GREENSBORO, N.C. — Since the start of the pandemic we've all been trying to achieve the balance between public health and a healthy economy. Shutdowns led to record unemployment numbers and help from the government in the form of stimulus checks. But as cases begin to rise again, what does that mean for the economy and what can help it? Scott Braddock with Scott Braddock Financial said there are a few things to look forward to.
"You know the U.S. has surpassed 12 million new cases of COVID-19 and this has a negative impact on the economy and the stock market as we talk about future possible lockdown," Braddock said. "The positive indicator here as of late has been talk of a very promising vaccines, so the stock market has responded very well to that information."
Hope of a vaccine gives investors hope that the pandemic will soon end and so will the economic impact. Another point of hope: a second round of economic stimulus checks.
"When we do achieve a second round of stimulus, and I say when we do because most of our politicians including Nancy Pelosi are saying that it’s just the timing, it’s not a matter of it it’s a matter of timing, so that’s really going to give investors confidence and that’s going to stimulate the economy," Braddock said. "The whole idea of the stimulus is of course to help the American people but it’s to help them to be able to be meet financial obligations, to buy the groceries to pay their utility bills, things of that nature. Whenever they spend money that also is going to stimulate the economy so it’s a win-win."
When it comes to your money, Braddock said it can be easy to let the highs and lows of the stock market affect your financial decisions but it's important to keep contributing to your retirement accounts.