We chatted with over 50 business owners & founders from across the US & Europe. They shared with us their #1 concerns & questions. Here are several of them shared below.Have any of these crossed your mind, too? Reach out to us & ask.
If it was bad enough, the pandemic has created problems that go way beyond the health concerns, right? There are serious money questions that have arisen in 2020 that are impacting just about everyone in some way.
We had +50 people reach out to us with their #1 money questions and concerns to share with our financial advisor members. These advisors are some of the best in the business. But, just like us, they’ve had to learn a whole new game thru this pandemic.
This will be an ongoing Q&A series. We’ll be sharing the questions with our members, some of the top financial advisors in the US & Europe. So be sure to stay tuned.
Have a covid money question or concern you want to get an answer for? Submit it here and we’ll look to post it in the next series of questions rolling out in the next several days.
Here are some of the questions below. Each person also included, on a scale of 1-10 (10 being the highest of concern), how big of a concern their question(s) is right now.
My biggest money question is how I should organize my emergency fund for the next year, having in mind the unpredictable Covid situation and
possible economic crisis?
CEO and Co-Founder
My #1 money question is – How will we juggle the challenges of childcare with our jobs? My wife and I have flexible work schedules and I run a blog.
As a self-employed person, I can reduce the number of hours I work so that we can help our kids navigate online learning. We have two school-aged
children and their schools are completely virtual.
My wife can reduce her hours too, but it all comes at a cost. We are fortunate to have this flexibility but when we work less, we also earn less. There will come a time when this isn’t sustainable anymore and we have to decide what to do, so that weighs on me.
On a scale of 1-10, it’s right now around a 6 but the number keeps going up
as the months go on. Our school system is debating a hybrid model for the
spring but right now, who knows?
Will we see inflation from the massive amounts of currency created or deflation due to the dollar being the world’s reserve currency?
Luke Smith, Owner, We Buy Property In Kentucky
If I could press a magic wand and get an answer, I would like to know what the guidelines for forgiveness of the PPP are?
Catherine Nguyen Photography
Should I speed up paying off my loans in case we hit a recession sometime soon?
I am in my mid 30’s and have already fully funded my emergency fund. My question is this: with interest rates so low right now, and stocks (such as an S&P 500 index fund) on the expensive side and near historic highs, what
should I do with extra cash that I have?
My only debt is our mortgage (@3.5% interest), so the way I see it I could invest, save in an online money market account, or pay down the mortgage. But which one is best in this current environment?
What is the best way to save money during the pandemic? What is the best way to continue to reduce debt during the pandemic
What is the best way to save money during the pandemic? What is the best way to continue to reduce debt during the pandemic?
Should I try to consolidate debt to protect my income during the pandemic, by only having one payment for revolving and non-revolving debt?
If I become unemployed and need to utilize my retirement funds to live through the pandemic, what is the best way to withdraw funds without a major tax penalty?
Dr. Kyla L. Tennin, D.M.
President & CEO
Lady Mirage Global, Inc.
Is it the right time to buy into falling markets?* In correlation with this question, is it safer to move my portfolio into cash?
CEO & Founder
How do you see U.S. taxes for the travel industry changing in the coming years as a result of the pandemic?
Founder and CEO
The Travel Secret
We’ll be sharing these questions with our financial advisor members to answer throughout this series. So watch for the updates here.
We’ll wrap this post up with a question from a financial advisor who includes 4 action steps you can take to protect yourself & your family, right now!
How do I safeguard my finances against a second wave of Coronavirus?
1. Make an emergency Fund.
2. Consider securing a home equity line of credit.
3. Communicate with lenders early. They are more likely to work with you after the Consumer Finance Protection Board (CFOB) encouraged them too.
4. Keep in touch with your financial professional. They may keep you up to date on federal/state emergency resources. Knowledge is power!
Ari Baum, CFP(r)
Founder & CEO
Endurance Wealth Partners