Joel Bernheim on financial health during coronavirus outbreak

Joel Bernheim, an experienced collections agency expert, has seen how widespread events such as the current coronavirus can impact the economy and in turn, household finances of the average American.

The Dow recently experienced a one-day 1400-point dip sparked by an escalating oil trade war in conjunction with worsening news about the spread of coronavirus.

Bernheim articulates the basic steps he believes the average American household should take to protect themselves from the effects of an economic downturn.

Diversify

You need to maintain income from multiple sources, not just what is generated by your day job or your business. This way, if one source of income fails, you still have funds coming in.

Save

Put money away for later. That could mean shoring up your savings or investing in low-risk higher-yield accounts. Evaluate your assets and make the appropriate changes.

Consider how you are spending your discretionary income and cut those expenses to the extent that you are able. Health departments in affected areas are currently advising against spending time in public gathering places unless necessary. Therefore, cutting out trips to the movie theater or a restaurant not only save money, but also may help you remain healthy.

Track Spending

Make a list of your expenses and notate where you can make additional cuts. For example, if you’re currently using a grocery delivery service rather than making trips to the store yourself, keep that in mind for later. It may be an easy expense that you can save on at the appropriate time.

Stay Calm

Bear in mind that the economy has already survived and sustained growth through an unprecedented trade war, a devastating tsunami in Japan, and so far, the coronavirus and current oil trade-war. Remain mindful of your expenses and continue to live your best life.

Bernheim noted that consumer confidence and associated spending s is the only thing that kept the United States out of recession at the height of the US-China trade war last year. Manufacturing collapsed and business spending shrank - yet consumers continued to make purchases undeterred.

‘This too shall pass’ said Bernheim.