Coronavirus: Laid Off, Now What?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 25 June 2020

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Yes, there are signs of hope as the country attempts to safely restart the economy, at least in some places, but that doesn't mean that things don't totally stink for a lot of people out there. 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

Click on a timestamp to play from that location

0:00.0	Welcome to the Jill on Money Coronavirus Market Update. It is Thursday, June 25th, early in the morning. We are recording this right now on Wednesday as stocks are down.
0:17.0	You know, finally, I guess, a day after the NASDAQ composite hit a new all-time high.
0:22.0	We see a bit of a sell-off and as you wake
0:26.2	up this morning stretch out, get your feet underneath you, get a little grounded and
0:31.1	know that we're going to have another weekly jobless claims report.
0:36.0	They'll be, I'm guessing, a million, 1.2, 1.3 million new folks who apply for unemployment benefits.
0:43.7	There'll be 20 million people who are already claiming, so it's not going to be a great report,
0:49.1	but hopefully the numbers do start to go down a little more dramatically as we get through June.
0:55.0	That said, it is the time that we answer your questions.
0:59.5	If you have a financial question, send us an email.
1:02.4	Ask Jill at Jill on Money.com.
1:05.0	Ask Jill at Jill on Money.com.
1:09.0	Janine writes, okay Jill, I don't know if you've ever had this question before. I have a rental house and I have a 30 year fixed rate on it.
1:18.0	5.75% it will be paid off in 19 years. I have a dear friend who lives in the house and I charge him well
1:27.6	under what my mortgage payment is. I don't think I'll ever sell the house from underneath him because I just wouldn't do that.
1:34.1	I've come into some money I owe $130,000 on the house and I could pay it off now.
1:39.4	Another option would be to do a cash out refinance, take some of the money out of my house and
1:44.6	invested. What do you think would be best? I need more information. However, I'm
1:50.6	going to give you a caveat, Janine. If you have this 30-year mortgage and you could pay it off right this second and essentially this 5.75% loan, it is hard to imagine over the next 19 years that you could get a
2:08.1	guaranteed 5.75% return. So I don't think it's the worst idea in the world, but I don't know if you need the cash.
2:17.0	I don't know if you should be actually using this money to beef up your non-retirement assets or if you should use this money for something else going on.
2:28.0	So I just want you to be careful and try to take a sober view at what your current situation is.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Audacy, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Audacy and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.