- The coronavirus pandemic is damaging the U.S. economy, causing businesses to close, lay off workers and reduce their hours. There are several potential avenues for Americans to access emergency money in a pinch. ###
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- Look for ways to boost your cash on hand, so you can get through this period without running up debt or tapping into your retirement savings. Stick to your long-term investment mix to have enough growth potential to achieve your goals. Good credit can help you qualify for lower interest rates to help finance things like cars, homes, and other necessities. Know your credit score.
- Make the most of your employer benefits, including health insurance coverage and career coaching options. You may be eligible for unemployment benefits, depending on your personal situation and how your state implements the CARES Act. As you transition to a new role, try to stay positive by focusing on family, friends, and the future.
- 1. Source: ISI, Bloomberg, National Bureau of Economic Research, Haver Analytics, FMRCo (Asset Allocation Research Team) as of February 26, 2020. Data based on S&P 500 Index price returns. Duration ends with a complete retracement of losses. Recessions are defined by the National Bureau of Economic Research. For more information, see the Viewpoints article: Bear market basics.
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