The pandemic hit everyone hard mentally, physically, emotionally, and most definitely financially. Many individuals may never fully recover financially from the impact of the global shutdowns. financial strategy
But, you can see greener pastures if you rethink your financial strategy for the immediate and long-term future. It is no lie that you’re going to have to cut back on some things and focus more on others to have a chance at recovering.
By the time you finish this article, you will learn some crucial tips that will help you replan your fiscal future and give you a leg up on your finances. You will also have some insight into how hard the pandemic hit the masses.
How the Pandemic Affected Black American Finances
Black Americans’ financial standing did not truly compare to those of non-POC heritage. The pandemic has exacerbated that fact. Studies show unemployment raised sharply over the pandemic period.
A rough statistic to overcome, but unemployment has fallen drastically in 2022, so good news there. However, people are still feeling the effects of the pandemic, especially those who do not have a full college degree.
Housing has become a serious problem as more than half of the Black population in America does not own a home. For some who may not know, owning a home is a significant asset to your finances because of the future value it will have for your children.
Given that fact, it is more important than ever that we start being smarter with our money. It may be OK to rent for a year or two, but eventually, you’ll want to buy a home, which is why budgeting is more important than ever.
3 Reasons Why More and More Blacks Are Budgeting
1. Buying a house
As we mentioned earlier, owning a house is an essential financial boon for you and your children. Not only do your kids always have a place to stay, but you can also sell if necessary.
Many people have invested more money into real estate because of the impact COVID-19 has had on