Peter Szabo (speaker) warns that US GDP is losing about $400 billion per week due to coronavirus-related isolation and social-distancing, then offers three practical financial recommendations: (1) cut nonessential expenses and build cash reserves; (2) try to increase income (sell unneeded items, create online income streams that are location- and pandemic-independent); and (3) consider hedging by investing in physical hard assets or other currencies (mentions gold), citing government stimulus and potential inflation. He closes with a disclaimer that this is not medical/legal/investment advice and invites questions.
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$400 billion per week
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The US is losing $400 billion in GDP each week because of the isolation caused by the coronavirus. Right? The isolation, the social distancing, the staying at home is kind of like the cure or the solution to making sure corona infections go down. But if nobody can leave their house and spend their money, the economy is going to tank. So here's my advice for what to do now about the economy. Hey, my name is Peter Szabel and. And essentially the advice is simple. Number one, cut expenses, right? Anything you can do to save a little bit more, spend less, especially less on luxuries and non essential items. It'd be a good idea to start stacking up money because nobody really knows how long this thing will last, what will happen to the economy. So it's best to be prepared. Number two, try to increase income if you can. Try to maybe sell some stuff you don't need via ebay or whatever from home, that's a pretty good idea. There's a bunch of other ideas like this, especially if you can start like creating an online income stream that can match the income level of your job and that's not dependent on the economy or at least not too much or is good in this economy, right? So you got to look at what's essential, not essential, what things are selling, what's not selling. Number two, it's virus, pandemic and location independent, right? So if you can create an online income stream like that, that would be a wonderful idea, especially during these uncertain times to create a layer of certainty. Number three, you know, you may want to look at investments, right? Maybe into physical hard assets such as gold. As you may know, the US government and the economy has pumped trillions of dollars as a stimulus to the economy, essentially printing more money which will create more inflation and just essentially damage to the US currency. So you may want to consider putting your some of your money into different currency and or physical assets like gold for instance. Again, this is not medical or legal or investment advice. I'm pretty much just sharing what some of my mentors have shared with me or some of the stuff that I've done myself. Alrighty, so those are three tips I recommend. If you have any questions, please drop them below and I'll see you in the next one.
