Hello, everyone. My sincerest hope that this message finds you and your loved ones both safe and healthy.
In light of the COVID-19 pandemic, and as our world at least begins to progress towards somewhat of a more normal state, the question begs as to how this life-changing event has affected each of us, not only personally, but financially. In this way, how we plan to manage these situations for ourselves and our families moving forward is of the utmost importance.
For some, this may mean finding work after being laid-off by an employer. For others, this might involve taking a closer look at our own savings, credit, retirement plan investments and/or other instruments of debt/equity that we currently have to better manage them. Whatever the case, if the pandemic has taught us anything at all as a society, it’s made us focus on what is most important to us in our lives, and that the idea of ‘certainty’, in any regard, simply does not exist.
Due to the financial uncertainties that we’re all faced with, and with regard to questions/concerns we all have about our own personal finances, I wanted to write about where we can share these questions and concerns with one another in an attempt to help each other feel more secure in making efficient and effective financial decisions. What’s more, as an STCC alumnus (A.S. in Business Administration, Class of 1992), and also as a professor of personal finance here at STCC and as a financial planner myself, I have a deep commitment to helping all members of the STCC community navigate the muddy financial waters that present to us today. Accordingly, I seek your thoughts on the viability of using this blog to answer questions such as:
- Can the financial markets ever fully recover from these events? If so, will they?
- Should I consider adopting a different personal financial strategy based on these events (ex: more conservative)?
- How can I financially prepare myself ‘now’ should there be another pandemic surge ‘later’ that negatively impacts our economy?
These questions, like many others, weigh heavily on all of our minds. It is my sincere hope that, through this blog, answers can be provided and perspectives can be shared that help everyone to feel more confident as we all move forward.
I look forward to your feedback/suggestions.
Please feel free to email me at email@example.com or comment below.
*IMPORTANT: The information discussed within this forum is not intended in any way to offer specific tax and/or financial advice to anyone, and should not be construed as such. Therefore, we strongly urge you to speak with your accountant/tax advisor or financial planner before making any decisions related to these issues.