The corona crisis is having a massive impact on the economic situation worldwide. Many companies face bankruptcy after a standstill of several weeks, some employees no longer receive a full salary. Now there are concerns that fixed costs such as rent, insurance or other bills can no longer be paid. Nevertheless, it is currently likely to help some financially "that, because of the restrictions, they spend less money in everyday life because shops and restaurants are closed," explains Henning Jauernig, financial expert and author of "Young Money Guide", in an interview with spot on news.
Postpone rent
Jauernig can also calm some people's concerns when it comes to rent: "Consumers who can no longer pay their rent due to the Corona crisis can at least suspend their rent for three months without the landlord being able to give them notice." However, he emphasizes that tenants are still obliged to pay the rent, as this is only postponed.
"Even home buyers can rely on the moratorium created by the law. According to this, a consumer can refuse payment until June 30, 2020 if he suffers from the effects of the Corona crisis," added Jauernig.
Don't sell stocks
Those who have invested their money in shares should not panic and sell everything now, but "keep calm first". "Experience shows that it makes sense, at least for long-term investors, to simply sit up and down on the stock exchanges […]. Between 1975 and the end of 2018, index funds that track the MSCI World equity index had an average return of 8 , 7 percent a year – including serious crises such as the Lehman crash of 2008. Investors should not react at all, "said the financial expert. "Because only those who exit now have made the current minus on the stock exchanges an actual loss."
In addition, Jauernig sees the corona crisis as a good opportunity to enter the stock market now. Why? "Even if the stock market should go even lower, not much is lost. Conversely, if the prices recover, you benefit."