Many are hopeful and predicting the economy is going to come back in the summer. However, based on the data to date, that has not happened. The Federal Reserve recently said that U.S. businesses saw limited evidence of a recovery in recent weeks, with economic activity continuing to decline amid the coronavirus pandemic. The labor market continued to deteriorate and consumer spending fell further as retailers and restaurants remained largely closed in most of the country...
This is not a great time to be a recent college graduate. The economy is in terrible shape and there are over 40 million Americans who have recently filed for unemployment in the last 10 weeks. I have asked several associates what advice you would give to recent college graduates. These associates all graduated in 2008-2009 and know what you are getting into. Below is a summary of their advice and a few tips based on...
The stock performance in May has been very strong, which is a surprise to many. April was very strong and May continued that trend. The stock market finished higher on 5/27, with the Dow and S&P 500 both clearing critical milestones as investors cheered a reopening of the economy and a potential coronavirus vaccine. The Dow closed above 25,000 and the S&P broke 3,000, both for their first time since March—showing the market’s recovery from the...
Even in the absence of a global pandemic, retirement is very difficult to manage and plan for. Everyone’s retirement funds have likely seen the ups and downs recently and likely feel very concerned about the state of our economy. However, now is not the time to panic and make quick decisions without a thorough thought process. Below are some lessons to take to make sure you are planning for your retirement the right way. Have flexibility...
I will not begin to predict or even fully understand the recent ups and downs of the U.S stock market. However, given all the volatility recently, I thought it would be helpful to provide a high-level summary of the U.S. stock market performance each month. Below is a high-level summary for the month of April. The Dow and S&P 500 posted their best month of performance since the 1980s. Optimism has been driven by hopes...
The U.S. economy is facing a significant economic recession likely one that is truly unique and not like other recessions we have ever seen before. There is little doubt that we are already in a recession because of the coronavirus pandemic, with many businesses shut down, and many Americans are staying home. It is difficult to say when the bottom will occur and how long it will take to climb bank. However, I have gathered a...
Unfortunately, there have been mass furloughs and layoffs over the past 30-60 days due to the COVID-19 pandemic. Many people are out of work and do not know when they are going to go back to work. If you have recently been laid off, there are a few steps I would recommend for you to take. I hope you are able to find another job quickly and I hope with COVID-19 pandemic goes away at some...
The US government is making unprecedented moves to help individuals and businesses during this COVID-19 crisis. Like myself, I am sure you are feeling the effects as our daily life is very different. I know many people are suffering and many businesses are shut down for the foreseeable future. On somewhat of a positive note, the government is trying to scramble and offer assistance for the individuals and businesses that are most effected. Below is a...
I think it is fair to say the coronavirus is bringing the U.S. economy to a slowdown, although likely could be a complete halt. Most are predicting a recession for at least this year. In order to prepare for a recession, below are a few tips to help you survive through a recession. Re-evaluate your priorities: During recessionary times, you should re-assess what your goals are. For example, a person that may be going into retirement,...
While the markets are in turmoil and everyone is in isolation due to the coronavirus, there is some potential positives out there from a personal finance perspective. Given the declining interest rates, this would be a great opportunity to refinance your house. In fact, low mortgage rates are leading homeowners to take cash out of their homes at the highest levels since the financial crisis. This is all due to the fact that the Federal Reserve...
