If you have already survived the first round of cuts, do not get complacent. Stocks markets have almost recovered; but the business sentiment is still weak.
Unfortunately, many business were not lucky enough to just survive by reducing their workforce. Some industries such as hospitality, travel, retail, etc were totally decimated.
The pandemic and the government ordered closures across the globe have shown how business have been crushed for lack of funds. Individuals who have been ordered to shelter in place also suffered loss of wages.
This is a great time to look at your emergency fund and determine if it is adequate.
With interest rates at an all time low, it is very difficult to keep your emergency fund safe while getting a safe and high return on your money.
The basic goal of targeting Financial Freedom is Early Retirement.
While planning for early retirement, you also need to consider future goals such a child’s education or a kitchen remodel.