>>>
>>> AFTER
>>> AFTER MONTHS OF STALLED NEGOTIATIONS, LAWMAKERS HAVE
AGREED TO A SECOND ROUND OF
COVID-19 RELIEF.
COVID-19 RELIEF. PRESIDENT TRUMP HAS YET TO SIGN
IT INTO LAW WITH THE GOVERNMENT
SHUTDOWN LOOMING.
SHUTDOWN LOOMING. JOINING ME IS STEVE RINGO. WE
HAVE HEARD LAWMAKERS TALKING
ABOUT HOW THIS BILL IS 5000
PAGES LONG WITH A LOT IN IT.
FOR THE VIEWERS, WHAT WILL
IMPACT THEM DIRECTLY?
ESPECIALLY AS WE TALK ABOUT THE
UNEMPLOYMENT BENEFITS AND
STIMULUS PAYMENTS?
STIMULUS PAYMENTS? >> HOPEFULLY IT WILL PASS NEXT
WEEK. PEOPLE ON UNEMPLOYMENT
RIGHT NOW, WITH THE ADDITIONAL
BENEFITS, THEY COULD LOSE OUT
ON IT.
ON IT.
ON IT. >>
ON IT. >> Reporter: WHAT ARE SOME OF
THE MAJOR COMPONENTS OF THE
LEGISLATION BEING DEBATED.
>> PRESIDENT TRUMP FEELS THERE
IS A LOT OF WASTEFUL SPENDING
AND THERE. WITH A $600 PAYMENT
FOR STIMULUS FOR INDIVIDUALS
AND COUPLES, IT'S NOT ENOUGH.
HE WANTS IT $2000 FOR PEOPLE TO
QUALIFY.
QUALIFY.
QUALIFY. AND IT JUSTICE GROSS INCOME AT
150,000 PER COUPLE WHICH WOULD
BE $4000 PER YEAR FOR THAT
COUPLE.
COUPLE.
COUPLE. >> IF THE LEGISLATION
ULTIMATELY PASSES, COULD WE
EXPECT THE SAME LEGISLATION WE
SAW EARLIER THIS YEAR?
>> THE TREASURY SECRETARY CAME
OUT AND SAID IT COULD BE AS
FAST AS ONE WEEK. THE GOOD NEWS
IS THE IRS HAS DONE THE
GROUNDWORK AND IT SHOULD BE
QUICK PRETTY QUICK.
IF YOU HAVE DIRECT DEPOSIT IN
PLACE, IT SHOULD HIT YOUR
CHECKING ACCOUNT PRETTY QUICKLY.
>> WHAT WOULD A GOVERNMENT
SHUTDOWN LOOK LIKE, ESPECIALLY
IN THIS PANDEMIC? WE'VE BEEN
WATCHING EVERY MOVE THAT THE
GOVERNMENT MAKES TO HELP OUT
THE AMERICAN PEOPLE.
IF THE GOVERNMENT SHUTS DOWN,
WITH THAT, WHAT WOULD IT MEAN?
>> THINGS THAT ARE NOT
CURRENTLY BEING USED LIKE PARKS
AND MUSEUMS, THESE ARE
IMPORTANT FOR THE GOVERNMENT,
BUT I'M PRETTY CONFIDENT THE
GOVERNMENT WILL COME TOGETHER
AND PASS THIS BILL. THEY JUST
WANT TO MAKE SURE IT IS ENOUGH.
PRESIDENT TRUMP WANTS TO MAKE
SURE IT IS ENOUGH FOR THE
AMERICAN PEOPLE.
AMERICAN PEOPLE. >> Reporter: AND OFFICIALS WANT
TO MAKE SURE WE USE IT IN A
FASHION THAT WILL HELP THE
ECONOMY AND HELP SUSTAIN US.
WHAT DO YOU RECOMMEND PEOPLE DO
WITH THIS MONEY WHEN THEY DO
RECEIVE IT FROM THE GOVERNMENT?
>> WE SEE HOUSEHOLD DEBT AT ALL-
TIME HIGHS AT $14 TRILLION.
IT IS IMPORTANT TO TACKLE DEBT
FIRST, IF YOU CAN. THERE ARE
TWO STRATEGIES. ONE IS THE
AVALANCHE APPROACH AT THE
HIGHER INTEREST FIRST.
AND THE NEXT IS THE SNOW BALL
APPROACH WHERE YOU START WITH
THE SMALLEST DEBT AND YOU BUILD
IT UP OVER TIME.
ONCE YOU ELIMINATE DEBT, MAKE
SURE YOU HAVE AN EMERGENCY FUND
. THERE ARE SO MANY PEOPLE THAT
SPENT THROUGH THE EMERGENCY
FUND.
FUND.
FUND. WE
FUND. WE WOULD LIKE TO SEE SIX MONTHS
AND CLOSE TO A YEAR, ONCE YOU
GET CLOSE TO RETIREMENT, FOR
THAT EMERGENCY FUND.
AND IT IS IMPORTANT TO ADD
ADDITIONAL MONEY TO YOUR
RETIREMENT PLAN.
RETIREMENT PLAN. THE DOW IS AT AN ALL-TIME HIGH.
DURING THE PEAK OF COVID, THE
MARKET IS UP SIGNIFICANTLY.
IF YOU HAVE RETIREMENT ASSETS
IN THE MARKET, THERE IS A GOOD
UPSIDE. WITH THE MARKET
VOLATILITY, IT IS IMPORTANT TO
TAKE A DEEP BREATH AND REALLY
FIGURE OUT WHERE YOU ARE AT IN
REGARDS TO RETIREMENT. IF YOU
ARE IN YOUR 30s AND 40s, YOU
HAVE A LONG TIME TO RETIRE AND
THE MARKET VOLATILITY WILL NOT
BE AS BAD FOR SOMEBODY SOON WHO
IS IN THEIR 50s, 60s AND 70s.
TAKE A BREATH AND MAKE SURE YOU
SIT DOWN WITH A FINANCIAL
PROFESSIONAL.
PROFESSIONAL. TELL THEM YOUR GOALS AND
OBJECTIVES BECAUSE THERE ARE
STRATEGIES THE CLOSER YOU GET
TO RETIREMENT TO ALLOW YOU TO
PRESERVE YOUR MONEY AND GROW
YOUR MONEY AND HAVE THE INCOME
YOU NEED.
YOU NEED.
YOU NEED. >> ANOTHER QUICK QUESTION.
THERE ARE PEOPLE ON UNEMPLOYMENT
. IF THE DEAL IS NOT REACHED,
WHAT CAN THEY DO TO MAKE IT
THROUGH THIS TIME?
>> I TRIED TO BE AN OPTIMIST
AND I THINK IT IS IMPORTANT TO
GIVE YOURSELF A DAY TO SAY,
THESE PAYMENTS WILL NEVER COME
IN. I'M GOING TO FRET ON IT FOR
A DAY AND THEN AFTER THAT YOU
HAVE TO FIGURE OUT A WAY TO GET
SOME ADDITIONAL INCOME SOURCES
COMING IN.
COMING IN. REACH OUT TO LOVED ONE AND
FAMILIES TO DO WHAT YOU CAN
DURING THIS TIME. I'M PRETTY
CONFIDENT THEY WILL GET THIS
DEAL DONE AND I'M HOPEFUL JUST
LIKE AMERICANS ARE TODAY.
>> WE CERTAINLY