The economic ripple effect from COVID 19 is easily visible when traveling through airports in the US, where it feels like a ghost town.This ripple effect is massive! I’m not sure how long things can keep going this way without more economic consequences.
My Experience Flying in 2020
I recently took a flight to Oklahoma from Detroit with stops along the way in Minnesota and Salt Lake City. One thing all of the airports have in common; no people. The rate of people currently traveling, compared to past numbers, has dropped significantly. Most of the terminals are shut down, leaving the airports operating at approximately 25%. All the restaurants, bars, and rental car lots were empty in most areas. The airport and all the businesses supported by travelers look completely abandoned.
How Long is This Economy Sustainable
At this point, no one knows what’s getting ready to happen. If the airports are a sign of things to come, we should be prepared for the worst. The government has been pumping massive amounts of money into the economy, and that will only work for so long before we encounter more economic crises. People are not out spending money as they traditionally would, but you look at the stock market, and it’s at all-time highs. How is this sustainable and able to keep going the way that it’s going? I don’t know if it can or not, but I would not risk it if I were you.
What Does This Mean For You
I don’t know exactly what will happen next in these turbulent times, but I do know this is an excellent time to get your finances in order. Get your money where it belongs so you can have a predictable experience in retirement. Get your own house in order, so you don’t have to worry about what’s happening with the market recovery or crash. It’s hard to believe in the near future that the market is going to be just screaming up unless they come up with a cure soon. Then the market could change quickly, increasing by 20%. What does this mean for you when getting things in order? It’s not worth the risk! The market may go up 20%, but do you want to risk your financial future on what you think the market might do? Maybe with part of the money but certainly not with the main portion of your money. Your main money needs to be in the right spot, so you are prepared as the ripple effect fluctuates.