We are going to talk about the most sensible thing that thing you should do which is a $1200 stimulus check that will put you in a better financial position and have you strategically ready to tackle anything that this economy has to give to you.
Welcome back I am going to teach you all the things that you should have learned about money in school but for whatever reason, they forgot to mention it. Please be sure to subscribe because we about everything from finance to invest in the economy.
I'm just trying to say you have to focus on really setting yourself up and also making sure you get your bills paid but especially during these times where job security might be at risk.
We don't know how long we're gonna be trapped inside we don't know how the world gonna looks like on the other end of this situation.
You want to make sure you're having that money as much of it as you can just put to the side for yourself. I want to emphasize that to me having savings does not only mean having money in the bank.
It's actually really important to have money outside of the bank and even consider investing in precious metals I have an article on my website talking about it. Please check that out but it's a great store of value. If anything happens you can still have something to live off of.
Ultimately I do think that at this juncture in life I think it's warm to make sure you have water you have food apparently people want a lot of toilet paper. You can have that too but things that you can think about that you'll need to survive.
As you've been left in your house what things have you thought about that you're like man I don't have that bad I want to go outside but I want to catch the cocoa.
When you do make it outside try to think about those things you actually would need to survive and get that just in the adventure and the stuck at your house for a few weeks.
You cannot get out you want to make sure to have what you need to get by on top of that there might be supply shops right because China who produces that means a good majority of all products all over the world you know they had a complete shutdown.
It's gonna take a while for them to get back up and running fully and be that powerhouse that they have been on top of that farmers are not used to having to sell to as many retail customers as they have been.
They're normally selling to colleges they're normally selling to restaurants. People who are buying these things in bulk store them to have to kind of switch up their strategy and start packaging these things off to the retail purchaser.
They're gonna have to adjust to this. It's not an overnight thing so there might be supply shocks there. They're already they only milk out which that's the whole different topic for a different article but it's just getting weird out there.
So don't worry dude of course you want other people to eat but you want to kind of think strategically about what you're gonna do because even if you choose to just buy week by week the prices might be creeping up.
Again I also want you to send my previous article but protection doesn't ever hurt anybody and I hate saying these things I think people are going to say things like Oh like you're being negative or oh you're being crazy but again I rather you have it and don't need it then need it and don't have it.
Pay Down High-interest Debt
If you think that you have those things then you can consider tackling your debt. I think the variable rate is crucial okay. Crucial to get rid of because if we do and I bring you can bet your bottom dollar and you will that interest rate will go up to the sky.
So check if you have any you know interest rate ceilings what is the highest they can charge in your industry and if you see there is no limit you'll want to pay that off.
Depending on where you're at it might make sense to get into real estate depending on what starts you're looking at it might make sense for you to buy. You can make money at any point in the business cycle.
Don't think everybody is losing money during recessions trust me some people made a killing in 2008 and they will make another killing again so you want to be on that side of things.
Just see if stocks are expensive how do you feel about your job, how do you feel about putting your money into this, what if you went down to zero, would you be okay with that and these times you don't want to put your last dollar on the line and put your eggs all into one basket.
Support a Local Business
Local businesses employees 60% of Americans. That is more than corporations actually hire. Small businesses are literally the backbone of our nation.
I think it's really important to support them to help them stay in business because a lot of them are literally at a standstill.
They still have bills to pay so you can support them online. If they're open and you can just take out or something try to support your local businesses try to keep them alive.
This person to me I like being able to go to different places and they have a little bit of character to them they have a mom-and-pop shop that's so important and it truly represents what America I think should be.
Caught up on Bills
Then you can also get caught up on bills now this cheque may or may not have been already released when I post this article but yeah getting caught up if you are months behind you can at least keep yourself in your house.
If you have but the loan on your car maybe you can get up stating those payments a lot of times you can speak to these lenders and work and they will work with you. Especially because they know that you are not the only person going to islets.
Everybody has been impacted by this so try to call you to know your landlord to try to call your auto company and see what they can do that help you kind of easily transition without having to like maybe pay everything. I want to maybe have an effect on your credit score there are ways around it you have to just talk to people.
Through my research, it seems like the recession we are heading into will make 2008 look like a child's birthday party. I do not wish to scare anybody, but I do want everyone reading this to wake up and prepare because it doesn't have to be terrible for everyone as long as you get everything in order now.
*Please be sure to do your own due diligence before making ANY financial decisions. On my website I share with you my research but please verify everything for yourself! I do not give investment advice, just share my thoughts and my choices!*
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