Business woman, shark and real estate expert, Barbara Corcoran went on Elvis Duran and the Morning Show, April 15th, to discuss what people should do with their stimulus checks, how to deal with unreasonable landlords and more amid coronavirus.
Majority of people received their stimulus checks this week. 80 million people can expect the money to hit their bank accounts by Wednesday, others will be waiting longer before the cash is in their hands. You may be sitting with an extra $1200 in your bank account, but what now? Corcoran explains the smartest move you can make with your stimulus check.
What I would do is look at my credit card bills, see which credit company is charging the most interest, and make the largest payment on that card first. Then I would go right down the pecking order of interest and make minimum payments so I can stretch it out, give myself a little room where my money can stretch as far as it could. That would be the first place I would spend it. Assuming you don't have to use it to buy groceries for your kids and of course those kinds of things should come first. But the credit card is most responsible for people's worries right now and that's a great use of the money.
Corcoran goes further explaining how people want to know how they are going to make ends meet, "Fear is paralyzing people," says Corcoran. Her advice? You need to take control of anything you currently have control over and prepare for life after quarantine. Pick up new skills, update your resume etc.
When it comes to landlords, we are seeing many in the news paying out people's rents for the next few months as more Americans lose their jobs, however that isn't the norm. What should you do if your landlord is trying to get you to move out or your lease is coming to an end? "Stop paying your rent if the landlord does not want to cooperate. The landlords are not permitted to evict you."
Corcoran also breaks down how you should spend your time, what to do in the stock market, and whether or not to buy or sell homes at this time. Listen above to her full interview with Elvis Duran.