Will Teach You To Be Rich, Ramit Sethi has some financial advice for staying solvent amid a global pandemic.
According to Business Insider, Sethi suggests people find new ways to cut down on their highest expenses: rent, eating out, and non-food shopping.
It's also critical that people build an emergency savings account to cover their cost of living for one year.
Although the thought of doing so can be daunting, Sethi insists the key to building such a generous fund is automating your savings each month.
Sethi also encourages people to adopt his '85% solution.'
It's better to reach 85% of a goal and move on, rather than only being satisfied if you achieve 100% success, which can undermine your success.
Money is about so much more than math. Start off with quick wins, wins that you can achieve. Ramit Seth Author, 'I Will Teach You To Be Rich'
