The year 2020 is a year that most of us will never forget. The Pandemic (Covid-19) changed everything. We could no longer visit our family or friends. Many people lost their jobs. Putting food on the table became difficult and challenging for many. The Trump administration did very little to help during these very difficult times. As we look ahead to 2021 things should be a bit brighter under the Biden administration. However, there is only so much any President can do. Therefore, one should not become complacent and believe the new administration will solve the problems many of us are dealing with.
A study conducted by the Economic Policy Institute validates the fact that President-Elect Biden cannot solve our problems. The study states that President-Elect Biden will inherit an economy where 7.1 million people are employed but experiencing a cut in pay and hours, 10.7 million people are officially unemployed, 3.3 million people are unemployed but misclassified and 5 million people have dropped out of the labor force. The study also reported that for every 10 people who applied for unemployment benefits three were rejected. Additionally, there are still people that never received a stimulus check. The aforementioned statistics are yet again reasons why we shouldn’t fully depend on the government for help.
In regards to the economy, I’m sure that President-Elect Biden will do what he can to help. Realistically there is only so much that he can do. It is our responsibility to provide for ourselves. As we look to the year 2021 let’s prepare ourselves to not be solely dependent on others. As stated in previous posts the way to overcome personal challenges is by working, planning, investing, saving, homeownership, and business ownership. Take your pick based on your situation. It is a fact that these strategies can be time-consuming. However, if you hold on and continue to be vigilant these strategies can work. That’s why it’s so important to develop a strategy focused on planning for your future. It’s better to be prepared for a situation rather than not be prepared and experience negative consequences. In the words of the late R&B singer James Brown “I don’t want nobody to give me nothing, open up the door, I’ll get it myself”. Hard work, planning, and perseverance do pay off.
Feel free to read some of our previous posts related to saving, investing, and stock market investing. Give us a thumbs up, a like, and a share. Please subscribe as we need your support. Hopefully, our posts will continue to empower, encourage, inspire, and inform our readers. We intend to provide you with thoughts, ideas, and concepts that will assist you in embarking upon your journey towards realizing and achieving your greatness.
Marvin Dixon/Founder
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