Covid-19 came unexpectedly for most individuals, business owners, and countries worldwide. Since a lot of businesses depend on people to thrive, most of them suffered severely as the pandemic progressed. Those in the airline, restaurant, hospitality, and tourism sectors were hit the most during the period. Although some were able to successfully transition to the new digital way of conducting business, others are still scrambling. In this article, we will be taking a look at the big businesses that have been infected the most by COVID-19.
The strain COVID-19 has placed on the US economy is no longer news. However, what is more worrisome is how more people are suffering from this economic burden than others. The US Department of Labor has reported that more than one in 10 Americans have filed for unemployment in the last two weeks of March and the first week of April. This goes to show that a lot of people are unable to meet their financial needs or pay off their debts. One of the payments most people are having a hard time paying this period is the care loan payment. Thankfully, there is relief available to many people.
The outbreak of the COVID-19 virus has had a huge effect on the world. In the US, many Americans are struggling with reduced income, offsetting debts, unemployment, and worse, keeping a roof over their heads. To help with this, the government has enacted the Coronavirus Aid, Relief, and Economic Security Act, with the main objective of providing financial relief options to Americans affected by this pandemic. In this article, we will discuss the mortgage aspects of the CARES Act in detail.
Following the outbreak of the Coronavirus in Wuhan, China and the fact that about 40,000 cases have been reported so far both in and outside China, there is speculation as to the effect of this deadly virus on the economy of China and Asia as a whole. This isn’t far fetched considering that the SARS outbreak in 2002 caused a drop in GDP of up to 1%. There is no telling just how much such a disease could affect the economy in the following year. After the outbreak, a lot of airlines were shut down and some restricted flights inside China. A number of countries have chartered airlines to bring back their citizens and quarantine them until they show no signs of the virus. The US has also stated that if the situation worsens, they might place a ban.
Just like any type of relationship, marriages can end – sometimes amicably, other times, not so much. According to research, over 40% of marriages in America end in divorce. When the relationship ends in a bad way, it can take a toll both financially and emotionally on all parties involved. During the split, houses get sold, property gets divided, custody gets decided if there are kids involved. What will happen if the family has a pet? There is a high likelihood of a pet being involved because over 60% of American households have at least one pet. The states in America except for Alaska and Illinois, however, view pets as property that can be sold. So the question remains, what happens to these pets when the couple splits up? Most times, the decision is not an easy one because both parties have formed an emotional attachment to the animal, and no one wants to relinquish ownership. Pet custody disputes are coming into courtrooms more often these days – goes to show just how difficult it is to handle pets during divorce. In this article, we will take a look at how pets are handled during divorce.
There are so many things to consider when thinking about purchasing a home. You have to think about what you can afford, you have to get approved for a loan (not pre-approved), you have to find the home, and then you have to pay. Many individuals, especially first-time homebuyers, do not consider the tax implications of purchasing a home and believe it; there are tax implications.
Getting big tax refunds from Uncle Sam can turn the frowns of just about anyone to a smile. The average tax refund this year was about $3000 which is a lot of money. However, it is important that you use your tax refunds wisely. Rather than splurge and destroy your credit totally, you can use your tax refund money in ways that can help you build wealth. This means that rather than visiting the mall on a shopping spree, you can pay off your debts or invest. In this article, we will discuss the different ways to use your tax refund.
The year is coming to an end so it’s a good time to start preparing for tax season. It is essential to remember that it is never too early get all your documents in order. The good thing about being prepared is that once it’s time to file your taxes, you’ll be completely ready to either input your data into a software program or sit down with a tax professional. A large number of individuals make use of paid tax preparers while others use free alternatives. After searching for a professional or a free alternative, there are some steps that you need to take to prepare you for tax season. In this article, we will take a look at a couple of important ones.
When someone thinks about New York City, taxi cabs are often part of the mental image. What most people do not realize is that drivers and/or taxi operators must purchase the right to drive in NYC. A “taxi medallion” is often purchased by investors or the drivers themselves. These medallions are treated similarly to a stock. The value goes up and down, but the market is much less regulated. Over the last 20 years, drivers have been duped into terrible loans required to purchase their medallion and bankruptcies are on the rise.
Some of the most successful people make the worst financial decisions. Being good at singing, acting, or making music and movies does not always mean a person knows how to handle the things that come with success. To be fair, sometimes well thought out investments just do not pan out. Keep reading to find out just how bad things can get when celebrities blow all of their money.
Some estimate that the King of Pop died with over $500 million in debt. During his amazing career, he sold more than 100 million albums. He signed a recording contract with Sony worth around $64 million in the early 90’s. Unfortunately, his spending habits were extraordinary. He spent over $14 million to build the Neverland ranch which included such money pits as a zoo and carnival rides. He settled a law suit with the parents of a young boy who accused Jackson of inappropriate behavior with a minor. The settlement cost Jackson $22 million. One of Jackson’s accountants once reported that the singer was spending $20 – $30 million per year more than he earned.
Being one of the most successful authors of the 19th century was not enough for Mark Twain. A self-described “risk taker”, Twain made plenty of bad investments such as:
- A publishing house – Twain’s publishing house operated so terribly that when he closed it, he owed book making companies, authors, and investors $2 million (in today’s money). One of the publishing house’s more egregious flops was The Art of Sketching by Pope Leo XIII.
- Protein powder – Mr. Twain invested $30,000 ($910,980.72 in today’s money) in a protein powder company which made a product called Plasmon. The product never took off and he lost his investment.
A month before declaring bankruptcy, Twain transferred all of his assets to his wife. When he declared, he was more than $80,000 ($2,145,004 in today’s money) in debt.
Mr. Cage’s financial exploits are well known, but it is always fun to do a quick recap:
- IRS tax lien – at one point, Nicholas owed the IRS $6 million in unpaid taxes.
- Property investments – Mr. Cage owned 15 residences at one time. He has owned two castles, a haunted house, and a deserted island in the Bahamas.
- A dinosaur skull – enough said.
His net worth was once $150 million and now it is $25 million (still not bad).
If you have made some poor financial decisions, you may need help. Bankruptcy can be a great tool if you use it properly. If you are considering bankruptcy, contact Elias Dsouza at Dsouza legal group. Elias has been guiding people through this complex process for over 15 years.