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Be Money Smart in Tough Times

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I’m partial to this topic, because it is the title of my latest book, Be Money Smart in Tough Times: For Parents and Grandparents. I wrote the book because many people have sidelined some lessons they want to teach their kids about money because of the impact of the pandemic. Lots of folks are continuing to struggle with being unemployed, caring for kids or sick loved ones and are still suffering with the economic effects of this situation.

The statistics are sobering. As of June there were 4 million people who have been out of work for 27 weeks or more, and 9.5 million are still looking for work, according to Bureau of Labor Statistics data. In addition, 3.2 million people have lost their jobs permanently — and these figures don’t even count the people who left the workforce due to health or child-care responsibilities, as they are not even considered unemployed.

Seniors are also financially disproportionally affected by the pandemic. AARP has reported that “A year after the Covid-19 pandemic was declared a national emergency, many of the disproportionate number of older Americans pushed out of the workforce by the combined health crisis and economic downturn are retiring earlier than planned, risking long-term financial insecurity because of........

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