Financial Stress During the Pandemic
More and more I talk with folks that are nervous and scared about their financial future. They stress over their lack of savings, or about building up their retirement accounts after having to take early distributions during the past couple of years due to the pandemic. Some of them literally have a hard time sleeping at night.
?The COVID-19 pandemic has wreaked havoc in our personal and professional lives as well as adding an enormous amount of stress on our economy that will be felt for a long time to come. Over 110 million people were laid off in the pandemic. Many small businesses held on as long as possible but couldn’t survive even when the economy began to slowly open back up. There are so many negatives coming out of this period that we fail to sometimes see the opportunities that are ahead.
There are millions of jobs available right now and that very possibly gives you the opportunity to find a better paying job with better benefits. Potential employers are advertising everywhere and some are even offering signing bonuses and willing to pay moving expenses. Remember, as tough as this period has been (and still is for some) it will get better. It’s important to try not to stress too much over the financial situations. I know that is easier said than done, but focusing your energy and efforts into coming out of this in better financial shape is a real possibility.
?If you feel like you’ve fallen behind take this opportunity to start your first IRA or get that job you’ve wanted with a 401(K). Be selfish and pay yourself first. Take your first $100 earned each month and put into your Traditional or Roth IRA. You have to start somewhere. And remember, it’s not where you start. It’s where you finish!
?Coming out of this is an opportunity for all of us. It gives us the chance to take a deep breath, assess where we are in our financial and personal lives. It gives us time to get very specific about our goals and write them down. It gives us time to focus on them and make sure that we end up in the better place that we envision for ourselves and families.
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?There is no better time than the present to talk with your investment advisor about your goals and the vision you have for your future. Begin laying out that roadmap today and you’ll see that these financial stresses you have will likely be much smaller tomorrow.
?J.C. Schweingrouber
VistaFront Partners Inc.