Coronavirus Email: Impact on Student Loans

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 21 March 2020

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

And so ends another lousy week on Wall Street. But the weekend does not mean the emails from you guys stop, so here's another episode where we answer a handful of questions, including how student loans are being impacted as the coronavirus crisis continues to unfold. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Corona virus Market update.
0:08.0	Okay, the week is over. Thank God. That's all I can say. I remember weeks like this 12 years ago. I remember how it felt to be sweating it out come the 4 o'clock closing bell and feeling the great relief that comes with the
0:25.9	closure of a market. All right is a rough rough five days. The Dow this week, okay, we're talking, it's Friday, it's 5.38 PM as we're recording this.
0:37.0	And the Dow this week was down 17%.
0:41.0	The S&P 500, down 15% this week.
0:45.0	In a week, okay?
0:46.5	The Nasdak down about 12.5%.
0:49.5	The Russell 2000, down 16. So what I am essentially telling you is this this was the
0:57.4	worst week for stocks since October of 2008. It sucked. I'm sorry guys. It's rough. Right now we know that stocks are down
1:07.1	about more than 30% actually since the middle of February. In a month, a third of the value almost lopped off. It's incredible.
1:18.0	All right, but really from your perspective, do you really care about the actual numbers? Of course you do, it's exhausting. I know you do.
1:27.0	So let's start, I'm going to start with a follow-up email from somebody named Suzanne who was 83 years old and she had written in and we
1:36.0	answered her question this week. I can't remember what day it was anymore Mark and now she's
1:42.1	following up and so guys if you're listening to this
1:44.8	this was the 83 year old had a half a million bucks in the market wanted to know
1:48.4	should she get out so she said here's the picture we own ourhouse, it's worth a million bucks. We have a condo
1:54.5	rental with a mortgage of $270,000 and it's worth about $500,000. My husband gets a pension of $4,000 a month, but it's expensive where she lives and they don't have long-term health insurance and they just put all their extra money in an investment account they probably don't really
2:13.8	need it for themselves. So she says now we're gonna ask should she cash it then
2:19.7	I think no don't cash out I don't think you should cash out. I will say that with a
2:23.8	caveat. If it would make you feel better to just have another $100,000 in
2:28.4	cash, that's fine. But I wouldn't take all the money out of the account.
2:32.5	It doesn't seem to be, it doesn't make sense to me,
	...

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