Rising Tide Blog

Coronavirus – what should you be doing with your money?

Posted by Matt Hale

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To chat about the impacts that Covid-19 is happening. Now, today, what we’re going to try to cover off is a couple of wins that you might be able to have along the way. We’re going to separate the impact of this into three separate specific areas, and then we’re also just going to throw it out to any questions that you may have that we can either answer today or we can put you in the right direction of to get the right answer.

So, thanks for virtually being here Bec.

I know, it’s a really good opportunity to get a good sticky beak into people’s spare rooms and kitchens at the moment, while most people are working from home.

I do appreciate the aqua in the background. Hey, so what’s your take so far on everything that’s happening, say from a from an Australian perspective in the finance world?

It’s a lot. I remember when GFC was going down, everyone was assessing the current state of play, but also, they were they were looking at the history books to try and compare and try and find places of reference to previous economic shocks. But this is just a whole new kettle of fish, and no one has that reference to actually go through. It is really challenging because we don’t have that playbook to fall back to, but it also means that we have an opportunity here to sort of make things up as we go along. And certainly, from the government’s perspective, they’re trying to write their own rules, trying to get Australia through this in one piece. And I think Australia’s actually incredibly well positioned to get through this compared to a lot of other developed countries.

Yeah, I agree. And one of the things that we’re trying to help people to sort of navigate through, is making sure that they’re listening to, and taking in the right information for the position that they’re in. And something that particularly our Advice Team is trying to help people is to work out whether they fall into one of three different categories that we really see pop up. The first one is the people that impacts are gonna happen right now. They’ve lost their job, or they’re imminently about to lose their job. So, they’re right at the coalface. The second group is people that I think there’s an inevitability around some really serious financial impacts. And then the third group, which I don’t think too many people are talking about at the moment, is people that opportunities are going to pop up out of the back of this crisis very quickly for…watch the full video