Financial Anchors Amidst a Viral Storm: Three Core Areas of Focus in Personal Finance During COVID-19
It has been nearly two months since the “shelter in place” restrictions required us all to adjust to a life in quarantine. There has been a swift and mandatory acceptance of personal and professional lives being mashed together, and the situation certainly requires some adjustments as we get used to what may very well prove to be a new norm of precaution and safety. As scary as the health side of the equation is, the financial fallout of COVID-19 has been an even tougher pill to swallow in many respects and many are asking the question, “What can I do right now to make sure my family will be ok financially?”
There is an old Japanese proverb that goes like this: Fall down seven times; stand up eight.
Right now, it is important to remember that proverb and heed the lesson. The financial markets are like so many other things. Sometimes it seems that we take two steps forward only to go one step back. But, to help understand our current situation, it is helpful to look back at similar times in the past. Each financial downturn is different, but all have common elements.
As we move to the end of April, there are promising signs across the globe that efforts to “flatten the curve” are having a positive impact on the spread of COVID-19. We also continue to see the generosity of the American people and those around the world as we pull together during the pandemic. We hope you, your families and your friends are healthy and making the most of this time. Here is some good news from the past week to brighten your day and take you into the weekend.
Looking for ways to reduce your taxable income while contributing to a cause that hits close to home? State tax credit programs that benefit rural hospitals could be just the outlet you need. These state-run programs allow taxpayers to direct a certain amount of their tax dollars to rural hospitals in need. Since we reside in Atlanta, we are most familiar with the Georgia HEART program outlined below, but others states offer similar programs. Check with your state revenue department to learn if such options are available to you.
Two weeks ago, Georgia Governor Brian Kemp issued a “shelter in place” order for the state of Georgia to fight the spread of the COVID-19 virus and its effects. As a result, we are in a time of immense change and struggle for many people and businesses. In the midst of all of this, working together, we can see inspiration and hope. At this time, it looks like the cumulative efforts of Georgians and Americans overall are having a positive effect of reducing the effects and spread of COVID-19. The news from around the world seems to be getting better as well. We hope you, your families, and your friends are healthy and well. We would like to share with you some good news from this past week.
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