Your COVID-19 Financial Playbook
Quick Note: We first published this resource in April, but we’ve been making updates so you can stay informed and up-to-date on your finances.
Here we are. COVID-19 has more or less taken over life as we know it. You’re still social distancing like a champ (right?) and your hands are cracked and bleeding from compulsive hand washing. But that’s okay! We’re all making sacrifices and you’re doing your part. So hang in there and keep it up.
But, we do need to talk finances too. We’ve written a number of posts recently about money and the coronavirus, and we thought it would be helpful to gather them all in one place. So here it is. We’ve broken it down by topic and we’ll update as we add more.
Jobs and the economy – the good, the bad, the ugly
Let’s face it, the economy is kind of a mess right now. Between the coronavirus itself and the government mandated shut downs, jobs, business, and general economic activity have taken a major hit. And while some businesses are aggressively hiring, most aren’t, so we need to brace for what will likely be a pretty rough patch ahead.
► How to cut distractions and be more productive
► What to do if you’ve been laid off
► How to network the right way
► Overview of the $2 trillion financial stimulus/recovery plan (CARES Act)
► What’s the big deal with GDP anyway?
► The new IRS tax deadline explained
Investing – the roller coaster continues
If you’ve been following the financial news lately, then you probably know the stock market has been on a wild ride – tanking in the Spring, then roaring back, and still extremely volatile.
For those of you already investing, try to remember investing in the stock market is for the long term. So avoid making any impulsive decisions based on the ups and downs we’re seeing now and stick to your plans. And for those of you who’ve been meaning to start investing but haven’t yet, now could be a good opportunity to get involved. Here’s our intro investing cheat sheet to help you get started, along with a few current posts about investing in a coronavirus world.
► Is now a good time to start investing?
► You can now dip into your 401(k) but should you?
► How 2020 compares to other stock market crashes
► Are stocks cheap now?
Interest rates and borrowing – mo money mo problems?
In response to the coronavirus, the government has been making sure funds remain available to businesses and individuals by keeping interest rates low and offering forgivable payroll loans to businesses. But with more liquidity comes more responsibility. So be smart, get your debts in check, and don’t go maxing out your credit cards on that exotic animal petting zoo you’ve been thinking about.
► The Fed rate cut to zero explained
► Why it might be a good time to refinance your student loans
► How the Fed may be messing with your investments
More to come
As we mentioned, we’ll be updating with new content so be sure to sign up below or follow us on social media to stay in the know.