France, America, American Nursing Association discussed on Ric Edelman

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Begin wrestles Internet Caribbeans taking on Wall Street Heavy's the latest Monday after four with me, John how old wls came in. Welcome back to the wreck Cattleman show Last time we talked about the nonsense going on with game Stop. Let's talk now about what's happening in the broader economy. 900,000 Americans filed for unemployment benefits again last week, continuing the saga ever since Cove it began. Drilling down a little more to specific pockets of the economy. The American Nursing Association has just released a survey of nurses nationwide. I think we can all agree nurses are among the most important people in the world as a result of the pandemic these days. And they're having economic challenges. 42% of nurses say they've delayed making purchases do the lack of money 39% say they've had to spend down their savings. 32% 1 out of three are using credit cards to pay bills. A quarter of nurses have stopped paying their student loans 11% have withdrawn money from retirement accounts. Prematurely because they needed the cash. 9% of nurses have gotten second jobs. Another 9% I've borrowed from friends or family 4% of nurses air getting help from food banks and a third of the nurses in this country are thinking of quitting their jobs. This. Is a bit of a crisis and one thing I know that we all want to do when we're in such stress like this. Eat chocolate. What more better comfort food is there than chocolate? Well, here's one example where it's getting harder. Good diver has announced that they're selling or closing all 128 of their stores over the next couple of months. It's not just good diver that isn't able to pay rent because nobody's shopping retail these days. Physically, that is 33% of small businesses say they're unable to pay their rent this month. We need to recognize the challenges that are ongoing and fortunately to the rescue or the stimulus checks, right? Well, Americans air large part taking those stimulus checks and saving the money, which means they didn't really need it. Tomo Buy food or pay rent or what have you Americans saved $1.4 Trillion in the first nine months of last year, twice a smudge his usual that's equal to 10% of all household spending in America. More than a third of those first stimulus checks were deposited into bank accounts less than a third of it was spent. And what is it that Americans say they are eventually going to spend the money on? Travel 60% say that they're planning a trip in 2021, bolstered by the news of a vaccine. We're all anxiously looking forward to the day when we can safely leave our homes and Nixon mingle with others. 24% say they're willing to go cruising in 2021, but 18% say they will never get on a cruise ship again because of the health risks. So where is that people are planning to go the top five domestic destinations. The choices here in the U. S number one is Florida. Followed by California, New York, North Carolina and Texas. The top five international destinations for Americans. France, Mexico, Italy. Germany and Canada. So my message she was this If you are planning to go traveling as we get out of this pandemic, you really need to start making your travel plans now because if France is the number one international tourist destination I got news for you. They're not making Paris any bigger. As all of those tourists descend upon the city, you know that hotel rooms will be hard to find, and the prices for those hotel rooms are going to skyrocket. Dido for Broadway in New York. Good luck Getting a concert ticket or tickets to a Broadway show with everybody trying to travel all at once, So hurry, Hurry! Hurry with those travel arrangements, but Because we don't know for sure how soon we'll all be healthy enough to travel. We don't know how soon the cities will truly open themselves back up again. Make sure that they are refundable canceled will reservations you're making. Make sure you buy travel insurance in case your plans have to change. And it's not just travel that people are going to be spending their money on. Some folks are saying forget about traveling to have a good time. I'm just gonna have a good time at home. How? By making my house better by buying a bigger house. Yep. Home Renovations and home Construction are riding waves home construction last year had a 14 year high because so many Americans air working from home 42% of U. S workers, in fact. Four out of 10 have been working from home during this pandemic. Are they going to go back to the office 30% of the workers who are working from home? Say that if they're forced to return to the office, they'll quit. Partly because of the health of fears but partly because they just enjoy working from home. It's so much easier you don't have to commute. You don't have to spend money on parking. You don't have to spend money buying lunch. You don't have to buy a work based wardrobe. And your productivity is higher because you don't have all the distractions of people wander and by your cubicle or desk talking in distracting you. 30% of workers adamantly. Insisting on continuing to work from home. All of this has helped to stave off bankruptcies in America, as people have been hunkering down. Bankruptcies, in fact, are down 40% in France and Britain. They're down 25% on average in the European Union. But economists are saying this might actually not be a good thing. What strikes me is a little weird. How can the absence of bankruptcies be bad? Well, the economists are saying that the only reason bankruptcies air down is because these companies which frankly should be bankrupt or being propped up artificially by all the government stimulus that they're getting They say that in France, 10% of companies avoided bankruptcy because of government funding. And it's basically creating what they're now calling zombie firms companies that aren't making money. They're losing money. They have no hopes of ever making money. But they're being able to stay in business because governments are giving them money to avoid them, shutting down what happens when the government stimulus stops due to the economy recovering That is when those companies will finally go bankrupt and you'll see a wave of bankruptcies on a global basis. It is, in fact, the possibility of downside that has a lot of people spooked about the investing world. My concern shared by all of us here. A Doublemint financial engines is that some investors aren't doing what they need to be doing for their long term financial success because they're so focused on what's happening at the moment, so fearful that there might be a short term market downturn. That they are failing to stay focused on the long term, and that's why I announced last week that we've launched downside defender. It's a way that allows you to invest in a diversified portfolio, giving you the opportunity to enjoy the returns provided by the financial markets. It allows you to set a limit on the downside target value that you don't want to go below..

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