6 MILLION Americans Lost Their Jobs LAST WEEK
the reports are in 6.6
jobswhat's up everybody I am just but it's saying and welcome to the minority mindset
weekwe broke records when we found out that three
jobsin just one
weekwe shattered that record because we just found out that over six and a half
weekalone now not all of these six point six
millionlayoffs are permanent a good chunk of them are just temporary layoffs because businesses have to shut down until this pandemic is over but some of them are permanent I mean bowling just offered all a hundred and sixty one thousand of
theiremployees a buyout option which usually means more permanent layoffs are coming the question now is what does this mean for our economy what does this mean for you and how do you protect your money which is what I'm gonna be talking about today so make sure you watch this video until the end because I'm gonna be going over things you need to do to protect your money right now but before we get into that hit that thumbs up button below because if you don't then YouTube doesn't share our video with anybody else subscribe to the minority - a YouTube channel that way you don't miss a new financial education videos every single
weekand hit that little notification bell - because if you don't then YouTube doesn't let you know when a new videos are released over the
lastmonth our lives...
have completely flipped upside down less than one month ago I was in Punjab which is a state in India visiting my family and my grandparents spending some quality time with them right after that I went to Miami for a short vacation then the next
weekI came home I started going to the office and that's when I held a team meeting and I told everybody that you need to start working from home because this pandemic is getting crazy between March 1st and April 1st life went from normal to crazy I mean a lot of my friends have
jobsI know people who have gotten the virus and I'm getting groceries delivered to my house now because I haven't left my house and I don't know how many days this is the first time I've ever got groceries delivered to me if you are using these delivery services right now tip your driver well we are living through history and I hope you're taking care of your health and your family's health and now we have to add in a whole new layer to this craziness your finances the stock market hit recession territory in record time businesses are completely shut down and people are losing
jobsfaster than we've ever seen happen in history it's not a good combination to see
theirretirement portfolio get cut in half and then you get a call from your boss saying hey sorry I don't have the money to pay you right now so you're fired less than a month ago our country the economy and businesses essentially stopped...
overnight people stopped spending money businesses shut down and people
jobslike that this drastic slowdown meant business has stopped making money and so they needed to let people go this way they could stay in business and not have to go into bankruptcy that's why the government has created so many programs and stimulus programs and printed trillions of dollars to try to contain this financial crisis the government passed a two trillion dollar stimulus package out of which a small piece is gonna be sending checks to all
Americansthe rest is gonna be bailing out businesses and helping corporations the government passed a forgivable loan program for small businesses which will let some small businesses borrow money that they won't have to pay back and the federal government is paying people who are unemployed six hundred dollars a
weekto be unemployed and this is in addition to your state's benefits I wonder if printing money is considered an essential business hmm the problem is we can print and pump as much money as we want into the economy I mean the government of the Fed have already said that they'd be willing to do an unlimited amount of quantitative easing but until we can fix the root of the problem which is this virus nothing is going to work I mean the economy can't get started people can't work and nothing will work and because of our slow response to this pandemic the United States now has more cases than any other country in...
the world so what does this mean is
theireconomy done for it's not so simple America isn't the only country sync financial problems I mean the whole world is going through a recession right now and we're expecting that most of these
millions of people that are unemployed are just temporarily unemployed but we don't know the exact number yet on one hand you have the restaurants the stores and the small businesses that we're thriving but are now shut down because of this pandemic and now they don't have the money to pay
theiremployees and so these employees are temporarily laid off and then you have the businesses that we're surviving but not thriving and this pandemic just pushed them over the edge and now they are forced to close permanently and all
theiremployees that work for them are permanently laid off we don't have a metric to know how many are permanent and how many are temporary yet but what we do know is that the longer it takes for us to get out of this mess the more businesses are gonna be pushed over the edge and be forced to shut down for good that's why the government and the Fed committed to printing an unlimited amount of money trying to contain this financial problem but there's a cost to printing all this money and I've already talked about it in some of my other videos so I'm not gonna go over that again in this video what this means for you is you need to be smarter than ever with your money right now and...
there are five things I need you to start doing right now first if you still have a job and you're still getting paid be very smart with the money you make we don't know how long this economic slowdown is gonna
lastI mean it can
lastthree months or it can
lastthree years so I hope that you've already been saving money for emergencies and did you've already been investing your money but regardless it's time to double down on big financially smart that means stop buying things you can't afford the simplest thing you can do - no - you can afford something or not is by following a rule of five if you can't buy five of them you can't afford one of them Hana Hana Hana are you telling me that I cannot finance my Gucci belts anymore exactly - if he did lose your job make the best of it because this could be a blessing in disguise Walt Disney created Disney when he got fired from his job Mike Bloomberg got fired from a bank and then he used a severance check to start his company Bloomberg and Oprah didn't have the chance to be who she is today until she got fired from a new station when things hit rock-bottom the only way you can go is up but you need to be the one to take action and make this the best it can be like I said before states and the federal government both have a lot of assistance programs out there to help people who just
jobslike a lot of states are paying hundreds of dollars a
weekto people who were just unemployed...
the federal government is sending out 1,200 dollar checks to people who qualify and the federal government is paying up to an additional $600 a
weekto people who just
jobsthis is in addition to the 1200 other checks that I just talked about and your state's benefits I know there's a cost to printing all this money but there's nothing that you or I can do to stop it so if you're in a tough situation take advantage of the resources that you have around you complaining about it isn't gonna help then be money smart and make the best of this crisis third when you do spend money get the most value audio purchases I use a credit card to make all of my purchases but not all credit cards are made the same like my first credit card sucked I just walked into my bank and asked for a credit card and it came with no perks very limited rewards and that's when I started learning more about credit cards now I have separate business credit cards travel credit cards and cash back credit cards there's where anytime I spend I get paid with some cash back you're sitting at home so this is a great time to do an audit of your credit cards because otherwise you never have time to do this so make sure one that you're getting the most rewards or cash back from the credit cards that you do have to make sure you're not overpaying for your credit cards by paying an annual fee for something that you're not really using and three make sure you're...
not using a credit card that isn't giving you any benefits like if you don't think you're gonna be traveling for a long time there's no point for you to only have a travel credit card right now so make sure you have the best credit card that's gonna pay you or give me the most rewards and cash back plus some credit cards pay you huge cash signup bonuses just for using
theircard obviously this should go without saying but you should only use a credit card if you can control your spending your credit card isn't a magic machine that just prints out free money only the government and the Fed can do that that means treat your credit card like a debit card and all the use of credit card to make purchases that you would normally make I'm not gonna do a full credit card analysis in this video when I break down the pros and cons of different credit cards but our team already did that on our website so if you want to see my favorite cash back credit cards you can read the article on our blog by clicking the link up here or by clicking the link in the description below the article goes over how much cash back you can earn your rewards and perks how much cash you can get as a sign-on bonus and it has some information to help you figure out what's the best credit card for you so again if you all learned more and do an audit on your credit cards we have an article on our website that will show you what's the best cash my credit card for you and you can...
read it in the description below fourth don't panic panic it won't prevent you from getting sick and it won't protect your wallet either we all know what's happening in the world is crazy and it's scary if you are taking your precautions and you know what's happening you don't need to keep a tally of the death count in the world by watching the news every hour you already know what's going on so turn off the news and it's just gonna give you anxiety and it's gonna push you into a mental breakdown this applies to your money too I know many of you are investors and you might have a lot of money in your 401k or your retirement fund or investment fund and it's getting hit hard but whatever you do don't panic sell there's a good chance that we'll see the stock market come down lower before things get better but whatever you do please don't be one of those people that get scared and they panic sell and then all of a sudden overnight they lose half of
theirlives retirement savings remember even if your portfolio's in the red you don't actually lose money unless you sell I know it's hard to look at your portfolio when it's bleeding money but if you're investing for the long term remember the long term and the funds and companies are invested in are not under verge of bankruptcy then close your eyes if anything the only thing you should be doing right now is v investing aggressively more
made during recessions than any other time as crappy as this crisis is whenever something like this happens you have three choices you can sit there and watch it happen you can complain about it or you can do something about it now let me just reinforce is the most important thing right now is your health if you are not healthy nothing else matters so take care of your health and your family's health first after that it's your wallet and every crisis comes with opportunity this is no different don't let this recession go to waste before I go any further here let me just remind you I'm just a random guy on YouTube you should always do your own due diligence and investing has risks I mean you're never guaranteed to make money when you invest you might even lose money so all with your own research and never blindly listen to a random guy on YouTube if you're looking for a risk-free way to build your wealth during this recession use this time as an opportunity to pay down your federal student loans if you have any the government has come out and said that they're not charging interest any federal student loans and he don't have to make a payment on your student loans until September 30th that means every dollar you pay on your student loans between now and the end of September goes directly directly to your student loan principal without paying a penny and interest so this is an opportunity for you to take a huge bite out of your student loans...
without paying any interest the other option is to grow your wealth by investing the stock market is a place for regular people like you and me can go buy shares or ownership of big companies and right now the stock market is on sale if you have extra cash this is the time to make some long-term investments into strong companies and funds that are not on the verge of bankruptcy the key here is you need to be investing for the long term we have no idea as to how long this crisis is gonna
lastbut history has shown us that over the long run the economy the stock market and strong companies do go up now nobody can time the market I mean nobody knows when we're gonna hit the exact bottom and you also don't want to get stuck trying to catch a falling knife that's why I like to buy gradually in phases through something that I call drip buying and have a list of companies or funds that I want to invest in and as each one of these companies or funds come down another five to ten percent and buy more and as they come down more I buy more aggressively again you should always do your own research but the key to being a smart investor especially during crazy times like this is you need to stay on top of what's happening in the finance and business world this way you can make smart money decisions and if you're looking for an easy way to do that we have the free minority mindset newsletter where our team first breaks on the top finance and business news and then we...
show you how this news affects your wallet this way you can be smart with your money this newsletter is completely free and you can subscribe to our newsletter by clicking the link appear or by clicking the link in the description below thank you for watching if you enjoyed this video share with one friend that way you can help spread the word if you do want to learn more about how you can find a good and strong company to invest in already made a video on it and you can watch it on YouTube by clicking this button right over here thank you for watching and as always keep hustling