People are worried about their portfolios and they should be. The declines over the last few weeks in the stock market have been fast and unrelenting. But being concerned about your portfolio at this stage of the game is a luxury.
Roughly half of the country doesn’t own stock. These people are much more anxious about their job security than the decline in the Dow.
For millions of Americans, the next few months are going to be trying times. Wages will be cut and jobs will be lost.
According to the Bureau of Labor Statistics, 82 million Americans were paid hourly rates in 2018. This represents 59% of all wage and salary workers. Of those 82 million, 434,000 earned the minimum wage, and another 1.3 million earned even less.
These people need our help right now.
To that end, Robyn and I decided to donate $1,000 to Meals on Wheels.
I’m privileged to be in a position to do something, and if you’re one of the lucky ones, I hope you’ll join me.
Below are some additional charities to choose from.
Michael Batnick is a managing partner at Ritholtz Wealth Management. He is the co-host of Animal Spirits, What Are Your Thoughts, and The Compound and Friends. For disclosure information please see here.
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