As relief bills continue to roll out from the government to help individuals and small businesses, you might be wondering where all the money is coming from. Joel explains how trillions are borrowed, whether we should be worried about the debt and how it could impact your investment decisions.
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What You’ll Learn:
The government has introduced a number of aid and relief measures to keep individuals and businesses afloat during these difficult economic times. The stimulus packages have totaled trillions of dollars and this massive influx of cash has many people wondering about how funding works.
On this episode of the Money Wisdom podcast, Joel Johnson will explain how the country borrows the money and the process in which all of this gets paid back over time. The national debt, which was over $24 trillion when this podcast was recorded, worries a lot of people for obvious reasons but what about Joel? He’ll tell us what he thinks on the show.
This stimulus money will impact you directly now and also in the future. As the economy continues to struggle through the coronavirus health crisis, there’s uncertainty about where we’re headed the rest of this year and the next few years after that. Have you thought about what adjustments you need to make to your financial plan as a result to all of these different measures being taken?
The strategies are going to be different depending on your age and where you are in relation to retirement. It’s important to have conversations with your financial advisor to determine what options you have and what decisions you should make. Don’t let the worry and fear distract you from this opportunity to assess your portfolio and become stronger over the long run.
As you’ll find out on the show, many of our country’s top companies were founded during difficult economic times, and we’ll likely see the same thing 20 years from now when we look back on this time in our nation’s history. Take the proper measures to make sure you are doing everything you can to come out of this positively.
[0:20] – Joel has made some moves at the home office.
[1:32] – Fun Fact about some of our country’s top companies.
[2:38] – What we want to talk about today.
[3:03] – Where does the money come from for these stimulus packages?
[5:21] – How much is this national debt a problem?
[7:06] – How does this effect us from a financial decision-making standpoint?
[8:06] – If you’re in retirement, it’s a different plan.
[9:18] – If you want to get your plan in place, here’s the process.
Thanks for listening to this episode. We’ll be back again next week for another show.
“The money doesn’t just come from nowhere. It gets borrowed, period. And hopefully the economy will grow enough in the future to pay it back without causing us to have a strain from the standpoint of having a future recession.”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- Reviewing Every Action the Government Has Taken to Provide Financial Relief
- What You Need to Know About the CARES Act
- Coronavirus Impact on Financial Markets & Planning
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