Our health and safety are of utmost importance as we navigate the challenges of the coronavirus (COVID-19) pandemic. But what about our economic well-being? What can we do about our bank account in an economy that requires social distancing?
Here are 5 tips to help navigate the current economy.
1. Think Job Stability and No Sudden Moves
The impact of the Coronavirus pandemic on the economy has not been fully realized and no one knows how long it will last. Yes, many businesses have temporarily closed, many flights and cruises have been canceled and many athletic and cultural events postponed or canceled. Yet, we have not seen massive layoffs. We will certainly experience higher unemployment and job loss.
It is important to think defensively right now. This may seem obvious, but now is not the time to make a major career move. Maintain your sources of income, including your employment. Job stability will help you weather this storm with its unpredictable end. There’s a cliché in the Black community – last hired, first fired! Don’t trade your seniority in your current job for a new job unless necessary for your mental well-being.
If you have already lost your job or your business has been temporarily closed, the Federal Government has put a sturdy stimulus package in place that can ease the burden. For the first time, unemployment insurance is available to independent contractors, like Uber or Lyft drivers or hair care workers. Get the facts