Gender Dynamics: Pre- and Post-Pandemic

In past recessions, industries like manufacturing and construction were often the hardest hit. For example, some economists referred to the Great Recession as a “man-cession” because at the outset, more men lost jobs than women. In some households, wives were able to find employment more often than men. The recovery, however, favored men, who regained 5.5 million jobs compared to … Read More

How to Deal With Financial Stress

A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.1  39% were worried about job security 48% worried about paying bills 28% didn’t know if they could pay their utilities 41% were worried about not having enough emergency savings  23% were worried about having enough saved for … Read More

Where the Banking Industry Stands Today

The Great Recession of 2008 was largely compounded by weaknesses in the U.S. banking system, making it vulnerable to economic and market declines. In an effort to shore up the system, Congress passed the Dodd-Frank Act of 2010, which levied sweeping reforms on the financial sector.1 As a result, the banking system is far stronger than it was a dozen … Read More

Beware of Coronavirus Scams

After a press conference in which President Trump mentioned scientists were testing the potential of using disinfectants as a coronavirus cure, poison control centers across the country reported a spike in calls. In Maryland alone, the Emergency Management Agency fielded more than 100 calls asking about the president’s suggestion. In less than 24 hours of the briefing, the poison control … Read More

The Perks and Pitfalls of Self-Employment

Sole proprietors in the U.S. caught a huge break in April. The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1 According to a 2017 survey, 36% of U.S. workers are part of the gig economy.2 With so many sole proprietors contributing to … Read More

Why Sequence of Returns is Important

The research firm Spectrem Group estimated that at the end of 2019 there were 11 million millionaires in the U.S. By the end of the first quarter in 2020, that number had dropped by at least half a million. Clearly, the recent stock market woes have taken a toll on everyone, not just the working class.1 As we learned after … Read More

How Businesses Can Stay Afloat

Pandemic or not, America’s businesses clearly need a plan to survive an economic downturn. If the owner of a small business has not delegated authority, a health issue affecting the owner could derail that business. The closing of a town’s major employer can drive customers of small businesses out of town to work elsewhere. Damage lawsuits stemming from the danger-based … Read More

Ways the Pandemic May Change the Future of Employment

Ways the Pandemic May Change the Future of Employment About 8.5% of U.S. households are headed by a self-employed person. While self-employed households tend to earn higher income than salaried households, research shows they also tend to take the biggest hit during an economic downturn.1 The emergence of independent contractors and the gig economy helped make self-employment a more viable … Read More

What Does National Stimulus Relief Mean for You?

What Does National Stimulus Relief Mean for You? On March 27, 2020, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2 trillion stimulus package designed to provide economic relief to Americans affected by the coronavirus pandemic, which by now includes every single person in the country, not to mention around the … Read More

Insuring Income In Coronavirus Outbreak

Insuring Income In Coronavirus Outbreak As the COVID-19 strain of the coronavirus flows through our nation’s population, many Americans may find themselves working shorter shifts, working from home, on paid or unpaid medical leave, furloughed or even laid off. While additional remedies from federal, state and local governments may be forthcoming to help households sustain financial stability, there are programs … Read More