Managing Your Finances Through Economic Volatility

Investing

March 20, 2020

Investopedia’s mission is to help people be in control of their financial lives, and that mission is just as important as ever given the health and economic crisis we are all living through. We’ve organized the most important information about a variety of financial topics that are particularly relevant in today’s financial markets that will impact your investments and your personal finances. From managing your portfolio through volatility to the latest on student loan interest and mortgages, this guide is here to help you plan for and react to the current economic realities.

Your Investments Right Now

In the face of historic drops in the stock market, we’re all concerned about our investments and retirement plans. The good news is that things will get better, but it will take time as the world adjusts to the current reality. In the interim, you can take some proactive steps to set yourself up to rebuild and strengthen your 401(k)s, IRAs, and brokerage accounts despite the fact that we are in a bear market for the first time in a long time.

Here are several recently updated resources to help you think through what to do with your investments right now:

The Economy and Your Money Right Now

Pandemics and public health emergencies, like the COVID-19 crisis, have an impact that is far beyond the stock market. It has and will continue to touch every aspect of the local and national economy. It has spurred important government reactions, such as extending tax payment deadlines and student loan payments. Find out what you need to know about how to deal with the various other aspects of your financial health during these turbulent times.

Federal Changes Happening Now

Congress is considering stimulus checks as part of a large aid package designed to help those impacted by the coronavirus pandemic. Whether or not the government will send stimulus checks has not yet been decided. But they have acted in other ways. For instance, on March 18, President Trump signed a bill that includes provisions for free testing for COVID-19 and paid emergency leave.

For instance, if you work for the government or a company with fewer than 500 employees, you will be eligible for two weeks of sick leave at your regular pay rate. You will also be eligible for two weeks of paid sick leave at no less than two-thirds of your regular pay rate if you are caring for a family member with a positive COVID-19 diagnosis or caring for a child whose daycare has closed as a result of the crisis. Find out more about how the coronavirus stimulus bills affect you.

Check out this other news related to the U.S. government’s response to this evolving crisis.

Planning for Medical Bills

In or Near Retirement

With the stock market being in the state it’s in today, maybe now is not the right time to follow through with your retirement plans. But it is an excellent time to review your plan. And for those who have already made the leap, there are some pitfalls you should actively avoid right now.

Your Debts

Treasury Secretary Steven Mnuchin warned that the coronavirus pandemic could cause unemployment rates to rise to as high as 20% if the government doesn’t do more to act. As many local governments shut down non-essential businesses such as bars, unemployment is going to put additional pressure on your debts. Find out what you need to do and what you need to know.

Accessing Funds Right Now

If you are facing an economic crisis at home as a result of the coronavirus pandemic, there are some things you can do to get access to additional funds while we all weather this economic storm. Check out these additional resources.

State and Federal Support Options

Beyond just emergency measures, the state and federal government offer some perennial support options you should know.

More Essential Resources for the COVID-19 Crisis

We’ve assembled a key selection of all resources from across the Dotdash family of brands, which, along with Investopedia, are working tirelessly to educate and inform across every topic area we cover.

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