Have you made a big splurge recently? How have your finances shifted in the past several months during the pandemic? Today we’ll talk about how spending has changed as our lifestyles have slowed down.
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Have you heard of the Corona purchase? Be it due to boredom or accidentally saving a bit more money when no longer in a normal routine, some people have been making big purchases lately. Is it okay to make a big splurge?
Whether that’s home improvements or new toys to enjoy spending time at home, you might be considering an upgrade of some sort. People are looking for ways to create more space or improving their aesthetics since they’re stuck looking at the same walls, floors, and furniture all day long.
Who is benefitting from these purchases? From the home owner to the contractors to the retailers, there is a lot of good that comes from these changes. Businesses are adapting to the needs of customers and the economy is getting a boost. There’s been a tremendous increase in supply of money, particularly with a possible second stimulus check on the way.
The success of many industries has shifted over the past several months. Some of these changes would have been difficult to predict a few months ago. This is why it is so important to diversify when making investment decisions. Regardless of what you are planning to do with your money, make sure you are considering your financial plan in order to make wise decisions.
Have you made a Corona purchase?
Listen to the entire episode or click on the timestamps below to skip ahead to a specific segment.
0:26 – Don talks summer heat and summer fun before school starts again.
6:28 – Have you heard about the “Corona Purchase”?
9:08 – Home improvements projects and remodels are popular right now.
14:51 – Inventory on some hot items are running low.
15:51 – Who benefits economically from these improvements?
18:10 – Are you diversified?
22:14 – Getting to Know You: Would you rather make twice as much money next year or make the same amount of money while only working half as much?
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Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.