Personal Finance

JPMorgan Says Pandemic Will End in 2022 and Full Economic Recovery Will Follow

At this point, the COVID-19 pandemic is approaching its two-year anniversary. But unlike happy milestones, this is one that’s far from celebratory. In fact, at this point, a lot of people are worried the pandemic will continue to drag on for years, causing various waves of infection and making it impossible to return to a normal way of living.

If you’re getting down over the fact that the pandemic has lasted this long, here’s some potentially good news. Investment banking giant JPMorgan predicts that the pandemic will come to an end in 2022, and we’ll enjoy a complete economic recovery at that point.

Now it’s worth noting the good people at JPMorgan may be quite financially savvy, but they’re not exactly public health experts. They’re not necessarily in a strong position to predict how the outbreak will evolve.

However, on the financial side of things, they do know their stuff. And so, if JPMorgan is calling for a complete economic recovery in 2022, that carries a bit more weight.

But regardless of whether the U.S. economy recovers from the pandemic in full in 2022, you may have your own personal recovery to contend with. Here are a few things you can do to fuel that recovery and move past the blow of the pandemic.

1. Build a solid emergency fund

Many people learned the hard way that having emergency savings is crucial over the past 22 months. A good way to move past the pandemic is to buy yourself some financial security in the form of an emergency fund — one with enough money to cover three to six months of living expenses. That money should stay tucked away in a savings account, where it can’t lose value like an investment portfolio might.

2. Make a debt payoff plan

If you lost your job or saw your income decline in the course of the pandemic, then you may have had no choice but to rack up some costly debt along the way. If that’s the case, now’s a good time to map out a payoff plan.

That could mean consolidating your debt via a balance transfer or personal loan. Or, if you own a home and your credit score is strong enough, it could mean doing a cash-out refinance on your mortgage and using the extra money you get out of the deal to eliminate your debt.

3. Boost your income with a side job

For much of the pandemic, the labor market has been sluggish. That changed earlier this year, and now, there are plenty of available jobs to be had.

If your main job isn’t providing a robust enough paycheck to move forward from the pandemic, a second job might do the trick. And there are plenty of side hustles you can choose from, depending on your skills and schedule.

Looking toward the future

The pandemic dealt a miserable blow to a lot of people, and at this point, many are struggling with COVID fatigue. Americans are tired of wearing masks, fearing shutdowns, and having to deal with the stress of exposure and infecting loved ones.

For the sake of society, let’s hope that JPMorgan’s prediction comes true in 2022 and that next year, we can finally put the events of the past two years behind us for good. At the same time, be sure to map out your personal recovery plan so you might have an easier time moving forward.


Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button