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The impact of the pandemic on personal finance is a tale of two cities

“We have seen one of the largest investments in investments throughout 2021,” Schonwater said. “We saw $43 million of assets going into ETFs and about $44 billion going into mutual funds. So, people are totally saving.”

He suggested that the group should look at selective, cautious investments to achieve more muted returns in 2022. They should especially look at high quality businesses with good management, clean balance sheets and goods and services that people need in daily life but have pricing power. , so companies can raise prices to cover inflationary costs of labor, manufacturing and supply chain. But, she notes that this group may soon return to travel and entertainment as well, so accumulate savings this year.

loan assistance for businesses

Based on their income and industry, business owners were more negatively affected by the lockdown. If they run a hospitality or fitness business – such as a yoga studio or gym – their cash flow has been hit hard by the pandemic, especially if they have continued to pay rent, equipment leasing contracts, or employees.

“If you’re running a business and you have a great income, and you’ve been doing this for years, and all of a sudden it comes to a grinding halt, you have zero income coming in. Still, you have All expenses are still going on,” Schonwater said.

While many in this group have drawn on lines of credit, loans and even personal loans to keep things afloat, they said they need to see the total picture in order to optimize their wealth. .

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