May 7, 2020
Budgeting, Business, Business Community, Cash Flow, Debt, Financial Advice, Financial Planning, Income Insurance, Income Protection, Insurance, Investment, Mortgages, Orange NSW, Personal Lending, Portoflio, Retirement, Self Managed Super Fund, Shares, Small Business, SMSF, Superannuation, Trauma Insurance
We want to welcome everyone receiving our update for the first time, including all our new clients, there is some information and ideas you already may know and some that may assist with getting through Covid-19.
Right now everyone needs to be focusing on their physical and mental health and putting themselves (and their families) before anything else. This will last for some time, world markets will be up and down, interest rates will be low, we will need to social distance, we will not be able to travel overseas for some time and hopefully petrol stays under a dollar a litre.
This update will focus on three points relating to you and your family in relation to the current state of affairs around the world at the moment.
What does all of this actually mean for my finances?
There are a number of areas that the Coronavirus Pandemic has affected and financially we have been hit hard with most of us being unable to work due to our job type, having hours reduced or have been stood down. With non-essential services now coming back to work this week and the economy slowly starting up the measures in place will not be taken away, they will remain in place for at least the next 5 to 6 months.
Some of the measures are;
There are other measures in place that will have long lasting affects on the Australian economy, but needed to be put in place to support families and business.
What should I do in the short term?
Being at home, working from in some cases, schooling from home, not going to the pub or cafes or restaurants or movies, not using the car and being forced to reduce our discretionary spending can mean that we will have a better chance of surviving from a financial stand point, some ideas to assist in the short term;
What can I do to make sure I’m positioned well for the long term?
It is fair to say we are all experiencing something for the first time in our lives, that has affected us so much we have changed the way we live and will probably do so forever. Given the last financial market meltdown in 2007/2008/2009 was caused by greed, the fact this one has been caused by a virus what can we do so we are future prepared?
Here are a few ideas to;
Not taking on debt you don’t need – It might be easier to access lending at the moment given there are Government guarantees for some loans and repayment deferrals in place, just remember don’t take on more than you need because they will want you to pay it back eventually.
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The information provided on and made available through this website does not constitute financial product advice. The informaiton is of a general nature only and does not take into account your indivdual objectives, financial situation or needs. It should not be used, relied upon or treated as a substitute for specific professional advice before making any decisions in relation to your particular requirements or circumstances. PWM Advice is a Synchron Adviser