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As we transition into a new routine and daily life, the economy continues to struggle. What has the Fed done? And will it be enough to help our economy?
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The Show:
A lot of life might feel like it’s being lived on repeat right now as we continue to social distance and stay home. What can we learn about this new routine based on an old favorite movie or even from the times of prohibition?
The economy is struggling right now and unemployment is high. What is the Fed doing to help? Will the stimulus check or unemployment money be able to provide ample assistance to the economy?
To understand that, we have to back up and look at the formula for economic health. Don explains an economist’s formula of “MV = PQ” which stands for the money supply times velocity supply equals the price by quantity. What does this look like if you consider a typical trip to dinner (prior to the current stay-at-home orders)?
Lastly, Michael in Freehold asks if he should considering refinancing his mortgage to take advantage of the low interest rates, even with the fees involved. Don talks about what you’ll want to keep in mind as well as what the bank might look at before refinancing.
Listen to the full episode or click on the timestamps below to hear more about a particular topic.
1:45 – Life feels a bit like the movie “Groundhog Day” that repeats over and over.
3:35 – What lessons could be learned from the movie?
5:32 – In the News: Police in New York City broke up an illegal night club/barbershop.
7:23 – What is the Federal reserve doing to help with the high unemployment rate?
11:15 – The Fed is trying to pump money into the economy.
12:02 – What should you do with your stimulus check?
12:25 – What is the formula for economic health?
13:37 – Using an example of a restaurant dinner bill, how will that money be used?
17:12 – Cash Connection: Should you refinance your mortgage?
21:18 – Have you been inundated with virus-related emails? Be careful!
Resources from the show:
Groundhog Day – https://www.foxnews.com/opinion/groundhog-day-movie-life-lessons-paul-batura
Federal Reserve History – https://www.federalreservehistory.org/essays/before_the_fed
Re-Finance Mortgage Tips – https://www.lendingtree.com/home/refinance/best-tips-for-refinancing-your-mortgage/
How to Avoid Covid-19 Scam E-Mails – https://us.norton.com/internetsecurity-online-scams-coronavirus-phishing-scams.html
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Additional Resources:
Phone: (732) 784-2867
Email: don@DonaldCash.com
Website: http://www.donaldcash.com/
About Don:
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 advoctaes 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.
