COVID-19: Tips To Protect Your Money From the Financial Fallout

…Stash away enough money to cover at least six months of your regular bills, like your mortgage, car payment, utilities and groceries, in case your employer shuts down operations, even just temporarily due to COVID-19…and be sure to keep your emergency fund in a high-yield savings account so your savings will accumulate the best possible interest and grow over time.

2. Buy Stocks On Sale

Fear of [COVID-19]…has caused the stock market to take its biggest dive in over 10 years…and, while now might seem like a scary time to invest, any seasoned trader will tell you that a down market is a great time to buy high-profile stocks at bargain-bin prices…

3. Protect Your Income

…Everyone is susceptible to unexpected illnesses and…there’s always a possibility that a serious medical issue could leave you too sick to work and unable to pay your bills…so you should consider purchasing disability insurance…You can never guarantee you won’t get sick, but you can ensure you’ll have enough money to support yourself if you do.

4. Find A Way To Supplement Your Income From Home

If COVID-19 the coronavirus leaves you sitting at home for days (or possibly weeks) with your primary source of income on hold…find a way to make some quick cash without venturing outside…such as with Swagbucks, a free service that allows you to earn gift cards and cash for doing everyday stuff online…

5. Buy Life Insurance

…We’d all rather not think about the worst-case scenario, but it’s a good idea to be prepared, just in case…and the best way to do that is to buy life insurance…[via] a free online service such as Quotacy…Depending on where you live and how old you are, rates can be as low as $7 a week for a policy that gives your loved ones $1 million in financial protection.

Conclusion

The spread of…[COVID-19] is a strong reminder that you can’t predict the future…so seriously consider taking some or all of the above steps now to make yourself more financially secure, protect your family and give you valuable peace of mind…

Editor’s Note:  The original article by Shane Murphy has been edited ([ ]) and abridged (…) above for the sake of clarity and brevity to ensure a fast and easy.  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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