After more than two months of sheltering in place, much time has been granted to contemplate our financial futures. The majority of media coverage tends to focus on the staggering unemployment rates, the closing of businesses and the inability of Americans to make ends meet. While these scenarios undoubtedly exist, what about the silver lining stories of those who have managed to flourish during this global crisis?
As a financial advisor, it is my job to find opportunities for my clients in the midst of adversity. The past few weeks have taught many lessons of creativity and presented many with the challenge of stepping out of their comfort zones. Here are a few of the positives that have come out of the pandemic:
- New employment opportunities and business ventures – You may be down, but not out! There are so many accounts of those who lost their jobs only to create a new career path or start a business. Many have identified the needs of the masses during this crisis and have turned them into profit. Whether it is producing masks and hand sanitizers or providing delivery services to those who are unable (or unwilling) to venture out, a new stream of revenue was created. The amazing thing is that this type of ingenuity is only beginning. As we emerge from quarantine and embrace the new norm, more businesses and inventions will surface, and new types of jobs will be created.
- Purchase of stock at affordable rates – If ever there were a time to consider investing in the stock market, it’s now. Some of the priciest stocks have hit an all-time low, and savvy investors jumped on it! Fortunately, there are everyday people who are also taking a chance in the market, and the good news is that it’s not costing them a fortune nor is the risk as great.
- Affordable mortgages – Believe it or not, the pandemic has proven to be a good time to purchase a home. The interest rates are down, and there are many who are trying to get property off of their hands in an effort to remain financially stable. If you have the resources and are looking to move, why not start your search?
Obviously, the above pandemic “silver linings” don’t apply to everyone, so sitting with a financial advisor to determine what’s feasible for you makes great sense. An advisor who has your best interests in mind will comb through your financials and give honest feedback on whether it’s time to start a business, get in the market, buy a home or move forward with any other major money move you might be contemplating.
With every crisis comes opportunity. It’s up to you to pay attention, find the benefits then get in the game! When this is all over, some millionaires will definitely emerge. The question remains…will it be you?
Connect with Delta Jones-Walker and Atled Financial on Facebook, Twitter: @Atled Financial and LinkedIn! To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email email@example.com and mention this column. Topic ideas for this column are welcome!
*Securities and advisory services offered through Woodbury Financial Services, Inc., member FINRA/SIPC. Insurance services offered through Atled Financial Group 717 B Main Street, Schererville, IN 46375 which is not affiliated with Woodbury Financial.