|Helping to stop the Coronavirus spread means hurting our economy. Our economy is starting to hurt and people are starting to feel it.|
Because of this we’ve decided we’d like to offer free financial planning to anyone that’s been negatively impacted by this crisis. If you know anyone that’s worried about their retirement, investments, ability to pay their bills, or any other stressor please feel free to refer them to us. We’d like to do what we can to help folks during this time.
Many of you have contacted us to see how we are doing during this downturn. I can’t tell you how much we appreciate your concern! Our fiduciary nature and model is set up so that when you do better, so do we. Well, when values drop then so do our total billings. We are however, positioned well to weather this storm, and are going to be able to operate without any reduction in staff or hours for the foreseeable future. We are limiting contact with people right now though, so we will be suspending any in-person meetings and urge you to do your part to self-quarantine as well.
U.S. Treasury Secretary Mnuchin spoke of a proposal for over 1 trillion dollars of fiscal stimulus that includes relief for individuals and small businesses. We will see what this ends up looking like as the days go on and though we feel that it’s an alarming precedent, some industries are especially starting to feel the hurt and without intervention, a default cycle is sure to begin.
We are starting to see the beginnings of the economic impact this pandemic is going to have on our country. When the options are 1. Going about business as usual and suffering potentially catastrophic loss of life to lessen economic impact” or 2. Clamping down all non-essential activity in order to save as many lives as possible just-in-case this is really bad, then we can start to understand the sweeping recommendations and possible government invasion of personal freedoms that are happening right now. All sorts of businesses are closing or being forced to reduce staff to save money since they aren’t allowed to continue operating. If you know anyone that owns or works for a restaurant, bar, or hotel then you know layoffs have already begun and the future looks bleak.
We remain optimistic through it all. Jason Demland wrote a series of new blog posts at www.financialdefiance.com that give some helpful facts to help battle uncertainty and other information similar to what we’ve been publishing in our emails. It’s important to focus on what you can control in these times and not be driven to an action just because you feel the need to act. We stand by ready to talk with you one on one at any moment to help walk you through this time.
Construction on our new office is going strong right now. We have a new design for the front of the building that we’d like to share: