Financial struggle in 2020. What can you do?

Fiancial struggle of 2020

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The financial struggle in 2020 cannot be overstated. So many layoffs, businesses closing their doors, bankruptcies, unstable economy have contributed to this perfect storm. Almost everyone has the same fear, how would they survive financially? The unemployment rate is at a record high and unemployment claims are in millions. Well those are the highlights of what most of us are dealing with in 2020. What has been happening is not news however what do we to stay afloat during the financial struggle in 2020 is difficult to answer.

For millions of Americans struggling financially, increasing debt and employment uncertainty becoming a never ending nightmare. There are few options, these may not be ideal however may be helpful. If you do consider some form of debt management advisors, please seek a reputable one. You are trusting them with critical decission so make sure they are able to do the job. Some debt management companies cause more harm than good.

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The second stimulus check was $600, the fate of millions are a bargaining chip for those in power. That doesn’t even cover rent for most. While the federal government is trying to find a solution we must do what we can to take control of our financial stress. Millions are struggling financially looking for a way to get out of debt they incurred in the beginning of this pandemic. Many including myself had to rely on credit cards to get through day to day, and that created a far bigger struggle.

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What is next during a financial struggle?

It’s not just wishful thinking that things will turn around, it’s an inevitable fact. We finally have Covid-19 vaccine. We know a lot more about this disease now than we did early 2020. 2020 was a catastrophic year ay best. The history of human race has clearly shown over and over human race never lets catastrophe choose its fate. The resiliency of human nature always prevails, from crisis comes necessities which calls for solutions.

We always find solutions when survival becomes our only choice. Take a look at last several months, think about how the world has changed in such a short time. We work from home, we utilize telehealth, virtual classrooms replacing conventional academic teaching, we order in food, pick up groceries curve side the list goes on and on. Now same innovative dynamic approach could result in solutions for finding financial breaks, employment opportunities.

Trying to find a way out

Financial struggle in 2020 is impacting everyone all across the globe. Now, knowing what the problem is and the cause what do we do? First let’s focus on finding employment, we must get comfortable with the idea finding new jobs could entail learning new skills and starting from the beginning. You might have been a well established performer at your previous job however the change in coarse might force you to take on a different role. Focus on thriving at your new position, most companies won’t necessarily care what you’ve achieved before they only want to see what you can do now.

Even if you are learning and making progress slowly the effort would be the primary focus. Though certain skills, work ethic could be transferable the overall outcome relies on the direct performance. Though it might be a struggle adjusting to an entry level profession or a lower pay job key factor to keep in mind is it’s a journey to a greater destination. The best lesson of any struggle even a financial struggle is finding a lasting solutions.

Freelancing work could certainly be an option for getting through the financial struggle of 2020. What are you good at? What could you do with a minimum overhead and mostly by yourself without needing other’s assistance? Many companies are downsizing however they do need to fill the gap temporarily to continue on. If you are in IT, sales, graphic design, mover, handyman whatever it might freelancing always an option if you want to supplement your income.

Of course some might be facing issues where they need money today as opposed to weeks or months, applying for a loan seems unlikely because of bad credit or lack of income. There are financial companies who would offer loans to individuals who might have bad credit. Click on the banner below to learn more. Debt is continuing to mount so how do we reduce debt? Get creative, if are to apply for loans understand collateral loans may be a better option in terms of interest rates.

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If you are experiencing financial struggle explore your options for short term and long term loans. BadCreditLoans assist individuals who may not have to best credit score yet needs financial assistance

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This may not be a long term solution however a short terms fix for getting through the financial difficulties. Of course once back on track, earning steady paychecks applying for a more conventional loan to payoff any outstanding debt is critical. So yes first thing you would wanna do is pay of any high interest loan you might have gotten during this pandemic. One onetakeway is keep adding to your savings for rainy days. It could be that ultimate lifeboat.

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Financial struggle in 2020 is a great example of what could go wrong unexpectedly, and what it takes to overcome. There is no playbook, there is no universal answer. I know most of us heard this and tired of it by now, we are all in this together. But the fact is we are, we may not appreciate or understand it but we are enduring this struggle together. The worst isn’t over but it will be, but by no measure we are hopeless or helpless. We are the solutions to our problems in most cases. After 2020 we will be stronger knowing what we are made of, that day will come.

Investing IS for everyone, one way or another all of us are investing. It could be a retirement fund, savings, property, future endeavors and so one. Most experts including the great Tony Robbins said get into the habit of taking a percentage of your paychecks and invest it or put it in savings. It’s like a TAX you are paying to yourself and not spending it. Think about it.