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People are feeling the pain all over. Peter and Damian discuss stories of the current reality onset by the strange mix of the economic recession and COVID-19 pandemic.

Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.

No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Story Time!

Article: “Survey: Many in United States Shoring Up Finances Amid Downturn.”It’s the paradox of a pandemic that has crushed the U.S. economy: 12.9 million lost jobs and a dangerous rash of businesses closing, yet the personal finances of many Americans have remained strong—and in some ways have even improved. A new poll…finds that 45% of Americans say they’re setting aside more money than usual. 26% are paying down debt faster than they were before the coronavirus pandemic. In total, about half of Americans say they’ve either saved more or paid down debt since the outbreak began. Kent Sullivan, a landscape painter from Orlando, Florida, has been making extra mortgage payments.“

Pete: There is a right way and a wrong way to do it. You don’t get flexibility by making extra mortgage payments during a pandemic. Paying off your mortgage quickly doesn’t always make sense.

Damian: “What’s this guy’s emergency fund look like?” He’s an older gentleman, if he’s got the cash flow, maybe there’s a reason to do this going into retirement, IF the emergency fund is there.

Pete: I’m sorry, John, that you’re going through this. Don’t feel the pressure to let this moment in history to define your character. But the fact that he’s willing to do whatever it takes to care for his family demonstrates his character. The CARES Act makes this a much less risky move.

Damian: We’ve made it almost taboo to withdraw from retirement accounts for any reason other than retirement. In this case, you’re forced to look at the resources that you’ve got.