by Jacques Poujade
The world is going through a strange time right now. There’s no question that 2020 has brought with it a lot of challenges, but it’s also important to realize that it’s bringing a lot of opportunities as well. Understanding and staying on top of the many changes that this year brings, however, is the difference between powering through the chaos and getting left behind in the dust.
As one of the leaders in the financial field, I have dedicated my life to ensuring people know how they’re spending their money and that they’re doing so responsibly. It’s with this passion that I’ve worked for several decades through both the best and worst times in recent history. Many people have asked my opinion on the state of our world which is why I’m sharing what I believe the unemployment crisis mean for lenders and borrowers.
There’s no doubt that the unemployment crisis coming out of the pandemic will change the way we all do business in more ways than just whether or not we shake hands. Everyone is going to have to adapt to a new normal where uncertainty changes how we spend money. The Unemployment Crisis is the first time that many are realizing their funding can go away overnight and will be more conscious of purchases due to that. By respecting that and adapting to the new normal, we have a huge opportunity for growth as both lenders and borrowers.
This can be an uncertain time for lenders, but an important one to understand the climate and stay ahead of the news. The bright side to circumstances like these is that the government is releasing new ways to reinforce borrowing now more than ever. As a lender, it’s important to stay on top of these changes and understand how they can positively impact your business and client relationships. Being a great observer of events and communicating that to your clients or potential clients is one of the most important parts of being a great business leader in times of uncertainty. Learn more about my take on how to establish and maintain good communication with your network here.
It’s important that borrowers understand what to expect with your current loan or one that you’re considering applying for. For current borrowers, it’s important to keep up with your loan and pay ahead if you can. With the uncertainty that seems to be embedded in most parts of our lives right now, it’s important to prioritize your loan more than ever. This helps to ensure that if there is a time that you are directly impacted by the unemployment crisis via a layoff, you’rr that much closer to paying off your loan. Likewise, staying on top of financial trends is vital to ensure that you’re borrowing responsibly. Learn more about one of the most popular trends, cryptocurrency, here.
While it’s an uncertain time, it’s also a wonderful opportunity to sit down and take a moment to improve yourself and your business for the better. Through the unemployment crisis, we can become something better with the right thoughtfulness and strategy.