05/04/2020
🔸Invest: Investing can be one of the best things to do financially as it ensures present and future long-term financial security. Investing can generate financial security and income. What do I invest in during this time? With the COVID-19 outbreak, we’re facing a bear market so stocks, bonds, mutual funds, exchange-traded funds, and real estate would be ideal.
🔸Create an emergency plan. Nearly 28% of U.S. adults have no emergency savings, according to Bankrate's latest Financial Security Index. One in four have a rainy-day fund, but not enough money to cover three months' worth of living expenses. Whether you use your $1,200(+) check, or an extra amount of money, be sure to set aside a comfortable amount to prepare for the unexpected.
🔸SAVE. This seems redundant in regards to your emergency fund, but I advise you have both. You should have an emergency fund as it helps protect you in the event of a financial emergency, and you should have an additional savings as it can help you pay for large purchases, help avoid debt, reduce your financial stress, and provide you with a greater sense of financial freedom.
Having extra money can be the most joyful feeling but, we must be careful in the moment. There are many things to do with your money but make sure these things are smart decisions. Every financial decision should be calculated as it’s extremely easy to fall into a financial slump. When you think financially you must think of the future!
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