In late 2019, reports were coming out of China that a novel virus was spreading at an uncontrollable rate. It was believed to have started in the live markets in Wuhan and rapidly spread amongst the population. In January of this year, the CDC and WHO declared the outbreak a "public health emergency of international concern."
Now, a few months later, Coronavirus (COVID19) is officially a global pandemic which has helped turn the global economy upside down. This, coupled with the Saudi-Russia oil crisis, has created a perfect storm in which there is no safe harbor. Stock markets are down 25%, Brent Crude Oil is under $32 per barrel, gold is getting crushed and cryptocurrencies are near their 52-week lows.
We have officially entered bear market territory in virtually all markets. With such uncertainty Americans are going to cut back spending and hold onto their money for dear life. This leads to less demand, which leads to less production, which by definition.......is a recession.
What we are currently experiencing is unlike anything most of us have experienced, nor will ever experience again. So, we felt compelled to create a list of programs to prepare and stay ahead as we steamroll toward this imminent recession. Please read through this list thoroughly and choose the items that will help you stay financially protected.
That said, we wish you and yours the best of luck during these trying times. It has been a very weird 2020 to say the least. Here is to our collective fortune reversing.
When life gets challenging, count on Allstar Education for a consistent online learning experience and the unwavering support you need. You know you could really benefit from a college degree, but the idea of going back to school as an adult may sound intimidating. The time commitment, cost, and logistics can all be barriers to pursuing your degree. Fortunately, Allstar Education created a student experience that caters to the needs of working adults. Take classes online on your schedule. Do not be nervous about the prospect of going back to school at 30 or going back to school at 40 or going back to school at any age. This portal of online courses, classes and colleges are free to inquire to and learn more about.
Click Here to Learn More About These Online Programs
Many people do not realize that they are already paying a higher rate than what is necessary. A recession means that the cost of premiums may go up and you will be paying more on already higher than average rate. Recent studies show that just 5% of people pay less than $50 per month for auto insurance. If you have had a clean driving record in the last 3 years, chances are you are probably overpaying by 70% or more. In the case of an economic recession, this is simply too high and an unaffordable expenditure. The best way to find out is by comparing quotes from multiple insurers. It is simply the ideal way to find out if you are paying the least possible and right now is the best time to check before it is too late. We want to help you save now. All you need to do is fill out a simple form and you will receive quotes instantly.
Click Here to See What Auto Discounts Are Available to You
There is a lot of new information and legislature (like the Affordable Care Act, or Obamacare) regarding your Health Insurance options, and we're here to help you make sense of it all. It is important to understand the Health Insurance landscape, as well as your personalized options, so you can make an informed decision. Health Insurance Options, Families, and Individuals. Selecting the right health insurance policy can be a rather challenging undertaking. The choices usually seem so complicated and bewildering. Most people are familiar with Medicaid and Medicare, and they know that there are many supplementary insurance plans available, but where to start in the quest for health coverage? To ease the process, and to help you choose the most appropriate and adequate health insurance coverage for families and individuals, we will take a look at a variety of options below.
Click Here to Access Your Free Health Insurance Info and Rates
Grants are a form of financial aid to help pull families out of the economic crisis. The U.S. government and many private organizations offer Free Money Grants to help low-income families afford life's necessities and work on building a better future for themselves and their families. Many types of grants are available including assistance for home repairs, utilities, education, small business, single parents, veterans, minorities, women and more. We have compiled select content and offers to make finding free money easier through these organizations. Whether you are deep in debt, or just want to plan, we can help you take the proper recourse to take back financial control. Discover programs that can assist with financial woes, debt, credit repair, loan qualification, and much more. We have the tools you need to put your financial problems behind you.
Click Here to Access Your Free Financial Assistance Programs and Resources
You wouldn’t be alone if you’ve ever found yourself worrying about how to get help with bills or other emergency expenses that pop up out of the blue. According to NBC News, 65% of Americans lose sleep due to anxiety over finances.
We understand how difficult it can be to get help with finances, but know that there is hope. There are resources available to you if you need emergency financial assistance and aren’t sure how to get rid of debt. This article outlines the ways you can find your way back to financial security through government assistance, nonprofit programs, and online fundraising. Whoever said “nothing in life comes free” didn’t take into account government programs that help people pay for things like college, day care and a new home. Most of these programs are funded by taxes, so technically you pay something, but they’re as close as you’ll get to getting free money from the government.
Our biggest concern during the COVID-19 pandemic is our health and the health of our loved ones.
But lost work, lost business, and uncertainty are creating financial concerns for the healthy and sick alike. Sick individuals and their families may also be dealing with medical bills or, in worst-case scenarios, end-of-life expenses.
At The Ascent, those of us who are currently healthy and able to work want to help others who aren’t so lucky. So we’ve put together this list of financial resources that might provide some relief. We've released guidance on how to manage your finances during the novel coronavirus pandemic, but we know that some people need more concrete assistance.
Below, you’ll find information on nationwide relief for everyone, nationwide relief for workers in specific industries, and local relief that’s available to affected individuals and businesses in certain cities and states.
Families First Coronavirus Response Act
This bill would provide paid sick leave and free coronavirus testing, expand food assistance and unemployment benefits, and require additional protections for healthcare workers. It has passed the House and Senate and is awaiting the president’s signature. Some states, cities, and counties already have paid sick leave laws.
Details are still unfolding, but the proposed $1 trillion plan may include direct payments to individual American taxpayers based on income and family size. Additional funds would help small businesses pay employees, and support the travel industry and other heavily affected industries.
Customers must contact Ally Bank to activate these relief options.
If your bank offers specific relief for customers affected by COVID-19, we want to hear about it. Let us know on Twitter or Facebook so we can add it to the list.
In general, banks, credit card companies, and lenders are asking customers who need help to contact them for personalized assistance. Some banks are waiving early withdrawal penalties on certificates of deposit. Some creditors are increasing credit lines. Extremely low interest rates may benefit those who need to borrow.
Some local utilities are suspending disconnections and waiving late fees for affected customers.
Families First Coronavirus Response Act
If you have a short-term disability policy, you may be eligible for medical leave benefits if you can't work. Contact your human resources department or your short-term disability benefits company.
Workers' compensation probably won't cover workers who fall ill with COVID-19.
State disability insurance may cover those affected by the novel coronavirus.
Some of the following programs are always available, but it’s extra important during these uncertain times for people to know that these resources can be accessed.
Amazon is also hiring 100,000 new full and part-time fulfillment center and delivery positions across the United States. Regular pay of at least $15/hour will be increased by $2/hour.
Does your company or nonprofit offer a relief program we’ve missed? Let us know on Twitter or Facebook and we’ll add it to the list.
Remember, nothing is more important than your health and the health of your family, friends, coworkers, and clients. You can get help to recover from economic hardships related to lost income, but health isn't always recoverable, so please don’t put yourself or others at risk if you feel sick.
Our communities can recover more quickly and do more to help those who are affected if we work together to stay healthy during this challenging time.