I’m often asked how do I feel or what do I think about the current economy, as we are still living through this Covid-19, global pandemic. Interesting enough, the bigger questions is how do they feel? “According to a recent survey from NextAdvisor, 51% of Americans feel at least somewhat anxious about their financial situation following the coronavirus outbreak. Nearly three in 10 Americans’ financial situation (29%) has been negatively impacted since the pandemic began.”
Is NOW a good time to buy a house, is a question, I’m asked frequently. Even as, we are still dealing with the financial impact of Covid-19 the answer is, compared to renting YES!!!! Jokingly, I often respond “It’s time to fire your landlord!” There’s so many beneficial reasons to be a homeowner particularly in Northeast Ohio, where rent is high compared to owning.
While Covid-19 is still ever-present and continuing to have a substantial financial impact in every economic realm, the effect from COVID 19 has been tremendous. The results have been felt from big corporations, small businesses, and to the everyday individual households. In the previous article of Money Monday's with #AskTiffanyH, I shared that I would provide a few tools that have built wealth for many after the Great Recession of 2008, which can be good examples of potential opportunities after Covid-19.
However, I would be remised if I didn't provide a few recaps:
As we, as a nation, continue to deal with this global pandemic, there are different financial concerns. I can only imagine that we have all been impacted in one way or another, some more than others. With over 36 million people filing for unemployment, small businesses closing their doors, bigger companies filing for bankruptcy all because of the financial impact of Covid-19, which is broad reaching. The effect is also being felt by families that are still working with an increase in grocery bills, home activities, unique entertainment and more.
Dealing with Financial Stress? We are now 7-8 months into the era of Covid-19 in the United States. The impact of a global pandemic is still alive and well. Unemployment remains high, small, medium and large companies are closing their doors and we are in a moment of political uncertainty. Americans of any age, gender and or race are dealing with a lot these days. In one of my previous articles, Monday Monday’s with AskTiffanyH, I shared tips on how to save and provided resources to help weather these challenging financial times. And while I am not a psychiatrist nor a psychologist, I wanted to share over the next couple series a few tips to deal with financial stress during these times.
$Money Matters: "Is This A Good Time To Invest in Real Estate?"
As the economy continues to sink deeper into the financial hardships along with Covid-19 not disappearing anytime soon, I'm frequently asked, "Is this a good time to invest in Real Estate?"
It is not alarming that some people feel that this is not the best time or feel it may be profiting from others during this global pandemic. As a financial expert, let me begin by acknowledging that yes, we are still very much in a global epidemic that's causing a financial crisis, but you can profit. As I have continued to share in my previous Money Monday's with AskTiffanyH, the most significant amount of wealth has traditionally occurred during and after a crisis. So, contrary to some’s belief, Real Estate Investors are essential to helping prevent market downturns.
In the last column, I shared a few money saving tips to utilize during this global pandemic. If you missed it, please take a moment and review the previous Money Monday with AskTiffanyH, as this week builds on the preliminary information provided.
Again, this pandemic has a significant financial impact across every sector; however, there are several tools available to provide some relief to individual households. Briefly recapping from the last financial column, contact your creditors i.e., credit card companies, auto loan company, student loans even in some situations, rent and mortgage company, and ask for assistance that can lead to several months of no or reduced payment amounts. It’s during a time like now that many companies are trying to provide individual households some financial relief, utilize it!