Smart Money Podcast: Getting Ahead of Your Next Money Crisis With Michelle Singletary

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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode is devoted to a conversation with Washington Post personal finance columnist and author Michelle Singletary. Liz and Sean discuss her new book, “What to do With Your Money When Crisis Hits,” and how her experience as a Black woman informs her writing.

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How you respond to a money crisis when it hits will depend in part on how prepared you are. Take time to understand the various crises that could arise — job loss, medical bills, being sued by debt collectors — and your best recourse to resolve them. If you after a job loss, for example, know how to triage your bills so you can keep food on your table and the lights on.

Change can help you grow from a crisis. You might need to rework how you manage your money to resolve an emergency, so use those lessons to improve your overall . If you found that you had to tighten your budget to cover an unexpected expense, for example, see how you can continue to live below your means to beef up your emergency savings.

When it comes to race and money, realize that our country’s history of discriminatory practices is long — and continues to this day. While practices like redlining are illegal, many Black homeowners still receive than their white counterparts. And even credit-reporting models carry biases that make it more difficult for people of color to achieve the highest scores.

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