CHALLENGES TO OUR ECONOMY

Government lock down of businesses, Unemployment, Business failures because of lock downs, Business failures because of debt load and small margins, Fastest raise in unemployment is history. Fastest down turn in history. We have no models that have been tested on how the economy will behave  since this is the first Pandemic.


• Unemployment Benefits, State and Federal

Takes two or three weeks to get the benefits.


• What is CARES Act and were is the money going?


How to be prepared

Dave Ramsey's 7 Baby Steps to financial freedom

 

·    Baby Step 1: $1,000 in an Emergency Fund.

·    Baby Step 2: Pay off debt using the Debt Snowball.

·    Baby Step 3: 3 to 6 months of expenses in savings.

·    Baby Step 4: Invest 15% of income into retirement.

·    Baby Step 5: Fund College for children.

·    Baby Step 6: Pay off your home early.

·    Baby Step 7: Build Wealth and give away a bunch.