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COVID-19 and money

Just as Epidemiologists are tracking COVID-19, Economists are watching for the same thing when it comes to economic damage.

Just as Epidemiologists are tracking COVID-19, Economists are watching for the same thing when it comes to economic damage. This global outbreak has caused upheaval in stock markets and disrupted supply chains around the world but so far, there have only been a few signs of widespread economic damage, at least in the US. Most employers are not cutting jobs and consumers are still spending.

However, economists say a pandemic could cause a recession in the US. The coronoavirus is evolving rapidly and no one can predict the economic impact with any confidence. Below are a few things Nicole Middendorf, CDFA and Wealth Advisor recommends you do now to help prepare:

  1. Add to your emergency fund. In general, have 6-12 months of expenses liquid.
  2. Establish a budget and stick to it.
  3. Look at your allocation but now is not the time to panic and adjust. Stick with buying low and selling high, if anything, this is an opportunity.
  4. Make your own decisions if you have travel plans and assess the risks. Be sure to use Lysol wipes on your airplane seat, hotel room, etc.
  5. Be ready to work from home and if your job doesn’t allow you to work at home, be prepared financially to not work for a few weeks (nanny positions, etc).

KARE 11’s coverage of the coronavirus is rooted in Facts, not Fear. Visit kare11.com/coronavirus for comprehensive coverage, find out what you need to know about the Midwest specifically, learn more about the symptoms, and keep tabs on the cases around the world here. Have a question? Text it to us at 763-797-7215. And get the latest coronavirus updates sent right to your inbox every morning. Subscribe to the KARE 11 Sunrise newsletter here. Help local families in need: www.kare11.com/give11

The state of Minnesota has set up a hotline for general questions about coronavirus at 651-201-3920 or 1-800-657-3903, available 7 a.m. to 7 p.m.

More information on the coronavirus: 

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