6 MILLION Americans Lost Their Jobs LAST WEEK

Reports say that 6.6

million

Americans just

lost

their

jobs

. What's happening? Everyone, just saying, and welcome to the minority mentality. Last

week

we broke records when we found out that three

million

Americans

lost

their

jobs

in just one

week

. This week we shattered that record because we just discovered that more than six and a half million Americans lost their jobs in just one week. Now, not all of these six point six million layoffs are permanent, a good portion of them are just temporary layoffs because businesses have to close until this pandemic is over, but some of them are permanent, I mean, the bowling ends to offer its one hundred and sixty thousand employees a buyout option, which usually means more permanent layoffs are on the way.

The question now is what this means for our economy. What it means for you and how it protects your money, which is what I'm going to talk about today, so make sure you watch this video to the end because I'm going to go over the things you need to do to protect your money right now. but before we get into that, hit the thumbs up button below because if you don't, YouTube doesn't share our video with anyone else. Subscribe to the minority, a YouTube channel that way you won't miss out on new financial education videos every single week and hit that little notification bell, because if you don't, YouTube won't alert you when new videos are posted over the

last

month.

Our lives were completely turned upside down. Less than a month ago I was in Punjab, which is a state in India where I visited my family and grandparents and spent a good time with them. Immediately after I went to Miami for a short vacation and then the next week I came home and started going to the office and that's when I had a team meeting and I told everyone that they should start working from home because this pandemic she's going crazy. Between March 1st and April 1st life went from normal to crazy. I mean, a lot of my friends lost their jobs.

I know people who contracted the virus and I. I'm getting groceries delivered to my house now because I haven't left my house and I don't know how many days the first time I've had groceries delivered is if you're using these delivery services right now. your driver well we are living history and I hope you are taking care of your health and that of your family and now we have to add a whole new layer to this madness your finances the stock market hit recession territory in record time companies are is completely shut down and people are losing their jobs faster than we've seen in history, it's not a good combination to see your retirement portfolio cut in half and then get a call from your boss saying "sorry, don't have". the money to pay you right now so you were laid off less than a month ago our country the economy and businesses essentially stopped overnight people stopped spending money businesses closed and people lost their jobs so this drastic slowdown It meant that companies stopped making money and so they needed to let people go down this path so they could stay in business and not have to declare bankruptcy.

That is why the government has created so many stimulus programs and programs and printed trillions of dollars to try to contain this financial crisis. The government passed two trillion-dollar stimulus packages of which a small portion will send checks to all Americans, the rest will bail out businesses and help corporations. The government approved a forgivable small business loan program that will allow some small businesses to borrow the money they earned. I don't have to pay and the federal government is paying unemployed people six hundred dollars a week to be unemployed and this is in addition to their state benefits.

I wonder if printing money is considered an essential business. Hmm, the problem is that we can print. and inject all the money we want into the economy. I mean, the Fed government has already said they would 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 start, 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 your economy finished? It is not so simple. The United States is not the only country that synchronizes financial problems. I mean, the whole world is going through a recession right now and we expect that most of these millions of people who are unemployed are only temporarily unemployed. but we still don't know the exact number, on one hand there are the restaurants, stores and small businesses that we are thriving but are now closed due to this pandemic and now don't have the money to pay their employees. So these employees are temporarily laid off and then there are the companies that we are surviving but not thriving and this pandemic just pushed them over the edge and now they are forced to close permanently and all the employees that work for them are permanently laid off.

We don't yet have a metric to know how many are permanent and how many are temporary, but what we do know is that the longer it takes us to get out of this mess, the more companies will be pushed to the limit and forced to close permanently, which is why the government and the Federal Reserve committed to printing an unlimited amount of money trying to contain this financial problem, but printing all this money has a cost and I've already talked about it in some of my other videos, so I'm not going to go over that again in this video.

What this means for you is that 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 still get paid be very smart with the money you earn, We don't know how long this economic slowdown will

last

, I mean, it could last three months or it could last three years, so I hope you've already been saving money for emergencies and 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 is it not 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 I can't exactly finance my Gucci belts anymore?

If you lost your job, best of all because this could be a blessing in disguise Walt Disney created Disney when he was fired from his job Mike Bloomberg was fired from a bank and then used a severance check to start his company Bloomberg and Oprah didn't have the opportunity to be who she is today until she was fired from a new station when things hit rock bottom, the only way you can go is up, but you have to be the one to take action and make this the best it can be, like I said before. States and the federal government have many assistance programs to help people who have just lost their jobs, such as many states that pay hundreds of dollars a week to people who have just become unemployed.

The federal government is sending $1,200 checks to people who qualify and the federal government is paying up to an extra $600 a week to people who just lost their jobs, this is in addition to the other 1,200 checks I just talked about and the benefits of your state. I know that printing all of this costs money, but there is nothing you or I can do to stop it, so if you are in a difficult situation, take advantage of the resources you have around you, complaining about it won't help you, then know smart with money and make the most of this. third crisis when you spend money you get the highest value audio purchases I use a credit card to make all my purchases but not all credit cards are created equal as my first credit card was shit.

I simply went to my bank and asked for a loan. card and it had no benefits, very limited rewards and that's when I started learning more about credit cards. I now have separate business credit cards, travel credit cards, and cash back credit cards. That's where every time I spend I get paid some cash back. sitting at home so this is a good time to do an audit of your credit cards because otherwise you will never have time to do this so make sure you get the most rewards or cash back from credit cards that you have.

Make sure you don't overpay for your credit cards by paying an annual fee for something you're not actually using and three, make sure you don't use a credit card that doesn't give you any benefits, like it doesn't. I don't think you'll be traveling for long, there's no point in only having one travel credit card right now, so make sure you have the best credit card that pays you or gives me the most rewards and cashback. in cash, plus something credit cards pay you huge cash sign up bonuses just for using your card, obviously this should go without saying, but you should only use a credit card if you can control your spending.

Your credit card is not a magic machine that just prints free money only the government and the Federal Reserve can do that, that means treating your credit card like a debit card and all use of the credit card to make purchases that I normally would do. I won't do a full credit card analysis in this video when I go over it. the pros and cons of different credit cards, but our team already did it 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 here or by clicking the link in the In the description below, the article explains how much cash back you can get with your rewards and perks, how much cash you can get as a sign-on bonus, and has information to help you determine what the best credit card for you so again if we all learned more and do an audit of your credit cards.

We have an article on our website that will show you which is the best cash with my credit card for you and you can read it in the description below. Fourth, don't panic. You won't panic. It will keep you from getting sick and it won't protect your wallet either, we all know what is happening in the world is crazy and scary, if you are taking precautions and know what is happening you don't need to keep a death count. count in the world watching the news every hour you already know what is happening so turn off the news and it will give you anxiety and lead to a mental breakdown.

This also applies to your money. I know many of you are investors. and you may have a lot of money in your 401k or your retirement fund or mutual fund and you're getting hit hard, but whatever you do, don't panic, sell, there's a good chance we'll see the market stock prices go down before things get worse. better, but whatever you do, please don't be one of those people who get scared and panic, sell and suddenly, overnight, lose half of their life's retirement savings, remember that even if your portfolio is in the red, you don't actually lose. money unless you sell I know it's hard to look at your portfolio when you're bleeding money, but if you're investing for the long term, remember that the long term and the funds and companies you invest in are not on the brink of bankruptcy, so close your eyes if anything, the only thing you should be doing right now is investing aggressively.

During recessions more millionaires become than at any other time as horrible as this crisis. Every time something like this happens, you have three options, you can sit there and watch it happen, you can complain. about it or you can do something about it now let me reinforce that the most important thing right now is your health, if you are not healthy nothing else matters so first take care of your health and that of your family, after that it is your wallet and everyone crisis comes with opportunity, this is no different, don't let this recession go to waste before you move on, let me remind you I'm just a random guy on YouTube, you should always do your own due diligence and investing has risks.

This means you are never guaranteed to make money when you invest, you might even lose money, so do all your own research and never blindly listen to some random guy on YouTube if you are looking for a risk-free way to build your wealth during this recession. use this time as an opportunity to pay off your federal student loans, if you have them, the government has come out and said that they are not charging interest on any federal student loans and that you do not have to make any payments on your student loans. until September 30,That means every dollar you pay on your student loans between now and the end of September will go directly toward your student loan principal without paying a dime or interest, so this is a chance for you to take a big bite out of your student loan. .

Loans without paying interest, the other option is to increase your wealth by investing. The stock market is a place for normal people like you and me to buy shares or properties of big companies and right now the stock market is on sale if you have more. cash, now is the time to make some long-term investments in solid companies and funds that are not on the brink of bankruptcy. The key here is that you have to invest for the long term. We have no idea how long this crisis will last. Lastly, but history has shown us that in the long term the economy, the stock market and strong companies go up now, no one can time the market.

I mean, no one knows when exactly we'll hit rock bottom and you don't want to get there either. Stuck trying to catch a falling knife, that's why I like to buy gradually in phases through something I call drip buying and have a list of companies or funds that I want to invest in and as each of these companies or Funds drop another five. ten percent and I buy more and as they go lower, I buy again more aggressively. You should always do your own research, but the key to being a smart investor, especially in crazy times like this, is that you need to stay on top of what's going on in finance and business. world, this way you can make smart money decisions and if you are looking for an easy way to do it, we have the free minority mindset newsletter, where our team first presents the top financial 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 given or by clicking the link in the description below thanks for watching if you enjoyed this video share it with a friend That way you can help spread the word if you want to learn more about finding a good, solid company to invest in.

I already made a video about it and you can watch it on YouTube by clicking this button here, thank you. to look and as always continue to strive