ECONOMIC VIRUS

March 21, 2020

Again Alabama is dead last in response time for the corona virus, COVD-19. We have a Pandemic on our hands and most people are focused on medical issues.

Of course human lives should come before money, however we cannot escape the economic impact that is going to challenge everyone.

Airlines and Cruise Ships are going to need tens of Billions of dollars just to bail them out. Tourism around the world has been halted with the airlines shut down. Some countries that overwhelming depend on tourism, may face bankruptcy.

So what about YOU and your family, are you prepared for the economic impact?

Just today some credit cards companies are allowing grace periods on payments. Mortgage companies may follow suit. Student loans may have a 60 day grace period. Filing federal taxes has extended their deadline.

All business’s are going to take an economic hit and 2020 profits have already evaporated. Do not count on Federal money bailing you out, it will only allow you to put your finger in the dam.

COVID-19 | USAGov

COVID-19 | USAGov

Learn what the U.S. government is doing in response to Coronavirus (COVID-19).

Source: www.usa.gov/coronavirus

Be smart, wait to pay your bills on the last day, so you can see what assistance is available. On credit cards only pay the minimum payment, until the virus scare is behind us.

On the stock market the damage has been done, so cashing out now means big losses.

Do not make any unnecessary purchases such as cars, boats or luxury items. Travel is out of the question and may be for rest of the year.

Pay attention to your money, like you have never done before. There is an old saying “Cash is King”, in the next few months you will understand the meaning.

Practice social distancing, grandparents should not become babysitters and most important do not panic, be patient this may be around for months not just two weeks.

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