Ways to benefit from current events
There is no arguing that current events are tragic for those infected, difficult for employees of businesses which have reduced or eliminated hours and inconvenient for many others. Our prayers are with all who affected.
As a financial coach though, I also feel it is my responsibility to help you recognize that opportunities exist.
1. Yesterday it was announced that interest on student loans would be suspended If you have outstanding student loans, all payments - while the suspension is in place - will go towards principal. This is an opportunity you should take advantage of, it will not last forever.
2. Gas prices are currently lower than they have been in some time. Putting extra money into your starter emergency fund or your 3 to 6 months of living expenses while it is costing less to drive makes sense.
3. Unfortunately, many folks are having travel plans cancelled. Using money earmarked for those trips to pay down other debts or beef up emergency funds is a great idea.
4. Tax refunds are on the way. I might sound like a bit of a broken record, but there should be great satisfaction in reducing your debts and strengthening your ability to handle future emergencies.
5. The stock market is offering some pretty attractive prices right now, for those with extra invest-able dollars.
While you may not be in a position to take advantage of investment opportunities now, by focusing on eliminating your debt and being prepared for future emergencies you can put yourself and your family in a much better financial position and gain peace of mind.
If you have questions about your individual situation you can reach me through the contact tab on this website or directly at firstname.lastname@example.org
Wishing the best for you and your family,