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8 Things To Do To Prepare for a Recession
Most experts agree that the U.S. economy is currently heading into some type of recession. Many people are already out of work, and many others are heading into a period of economic uncertainty.
Yet, in those stories about a coming economic recession, there’s almost always a key part missing: what does it mean for me in a practical sense? Obviously, a recession means a higher unemployment rate, which means a little more job uncertainty for lots of people and a little bit more difficulty finding work for those unemployed, but what does that mean in terms of practical steps?
Yesterday, I offered a checklist of things people should do if they find themselves unemployed, but what if you’re in the other boat? What should you do if in the face of an oncoming recession if you still have a job and feel at least somewhat secure in that job?
How to Get Your Stimulus Check As Soon As Possible
In response to the COVID-19 pandemic, the U.S. Government has announced a $2 trillion stimulus package, set to include economic impact payments sent directly to Americans. But not everyone will be able to access these funds as quickly and easily as others.
Your Assets and the Sharing Economy: The Ultimate Guide
The sharing economy has become common practice in recent years, with third-party services and apps popping up left and right to help those looking to make extra cash connect with those looking to rent. The range of things that can be brought into the sharing economy is never-ending. In fact, it’s not unusual to see consumers renting out their homes, bikes, cars, camping equipment, boats and other unique services to complete strangers online.
However, all this sharing comes with some unique challenges and risks that consumers don’t often consider before listing their items or services. Below, we break down what you need to know about the sharing economy, its pros and cons, and all the options you have available to start participating in this new consumer-to-consumer business model.
Lost Your Job? Take These 4 Steps First
Over the last month, many people have unexpectedly and rapidly come face to face with losing their job. Given that four out of five Americans are in a financial situation where missing their next paycheck can cause serious financial strain, a sudden job loss means a lot of financial worry for a lot of people.
The obvious thing to do when someone loses their job is to “find another one,” but particularly in an economic downturn, especially one as abrupt and sudden as this current one, there’s not always another job easily available.
What does a person do, then? Here’s a checklist of things you should do if you lose your job unexpectedly.
Coronavirus and Bankruptcy: Everything You Need to Know
The novel coronavirus is impacting all aspects of our daily lives, from social distancing to unemployment, as people around the world try to figure out their “new normal” and their finances along with it. In the midst of financial uncertainty due to COVID-19, you may be considering filing for bankruptcy.
From June 30, 2018 to June 30, 2019, there were nearly 500,000 Chapter 7 bankruptcy filings in America, which was significantly less following the Great Recession. From 2009-2012, there were over 1 million Chapter 7 filings.
Rohan Pavuluri, CEO and co-founder of Upsolve, said filings have declined extensively since the market crash of 2008, but he expects them to increase due to pandemic-driven unemployment. And he would know – Upsolve is an online platform that helps people navigate the intricacies of bankruptcy paperwork for free, similar to TurboTax but for bankruptcy filings.
24 Worthwhile Things To Do While Social Distancing
A number of people have asked what our family has been up to during social distancing, particularly what frugal projects we’ve taken on and what we’ve done to pass the time and stay sane.
Our big focus at home has been to use this as an opportunity to “reset” a lot of things in our lives. We’ve been looking at our habits, our hobbies, how we connect and relate with others, how we use technology and thinking a lot about those things.
We’ve engaged in a number of frugal projects around the house as well and tried to do everything possible to keep our spirits up, avoid spending unneeded money, and keep ourselves safe.
Over the last several days, I’ve been keeping a list of things we’ve done that have been different than our normal routines before social distancing — frugal projects and little lifestyle changes and free entertainment and the like. Here are 24 such things we’ve been doing.
Can Self-Driving Cars Help Defeat Coronavirus?
The devastating personal and financial impacts of the COVID-19 pandemic have required world leaders to resort to previously unimaginable tactics – including shutting down entire cities – to slow the spread. Could self-driving cars be another unconventional answer to defeating COVID-19 or preventing future pandemics?
How self-driving cars could help during the COVID-19 crisis
“Having a car that drives itself is the answer to a lot of today’s problems, especially during this pandemic,” says Michael Lowe, CEO of Car Passionate.
Questions About Job Losses, Health Insurance, Journaling, Gym Memberships and More
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question.
1. Stretching food
2. Cancel gym membership?
3. Filing taxes, now or later?
4. First steps after losing job
5. Great time to start journaling
6. Health insurance lost; now what?
7. Real estate investment time?
8. Homeschooling or nothing?
Will Michigan Drivers Pay Lower Premiums Under New Insurance Law?
Michigan is known to have the highest auto insurance rates in the nation, but that may soon change. Michigan lawmakers recently changed the state’s no-fault law in hopes of bringing down the cost of auto insurance for drivers, which will take effect on July 1, 2020. Prior to this, there had been no significant changes to Michigan’s auto insurance law since 1973.
RV Insurance: What Is It and Do I Need It?
Your RV isn’t a vehicle or a home. At the same time, it’s both. As a result, insuring an RV could be a little more challenging that insuring a house or a car. You need some hybrid of car and home insurance to fully protect it. Fortunately, insurance providers offer RV insurance for your specific recreational vehicle and the way you use it.
Whether you need RV insurance — and, if so, how much you need — depends on factors unique to you like the type of RV you drive, how you use it and the state in which you live. You can use this guide to determine the right level of protection for you and your recreational vehicle.
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