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- Millennials know the potential financial repercussions of the COVID-19 pandemic aren’t once-in-a-generation — we’ve been through this before, during the Great Recession.
- But that also means we know wealth-building opportunities will be present on the other side of this crisis.
- As a financial planner, I’m advising my young, high-earning clients to prepare now for another market sell-off by maxing out their retirement accounts, taking advantage of Employee Stock Purchase Plans, and keeping their credit scores high to refinance debt while interest rates are low.
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The current COVID-19 pandemic is widely considered to be a once-in-a-generation occurrence that almost no one could have predicted. However, for many millennials — those born between 1981 and 1996 — the current wave of mass layoffs and economic instability might look all too familiar. That is because several of us were just finishing college and graduate school in the midst of the Great Recession that was brought on by the collapse of the US financial system in 2008.
Well, just a short decade later, here we go again. Unemployment is at an all-time, there are lines outside of food banks all over the country, and the trend line of the stock market this year