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The Perfect Financial Storm is Looming - Steps to Avoid It!
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Contenuto fornito da Chris Heeb. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Chris Heeb o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.
In the early stages of the COVID-19 crisis, it seemed almost inevitable that the housing market would see a crash. In fear of history repeating itself, the government came to the assistance of the millions of Americans who lost their jobs due to the pandemic. The increase in government assistance coupled with historically low interest rates has encouraged many people to either buy expensive homes or stop paying their mortgages altogether. As government aid comes to an end, most Americans will find themselves underwater. In today’s episode, your hosts Dr. Chris Heeb and financial expert Richard Schaffer discuss how to survive the future financial storm.
Starting on September 30th mortgage forbearance programs are going to come to an end. According to host Dr. Chris Heeb, a striking amount of his clients have not prepared themselves for this. This is why it is critical to get a game plan in order to endure the effects of the last year and a half. While it is unlikely that we will experience a recession as devastating as 2008, there are several factors to be concerned about. According to Richard Schaffer, the best way to prepare yourself for what's to come is to go back to the basics. Look at your bank statements, see where you spend your money, and where you can decrease spending. You would be surprised how the impact that small amounts of money can have over a long period of time.
While the future is full of uncertainty, there are many things you can do to protect yourself and your family financially. Tune into this week’s episode of Debt Dr 911 to learn more!
Quotes:
- “A crash in the housing market seemed inevitable during the early weeks of ‘the COVID-19 recession’ but that bust didn’t come to fruition, in fact the opposite happened.” (01:55-02:09)
- “The government has announced they are going to stop buying back bonds. The average person doesn't really need to understand what that means, but indredclty helps to subsidize rates so it makes things more affordable. (06:38-06:52)
- “People need to wake up and recognize that whatever debt they have is costing them a heck of a lot more based on the principle they pay down.” (16:02-16:13)
- “It’s the small amounts of money compounded over a long period of time that makes a massive impact.” (22:10-22:16)
Links:
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