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By Richard Chew
What We Learned from the Covid Crash
e are well into 2021
and it looks like
things are turning
around. With the approval of 3 vaccines and a few more on the way, it’s confident to say that there is light at the end of
the tunnel. But what have we learned from 12-months of hell that started over a year ago? More
importantly, how can we move forward?
The most obvious take away from
the 2020 pandemic are the number of jobs lost in direct contrast to the record highs in our financial markets. What drove the market in 2020, based on a recent CNN report, are consumers who invested in the financial markets wanting to get a piece of the action. The pandemic put 22 million Americans out of work and forced many more to shelter at home, fueling financial gains in automated tech companies such as Amazon, Zoom, and Netflix.
Conversely, banks, retail stores, airlines and casinos were among the groups most hurt by the lockdown. The stimulus relief from last spring resulted in household savings going up and credit card spending going down by 13%. There is continued optimism about the economy, as the stimulus earlier this year boosted the markets as well.
W
7 Tips on How to Move Forward
in 2021