We talked to professionals to answer all your questions about investing and money management during the COVID-19 pandemic.
Everyone says we're on the brink of an economic depression. Is that true?
It depends on your personal circumstance. You'll get the $1200 stimulus check, which will help. Unemployment will be expanded, particularly for people who didn't have unemployment insurance, like freelancers. But for some people, it will still mean spending through your emergency funds. For some people it's going to mean, unfortunately, running up credit card debt. If those things are happening to you, stop investing.
Our recommendation has always been to build up a period of three to six months of take-home pay and put that money in awhich means the government insures that money. You don't earn a lot on it, but it’s insured. If you have not built an emergency fund, it’s never too late to start one.
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