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Economic Insecurity During COVID-19

Economic Insecurity

No matter where you live, there’s a great deal of economic insecurity and instability right now. If you’ve got Amazon stocks, or other stocks of a similar nature, you may find yourself wondering what to do with them. Surely they won’t go up forever? Would a second wave of Coronavirus, or COVID-19, cause more upheaval in your portfolio, or steady things out?

In addition to being a tough time for investment managers, it can be a rough time for those who are saving for retirement. But hopefully, states and the federal government are correct in their positive outlook, and the reopening they’re encouraging.

Planning for the Future

With so much of the world moving at a slower pace, many people have been stuck at home, or safe at home, for many weeks. While this has caused financial difficulties for many, the federal government has issued the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as well as other legislation to help individuals and corporations.

With that said, the USA has a long tradition of people taking care of their retirement savings, and planning for their futures. Economic insecurity cannot last forever, and putting money back into 401(k) and IRA accounts proceeds apace.

By keeping tabs on your money and perhaps taking an active role in its investments and future, you will feel more fulfilled because you’ll be able to direct your funds as you prefer. As the economies of local, state and federal municipalities begin to reopen, you will have a chance to direct your investments in local growth as well as national and international companies.

Economic Insecurity & Growing Into Your Role

Being an adult means taking responsibility for your own actions. In addition to keeping yourself and your family safe from COVID-19, you’ve made sure there’s food on the table, clothes on their backs, and gas in the cars. Even if there was nowhere to go, you made sure the kids went, or are still going, to school.

Did you learn a language during this time? Take up knitting like olden days? Maybe you planted what would have once been called a Victory Garden. Or maybe you had a panic attack and hid inside. You still took care of what needed to be done since there wasn’t anywhere to go anyhow.

Growing into the adult you were meant to be means more than just having a Solo 401(k) or a pension plan. It’s about taking on the responsibility of your whole self and your future.

Moving Forward

As states and municipalities reopen, you have to make your own decisions, as to what is right for yourself and your family.

Will you go to the beach, or will you wait a few more weeks?

Will you wear a mask and be a good citizen, taking into account other people’s health, and not just your own?

How about supporting local businesses that may be struggling to get back on their feet? When you shop locally, for every $100 you spend at locally owned businesses, $68 will stay in the community. That means taking your car to a local auto shop can help make someone’s mortgage payment, or buy ballet shoes for the kids.

The world seemed to stop for a bit, and many are chomping at the bit to get the economy and their lives back to “normal.” But things won’t be the way they were before, and that’s all to the good. This pause has given any number of people a chance to hit “reset” on their lives. There’s new opportunity now. And new choices can be made.

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