• by Melynda Fuller , July 21, 2020

Money has teamed up with finance expert David Bach for this month’s cover story — a guide to financial recovery during COVID-19 and an additional “First Time Home-Buyer Challenge.”

Bach’s guide speaks to issues like cost-cutting wherever possible. They include refinancing debt and looking into forbearance plans for mortgages, rent, car payments and credit cards, building an emergency account and seeking out new financial opportunities across stocks, bonds and real estate.

Bach stated: "This can be a time to survive or a time to thrive, and I want to help people around the world realize there are things they can do right now to protect, secure and improve their financial situation."

He also makes predictions for the future: “The third and fourth quarter of this year could be very rough. There will be new rounds of layoffs and bankruptcies and people may need more 'financial runway.' But markets will eventually fully recover and massive wealth will be built as a result of this time. Take nothing for granted, your health or your wealth.”

Bach and Money’s 5-Step “First-Time Homebuyer Challenge” advises potential home buyers of the most important steps to take ahead of searching for a first property.

Mike Ayers, executive editor of Money, stated:  "With mortgage rates at an all-time low, now is a great time to purchase a home, especially for first-time buyers.  We make it easy and help people navigate the often-complicated world of buying a house."

The guide covers topics like figuring out what you can afford to purchase and how to save money during the life of a mortgage loan.