The coronavirus has taken a significant toll on the U.S. economy as well as many Americans’ personal finances. With more than 10 million U.S adults filing for unemployment over just the past two weeks, many people are struggling just to pay the bills each month.
If you’re one of the fortunate ones who still has a source of income and doesn’t have to worry about making ends meet, right now may be a prime opportunity to improve your financial situation. To make sure your financial future is as bright as possible, there are a few things you can do right now to build wealth. Here are three suggestions:
1. Try to increase your retirement fund contributions
Although it may not seem like it, right now is a good time to invest in the stock market. When the market is down, stock prices are at their lowest — which gives you a great opportunity to buy low and sell high. The market will recover eventually, so by investing as much as you comfortably can now, you’ll see significant gains later.
How much you should invest depends on a few factors. If your employer offers matching contributions through your 401(k) plan, aim to save at least enough to earn the full match. After all, those matching contributions are essentially free money, so it’s wise to take full advantage of them.