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The Economy May Take More Than 6 Months To Recover Due to the Coronavirus Unless…

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If you’re thinking that things will get back to normal soon then you may be in for a surprise. The Coronavirus has had an affect on the world and the global economy is likely to be headed for recovery from a coronavirus-triggered downturn within six months – but only if mass testing is rolled out now and governments guarantee to support demand.

The prediction from Nigel Green, the CEO and founder of deVere Group, one of the world’s largest independent financial advisory and services organizations, comes as global stocks held steady Tuesday, after rallying on tentative indicators the Chinese economy – the world’s second-largest – is stabilising following coronavirus lockdowns being lifted.

However, they retreated Wednesday as the pandemic worsens in the U.S. – the world’s largest economy.

His forecast also follows the release of the UN’s latest trade report Tuesday. It reads: “The world economy will go into recession this year with a predicted loss of global income in trillions of dollars.”

Mr Green says: “The economic fallout of Covid-19 is as severe as it is unpredictable.

“No-one knows for sure the full of extent of the impact of the public health emergency on the world economy – but a significant downturn is, unfortunately, almost inevitable.

“However, the signs from countries where lockdown restrictions are now being eased suggest that the economic downturn could be relatively short-lived if certain factors come into play sooner rather than later.

“Indeed, I believe that the global economy is likely to be headed for recovery from a coronavirus-triggered downturn within six months – but only if mass testing is rolled out now and governments guarantee to support demand.”

He continues: “Most of the world is currently in phase one: lockdown. The unprecedented lockdown measures are, of course, dramatically slowing economies as both supply and demand are hit.

“The next phase, phase two, needs to be mass testing. An aggressive mass testing agenda, the likes of which could soon happen in Germany according to reports, would allow potentially millions of people to leave lockdown early, get back to work, and help kick start economies.”

Mr Green goes on to say: “Once mass testing is implemented, we can expect to see supply increase. But what about the other essential factor: demand? Without it, economies will continue their downward trajectory.

“The coronavirus pandemic has been – and will continue to be for some time – a hammer blow to consumer confidence.

“This is why it is essential that governments around the world continue and increase their unprecedented support measures for these unprecedented times.

“G20 leaders must remain committed to fulfilling their pledge to do “whatever it takes” to minimise the social and economic damage of the coronavirus pandemic.”

Speaking to the media recently, the deVere Group CEO noted: “Investors around the world will now be looking at how China gets back on its feet economically. Did the extreme lockdown work? Were the public health facilities adequate? Will there be another outbreak as activity resumes? How will the authorities now kickstart the economy? How will these decisions, and the success of them, impact the rest of the world?

“I’m confident that global financial markets will stage a relief rally when there is a definitive signal that the infection rate is dropping and that cases have peaked. Investors will come off the sidelines and prices will jump.

“Therefore, the next stage in China’s public health and economic recovery is critical.”

Mr Green concludes: “The coming months will be extremely tough for many individuals, businesses and sectors, but there are also glimmers of hope that economic recovery might arrive relatively soon.

“But, ultimately, this will depend on the next two phases that we face.

“If mass testing is carried out stringently and immediately, we could be looking at recovery signs within six months. If there’s a failure to do this, we could be looking at much longer downturn.

“During these tumultuous times, people are being advised to review and revise their financial planning strategies to ensure they remain on track to reach their long-term financial goals.”

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit www.IamAshCash.com

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Start With Where You Are

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Start With Where You Are

By: Tiara Davis

Hey Cousin,

You aight? The quarantine snacks hittin’ ya pockets heavy? Them recipes on Youtube all fun and games ‘til you hit the checkout line. Since when it cost 55 dollars to make tacos?!

This me, “ Oh naw, take that off, “ and then, “ You can put that back.” And there are other times where I’m like you know what, “Treatcho self Fam.” And so, I spend 60-75 dollars on various cooking items that I’ll probably never use again. 

But I ain’t stressed. Ask me why cousin?

‘Cause I’ve saved for moments like these. Food is being marked up at my local grocery store, my position is no longer certain and I swear I got a text message from Furlough sayin’, “ You up?”

In the past, I put a little money away until I was stable enough to build an emergency savings fund.  Lemme’ show you how.

First, issa a whole lot of literature about the importance of an emergency savings fund. The experts encourage us to save 20% of our income or  3 – 6 months of our expenses. A quick google search will render countless options of “how tos” and “why comes.” 

As a young professional, all of those figures seemed out of reach. So I didn’t use it. 

I started with what I had which amounted to 100 dollars per pay period. In 6 months, I saved $1200; enough to cover my rent ($595), car note ($189), insurance ($134), and phone bill ($56). I highlighted some of my monthly expenses because I want you to remember to track yours. 

In that time, I built the mindset, built the habit, and most important, learned to live without it. 

It was too easy.

So I doubled it.

 

I started saving $200 per pay period. Four hundred a month, for six months, das about $2400 plus my other $1200.  That’s a calm $3600! We out here lookin’ cute fam. She really shapin’ up to look like somebody’s fund!

 

I used the same tactic until I was living off fifty percent of my monthly income. The check I received on the 1st was for me, and the check I received on the 15th was for future me. 

 

I built the emergency savings until I saved my yearly salary. I know, I know, girl whet?! I like a challenge. 

 

But that’s just it. You set the goal. Crush the Goal. Set another one and then set your sights on something greater. Real estate could be cute. What y’all think?

Let’s chat in the comments! What do you plan to start with?

Love Ya Cuz,

Tiara Davis

 

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Power of the Dollar!

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Power of the Dollar!
By Shana-Lee Scott

As we come off the heels of Juneteenth with celebrations from posting on social media, to supporting black owned businesses, parades, some companies even deciding to make it an official holiday, to us celebrating with Alicia Keys and John Legend. This was the year more people decided to learn about Juneteenth and to celebrate it. We can all admit, 2020 has been full of so many emotions and we are only in June. This is such a pivotal time in America where Blacks and some of their allies are all saying enough is enough and this is the year we are demanding change.

How to Leverage Our Economic Power

On July 7th, Blacks and their allies have chosen to blackout this day by not spending any money for a full day in hopes to leverage our economic power to resolve police brutality and racism towards Black people. We are at a point in America where we all may have asked this question, or had conversations with family and friends, what would we have done during the Civil Rights Movement? On July 7th you get to answer that question. We all have our ways in supporting the current climate in America, by protesting, registering people to vote, being vocal on social media, donating to social justice organizations, and/or learning about our own history, but on July 7th we all can stand in solidarity.

The True Power of Black People

According to 2019 Nielson’s Report, African Americans have a $1.3 trillion buying power! African Americans outspend other races, and that is how we will bring attention to our demand of wanting real change by making an economic impact. When African Americans band together we bring results, in March a group of women decided to attack Beatrice Dixon, the creator of Honey Pot for her Black History Month Target ad, when Black women heard about this, we went out, bought and sold out the Honey Pot at Targets across the country. In 2018, Black women pushed Doug Jones, a Senator from Alabama to win as State Senator, and we can go as recently as 2020 when North Carolina came into play in the primary Black people spoke, and Joe Biden won his first primary race. There are endless stories of when Blacks decided to make a point, band together, and the results follow. We have receipts to show for it.

These Are the Demands from Black-America

On July 7th, we have the power to show America we don’t want change, we demand change. We have that same power with our own finances to not spend a single penny. Leading up to that day and afterwards we must decide where and who gets our money. In this movement, we are starting to intentionally spend our money at Black Owned Businesses. Facebook groups are being created, word of mouth is spreading information, and websites are seeing more traffic that provides information on Black Owned Businesses. These businesses are seeing more customers, and doing well. We are pouring our money back into our community and we are doing this one business at a time with our money. That is the power we have with our money.

This is a Movement That Can Last Generations

On July 7th not only can we take back our power as consumers, we can take back our power in our finances. We can start thinking about our household finances. How our call to action affects our children and future generations. This is the time that as a community, we start thinking about our savings, credit, debt, and pouring back into our community. As we have more access to learn about Black Wall Street and Seneca Village, we need to challenge ourselves to do better. You have that same power with your finances to demand a better life for yourself and generations to come. Now, this time may be difficult for you financially because you may have lost your job, but I still want to challenge you to take that hard look at your finances, examine where you can cut back, start saving even if you can only afford $5, take a free credit course to examine how you can improve your credit, make a plan to tackle that debt, and invest in black own businesses. Just start!

The Time is NOW to Live Out Our God-Given Abundance

We have entered a new decade and even though 2020 has been rough for many of us, I believe this is the decade financial freedom will be seen by many people. As we sat in our homes due to Covid-19, many of us began to realize we like our own home cook meals, we realized we are innovative by thinking of ideas to make our household run smoother, and that we are adaptable, we started having mini concerts in our home by way of Instagram. For some of us, the stillness of isolation and social distancing allowed business ideas to clearly take form in our minds that allowed us to clearly articulate the business plan that was laying dormant within us. I believe this season is the season you will look at your finances and start making changes. You will start manifesting the dreams that you desire. You will start setting goals and this decade is the decade you will see every dream you desire come true. This is the decade, we will not only realize our power as a consumer, but we will revitalize our power in our own finance, so that we can live and walk in our abundant life.

We are only starting on July 7th, there will be more days. The Montgomery’s Bus Boycott lasted 381 days, so get ready to buckle down and stand in solidarity. Here are some resources on July 7th and that can also direct you to Black Owned Businesses in your area:

  • How-we-Fight.com
  • Black Dollar Black
  • Black Wall Street App
  • Webuyblack.com
  • Eatblackowned.com

*This blog in no way endorsed any political party.

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Personal Finances

Charlamagne tha God says Joe Biden May Spark Voter Depression and He’s Right!

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The Breakfast Club radio host Charlamagne tha God on Sunday warned that Democrats could face a “voter depression” on Election Day because people still aren’t enthused by presumptive Democratic nominee Joe Biden.

Biden came under heavy fire on Friday after he defended his record during a conference call interview with Charlamagne, at one point telling the black radio host that if he has a problem “figuring out whether you’re for me or Trump, then you ain’t black.” The former vice president later apologized for the remark, saying that “no one should have to vote for any party based on their race or religion or background.”

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Joe Biden is taking on President Trump over the economy.

The former vice president’s campaign believes he has an opening with voters on an issue that has been a strength of Trump’s given the economic harm caused by the coronavirus pandemic, which has locked down businesses and led to skyrocketing unemployment.

They plan to argue that Trump handled the pandemic poorly, is mishandling the economy, and that their candidate is the better leader to shepherd the country to recovery.

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