Monday Night Finance- Volume 21

Published

Millennials, Money, And COVID-19: How The Pandemic Is Shaking Up American Lives

COVID-19 has greatly affected everyone’s lives. It has introduced words like “social distancing” and “Zooming” into our daily lexicon. At the same time, it’s completely upended our entire economy. Restaurants are closed, and internet connections have become much more important than automobiles. Unemployment has risen to levels not seen since the Great Depression. It’s not surprising that the coronavirus has affected individuals’ finances. In this article, Rebecca from MoneyUnder30.com presents the results of a survey that examines how the coronavirus has affected the finances of Millennials.

After the success of Money Under 30’s earlier survey into Millennials’ financial attitudes, we wanted to find out how young people are faring in the biggest global disruption since their lives have begun. ~Rebecca at Money Under 30

Millennials are more than just avocado toast consuming bums living in their parents basements. The oldest Millennials are now 40 and many are quite established in careers. Surprisingly, over 2/3rds of the respondents said that the pandemic has had a positive impact on their finances. The Millennials who can work at home are saving money on transportation and eating at restaurants. And despite the fluctuations in the stock market, many Millenials think it is a good time to invest, with 70% of those under 30 thinking it is an excellent time to invest. The article has numerous stories with Millenials whose lives have been impacted by COVID-19.

17 Smart Money Tips for Uncertain Times

If your job has been impacted by the pandemic, you are probably looking for ways to cut spending. Likewise, even if your job is currently secure, you might be concerned about future loss of income and are trying to increase your emergency fund. As the survey in the previous article showed, lots of people are completely changing their spending and saving habits. If you are reevaluating your spending habits and want some new suggestions on what to do, check out this article from Jo Anna of MoreMoneyTips.com.

Americans, like people all over the world, are living in uncertain times. Not only is our health at stake, the stock market and housing market are both also under threat. ~Jo from More Money Tips

Jo Anna presents 17 different money tips to help you cut spending and increase savings. Several of her money tips focus on creating a budget and tracking spending. CountAbout is the perfect tool to help you accomplish both of these tasks. In addition to creating a budget many tips involve living a healthier lifestyle. For example, not only would quitting smoking (or drinking, or vaping) reduce your expenses on that vice, but also cut your future healthcare expenses. Another great double-win involves reducing or eliminating your meat consumption, since meat is expensive and also is not great for either the planet or your health. The article includes a lot of other great tips and links to other resources to help you implement them.

What Should My First Side Hustle Be

Lots of personal finance resources recommend starting a side-hustle. A side hustle is a second income stream that is independent of your main, 9-5 job. While technically a second job could be a side hustle, it typically refers to some type of self employment. A side hustle is important because if you lose your main job, you still have some income coming in. Additionally, if you are successful in your side hustle, you could grow your side hustle into a full time employment. If you have read about side hustles but aren’t sure where to start, this article is for you.

The most important first step is determining what side hustles you can jump into. Here’s the easiest way to think about it – if you can make money doing it, it’s a side hustle. ~Matt from Wealth in Any Economy

In this article, Matt, from WealthInAnyEconomy shares his advice on how to find and develop your first side-hustle. Matt focuses on three main questions to help you find your idea side hustle: What are you good at? How much time do you have? and “How can you profit from it?”. A proper side hustle should meet all three of this criteria. While you might be great at playing air guitar and have plenty of time to hone your craft, you may have problems making money from it. On the other hand, people are always looking for freelance writers, so if you have good writing skills, you may be able to easily start a writing side-hustle.