The coronavirus is rapidly slowing the US economy and disrupting jobs. If you don’t have a rainy-day fund already, it’s time to set aside whatever cash you can.Most people think of an emergency fund as something saved gradually, over time. But the crisis is here now for many people — or soon will be, in the coming weeks — so a different approach is needed.“It’s hard to save a lot of money quickly on a modest income,” said Stephen Brobeck, Senior Fellow with the Consumer Federation of America. And compared with the last downturn, he said, the current economy has many more people in ‘gig’ or freelance workers, who generally aren’t eligible for unemployment benefits and whose fluctuating income makes it hard to save.Close Cash assistance may be coming from the federal government as part of its response to the virus outbreak, but details are uncertain. So making a plan on your own is wise. related news Four steps to follow while investing during a pandemic Hunt for multibaggers: For some investors, race to become crorepati has begun Is your portfolio down 30-40%, thanks to Covid-19? here are 10 mistakes to avoid now “The answer can’t be to do nothing,”… Read full this story
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