DORADO, Puerto Rico, July 21, 2020 /PRNewswire/ -- As the world continues to feel the impact of COVID-19 both on health systems and economies, experts in the U.S. are trying to predict the long-term effects of the recession. While Americans everywhere prepare for their own financial hardships, Money sits down with renowned personal finance expert and 10-time New York Timesbestselling author David Bach, for a new cover story titled, David Bach's Guide to Financial Recovery, featuring advice, tips and strategies on how to save and where to spend for people in all financial positions. Where can you cut costs quickly and what steps should you take if you can't pay your bills during the pandemic? What opportunities are out there and how can you take advantage now? As Bach says, "recessions create millionaires," so how can you come out of this one on top?
Control the Controllable -- Why you need to continue cutting costs today: During the pandemic, Money reporters have been advising readers to refinance all debt, make contact with creditors early and often, look into forbearance plans for your mortgage, rent, car payment, or credit cards, and renegotiate everything. In Money's latest interview with Bach, he adds: "I would be looking at what expenses you can cut like your life depended on it."
Getting your "financial house" in order: Build your emergency account, protect your credit score, get life insurance, and create or update your will and health directives;
Where are the financial opportunities?: During recessions, markets put everything on sale: stocks, bonds, real estate, etc.
Predictions for the future: Bach says, "The third and fourth quarter of this year could be very rough. There will be new rounds of layoffs and bankruptcies and people may need more 'financial runway.' But markets will eventually fully recover and massive wealth will be built as a result of this time. Take nothing for granted, your health or your wealth."
Is it the right time to buy a home?: He points out, "This could be millennials' opportunity to get into the housing market." With record low interest rates, lower prices and less competition, now is the time to pounce, get approved for financing and shop for a home.
To help potential homebuyers find out if this is the right time to purchase a home, Money and Bach have also teamed up on the release of a 5-step First-Time Homebuyer Challenge. In about ten minutes a day for just five days, they walk you through the five most critical steps to take before buying a home, potentially saving thousands over the life of a loan, avoiding common mistakes most homebuyers make, figuring out what you can afford to buy, and more. The Challenge is completely free and for anyone interested in buying a home, whether it's the first time or not.
"One of the biggest topics our readers are interested in is home-buying," said Mike Ayers, Executive Editor of Money. "With mortgage rates at an all-time low, now is a great time to purchase a home especially for first-time buyers. We make it easy and help people navigate the often-complicated world of buying a house."
"This current recession is creating the greatest wealth transfer I have seen in my lifetime," noted Bach. "This can be a time to survive or a time to thrive and I want to help people around the world realize there are things they can do right now to protect, secure, and improve their financial situation."
ABOUT DAVID BACH: David Bach is one of the most trusted financial experts and bestselling financial authors of our time. He has written ten consecutive New York Times bestsellers with over seven million copies in print, including two #1 New York Times bestsellers, The Automatic Millionaire and Start Late Finish Rich. His latest New York Timesbestseller, The Latte Factor, is now translated around the world in over a dozen languages. In addition to his books, Bach has impacted millions of people over the past two decades through his podcasts, seminars, speeches, newsletters, and thousands of media appearances. He is also the cofounder of AE Wealth Management, regarded as one of America's fastest-growing RIA firms, and the founder of FinishRich Media, a website dedicated to revolutionizing the way people learn about money. New episodes of his popular podcast, The David Bach Show, will be released at the end of July. Learn more at FinishRich.com.