The recession is officially here. According to the National Bureau of Economic Research, after an unprecedented 128-month expansion, the economy peaked in February and has been going downhill ever since.
The big question now is, how long will it last? Unfortunately, no one can be sure, as there are many variables that can affect the economy, and many of these are unknown. Remember, before the advent of COVID-19, the economy was booming, and no one anticipated that a virus would overwhelm the world. There are also known possible instabilities -- political and trade tensions abroad, an unstable oil market, and the likelihood that unemployment will remain high.
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Why you don't feel better about the money you saved amid the pandemic
If you're like a lot of people, you probably found it easy to save money the last few months. Many stores were closed, and working from home meant saving on gas and other commuting costs.
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Assuming you've paid down debt and have an emergency fund , check where you kept those savings. If they stayed in your bank account or even high-yield savings, you won't see the needle move.
To make progress, you need compound interest, which helps you build wealth when you invest, says Monica Sipes, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors in Frisco, Texas.
Money Under 30 Survey Reveals That 65% of Millennials Say COVID-19 Had a Positive Effect on Their
SAINT HELIER, Jersey, June 22, 2020 /PRNewswire/ -- COVID-19 has provided an unexpected boon to Millennial and Generation Z finances, according to a national survey of more than 2,000 U.S adults (aged 18-39) by Money Under 30.
Millennials made the biggest savings on eating out (52%), transportation (47%) and nights out drinking (30%). Millennials also saved on vacations (28%) and gym membership (21%).
"It seems that a lot of Millennials didn't get the recession memo," said Rebecca Greig , managing editor of Money Under 30. "For the Avocado Toast generation, who value experiences over material wealth, it's unsurprising that they made the biggest savings on going out, whether on barista-brewed coffee, dinner and cocktails, or the Uber ride home after a night of bar-hopping."
Sometimes, bad lawyers take clients' money. What do you do?
On a Tuesday afternoon in February, Clearwater attorney John P. Martin was supposed to meet with a longtime client.
Ralph Charette, who builds and refurbishes boats, wanted the six-figure sum his lawyer was supposed to be holding for him in a trust account for tax purposes. Charette was ready to buy a dream piece of property for his boat business, but his lawyer kept ducking him, according to a since-filed lawsuit.
With more than $2.3 million in client money that appears to have gone missing — the amount reported by an attorney appointed to inventory Martin's practice — two other lawsuits also are filed. At least 13 people are missing money they entrusted to the lawyer in amounts ranging from $1,500 to more than a half million, according to the attorney.
Other things to check out:
Virtual community discussion used to discuss use of Siemens lawsuit money
JACKSON, Miss. (WLBT) - The City of Jackson is hosting a virtual community discussion to address how the city should utilize the money awarded in the Siemens water lawsuit.
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Siemens installed new meters that were supposed to help save money--a deal that cost the city over $20 million.
Residents got a chance over the weekend to voice their concerns during a Zoom conference call with Mayor Lumumba.
You've Got Money: Mobile Payments Help People During the Pandemic – IMF Blog
The practical challenge of quickly getting financial support in the hands of people who lost jobs amid the COVID-19 economic crisis has baffled advanced and developing economies alike. Economic lockdowns, physical distancing measures, patchy social protection systems and, especially for low-income countries, the high level of informality, complicate the task. Many governments are leveraging mobile technology to help their citizens.
Togo, a small West African nation of 8 million, was able to quickly distribute emergency financial support to half a million people in less than two weeks using mobile phones. The technology helped deliver benefits to women in particular, and it supported a transparent rollout of the program. Informal workers in Morocco are also receiving government help through their phones quickly and efficiently.
Banks have grown by $2 trillion in deposits since coronavirus first hit
A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January, according to FDIC data .
The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.
The gains were all driven, in one way or another, by the response to the pandemic : The government unleashed hundreds of billions of dollars to bolster small businesses and individuals via stimulus checks and unemployment benefits. The Federal Reserve began a barrage of efforts to support financial markets, including an unlimited bond buying program. And an uncertain future prompted decision makers, from two-person households to global corporations, to horde cash.
Tenino, Washington is printing wooden money to help residents through the pandemic - CNN
(CNN) As businesses struggle to stay afloat during the pandemic and a record number of Americans have lost their jobs, one small city in Washington state put forth a creative solution to help its neediest residents pull through: printing their own money, out of wood.
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