The Negative Economic Effects of the Coronavirus Pandemic

The negative economic after-effects of the Coronavirus Pandemic is resulting in huge financial struggles, that could potentially be worse than the Great Depression of 1929. Covid-19 is wreaking absolute havoc on a global scale with millions of people under forced lockdown, and businesses going bankrupt. The following scenarios highlight the extent of the problems and challenges we are being faced with.

Record unemployment, and as a direct result, a significant boost in crime, bankruptcies, and homelessness.

A money-starved population that has not conserved their financial assets during the previous periods of growth, will anticipate being covered by their Federal Governments throughout the hard times. Some nations will of course be much better able to do this than others.

Banks failing and restrictions on holding or withdrawing of cash. Federal Governments will have a very hard time to cover their insurance of bank deposits, and some people could even lose their savings. This could be a repeat of the 2008 Banking Crisis, but just somewhat bigger.

Massive bailouts from Government, but which will fail to alter the trend until it has run its course.

Deflation will happen, and this inevitably implies lower rates of acquiring certain items, but with accompanying lower wages too. It means that the value of cash increases relative to things you can purchase like stocks, houses and groceries. Their will however be less money to go around.

Major debts written off and lots of insolvencies. Deflation occurs because the masses of financial obligation built up during the past years of growth ended up being crossed out, and so the real quantity of money in the system is less. Central banks will not have the ability to avoid this by printing cash since to grow the supply of money, the commercial banks need to be lending a lot of money. As a consequence, people and businesses will stop borrowing due to fears about the future.

Possible long-term and duplicated quarantines and disturbances to regular company procedures for anywhere from 3-24 months. While longer terms than is less likely, it is still a possibility. Fear, instead of science can sustain lockdowns, especially with federal governments motivated to be as stringent as the next nation to prevent looking bad. There are presently lots of scientific unknowns, with leading scientists tend to talk about how much they don’t understand, thus exercise caution.

More insecure feelings among society and a less inclusive state of mind. People will relate to smaller sized groups that are more like themselves and have an increasing distaste for individuals not in those groups, whether it be political, ideological, race and even food options.

An increase in distrust and blame between nations, with restrictions. Damaged relationships between countries are expected to increase. There will be an increase in national self-preservation as opposed to working together like a global community. Aid from other countries will be regarded as having ulterior motives.

Governmental control. Numerous nations will have developed precedence and laws to increasingly control and screen residents, which will be supported by more draconian measures. This will be an attempt to keep society healthy, but likewise anticipated to be aggressively opposed by those not favouring authoritarian control.

A reaction against big businesses and the wealthy, particularly the previous big winners who had doubtful ethics. The role of conglomerate platforms like Google and Facebook could come under significant scrutiny, as well as the banking sector who are perceived to work under a cloth of secrecy.

A huge increase in mental stress and mental disorders amongst people as the pressures of life increase, and people battle to adjust to difficult personal finance challenges and rapid, unpredictable modifications.

To counteract the financial consequences on households, families and their assets, it is imperative that people start looking at means to supplement their income. In order to maintain your standard of living, you need to get exposure to methods on how to earn extra money during Covid-19.

There are many money-making methods and options around, but research on your behalf so just check out the resources as mentioned below. You will soon be on your way to financial peace of mind and released from the stress of worrying about reduced income and job losses.

Compare Savings Account Rates: Info About Online Banks and Interest Rates

Before taking your money to the nearest bank to start a savings account, you might want to look into its interest rates at first. It’s usually the banks that operate primarily online have the highest APY and lower fees. The national average is around 0.9%, but if you take the time to compare savings account rates online, you’ll very likely find a good bank with around 2% APY. With this kind of rate, a balance of $5,000 would mean an extra $100 per year.

Why do banks pay interest to customers with savings accounts? Well, they do need money to operate since they are banks, so they reward customers who let them keep their money for a long period of time. You can access that money in the case that there is an emergency. However, some banks have limits on how many withdrawals you make from your savings accounts within a certain time frame, usually a month or year.

While earning interest is the main reason people choose to create savings accounts, there is also the benefit of being better able to manage money and provide more financial security for your family. Also, if you have a checking account, opening up the savings can serve as a backup.

Compare Savings Account Rates and Minimum Deposit

When you compare savings account rates, you’ll need to check the account’s minimum deposit requirements and balance requirements as well. Will you be required to put in a certain amount of money in order to qualify for the APY? With some banks there is an introductory APY that is only for a short period of time, after which you’ll be required to continue making deposits of a certain amount of money in order to continue enjoying that APY. Otherwise, it will go down. Some online banks might even charge you a fee if the monthly balance falls below a particular amount.

What about having multiple savings accounts? There is no rule that says you have to have just one account. It could be a solid financial strategy to open a few different ones with different banks with a smaller amount rather than put a large amount in a single bank if it would mean you could earn more in interest. Of course, it’s going to take some research, evaluation, and calculation to determine this.

Essay on How to Help Poor and Needy People

Leaving a life that is meaningful is something that everyone needs. However, it is not something going into a spiritual quest. All the spiritual quests are going away from life. Unfortunately, you cannot find the meaning of life by going away from life.

In fact, it can be found only in finding the meaning here in life, not going to some lonely place to meditate. You can find the real essence of life only when you help others because you are living with others and your relationship matters.

Why should you help others?

You are living in this world because there are other people. Can you imagine living on this huge earth alone? Undoubtedly, you will go crazy if you find yourself alone in this world.

Life takes place in relation to others. Whether it’s someone from India or someone from Russia, that does not really matter, it is the same human being. Your idea of separate human is just an idea; otherwise, you all are inter-related and inter-connected.

Hence, by helping the poor, you can make this world a better place to live. People would love to be around you and people will bless you. Blessing never comes from the gods, in fat. It can only come from living beings. Hence, you must help people if you want a blessed life.

How can you help poor people?

If you look at the world closely, then you will see that there is inequality. Governments and other organizations are trying to fix this gap but it will make sense only when you find a way to contribute to the world.

There are many people who even don’t not have food to eat. Now, that is something sad because it is a basic thing that every living being must-have. But humans have become the only creatures that are starving. No other animals and birds are starving.

You would also find kids without education. A world that is not educated would slowly drift away to a bad state. If you want the growth of the world, then you should and must educate poor kids who do not have money to have a good education.

There are people who are also struggling to have shelter and clothes; the world is an utterly depressing place to live now. You must find some way to give shelters to poor people. You might not be able to build a home but you can contribute to the community center to feed and give shelter to the people who live differently in the community.

How should you approach?

You can help people in many ways. For instance, you can take part in cultural exchange programs or you can simply join awareness campaigns to educate poor people
You can help someone having medical treatment and medicines thus giving someone life. There is nothing better than giving life to people
You can see help from NGOs and other organizations that are working towards the betterment of the poor community

In fact, there are a number of ways and means to help poor people. All you need to have is the compassionate heart and a loving mind.

It is time to understand the essence of life by finding the ways to help people because you can only find spiritual satisfaction by h going the people. Poor people might have been born poor but they have all the right to live a rich and beautiful life. You should be instrumental.