Because of the sweeping layoffs and closures caused by the coronavirus pandemic -- the effects of which were felt as early as March -- the economy is bruised and battered. The question on everyone's mind is, of course, how these turbulent economic conditions may affect them. Here are three things that are likely to remain higher than usual for the foreseeable future: 1. Unemployment. Looking to get a better job? With over 40 million Americans filing for unemployment during the pandemic and the real jobless rate purported to be at a staggering 24%, you might be better waiting out the economic storm. While the number of weekly jobless claims has dropped eight straight weeks since topping out at 6.9 million in April, it still marks 10 consecutive weeks with claims exceeding 2 million. To put this in perspective, before the coronovirus prompted the shutdown of  businesses across the U.S., weekly U.S. unemployment claims had averaged 218,000. Needless to say, those applying ...

At the time of this writing, confirmed global cases of coronavirus surpassed one million. The world is grappling with an unprecedented pandemic -- the likes of which most of us have never witnessed before in our lifetimes. COVID-19 has claimed close to 53,000 lives throughout the world, and that number is  expected to surge in the next week or two. Nearly 6,000 people have died in the United States alone -- well over 2,000 more casualties than China. Italy still leads with a staggering 14,000 deaths, followed by more than 10,000 reported in Spain. The coronavirus has sent markets reeling and caused businesses big and small -- from bars and restaurants to theaters and hotels -- to shut their doors and lay off or furlough workers. Indeed, the outbreak is taking a heavy mental and financial toll on everyone from medical staff on the front lines to entrepreneurs to stay-at-home moms. A whopping 10 million Americans applied for unemployment benefits in March. Some experts ...

Many of us complain of being strapped for cash, forcing us to put off vacations and even milestone events like graduation, marriage and having kids. But we don't realize that our poor spending habits are likely to blame. Whether you're living on credit or spending significant sums on stuff you may not even use, such practices add up over time, resulting in in a mountain of debt, depleted savings, and other unfavorable consequences that can wreak havoc on your life. Look in your closet or drawers. Do you have various items that still have price tags on them? That probably means that you bought them to jump on a sale, not because you really wanted them in the first place. I caution people against buying things simply because they'll get something free or a second item half off, for example. It induces us to buy things we otherwise wouldn't buy if they weren't on sale. So, what happens? These things are left collecting dust at home while your bank account...

According to a recent survey, many women still want their partner to be the primary breadwinner -- or at least make as much money as they do. More than 1 in 5 women -- or 22% -- say they wouldn't date someone who makes less money than them. That's compared with 4% of men who said they wouldn't date someone who earns less than they do. Another study found 69% of women said they'd feel uncomfortable paying all the bills compared with 46% of men. These findings aren't all that surprising. Despite the shrinking gender wage gap and more women rising to high-level executive positions, women still make less money than men for the same jobs -- 83 cents on the dollar. Thus, it follows that many women prefer having a partner whom they don't have to support. But women who are this picky may be missing out on great opportunities out in the dating realm. Even if he makes slightly less money, a man may make a great partner. Other variables should certainly be we...

This week, two women at my company rejoiced in the fact that Friday was pay day. The jubilation was short lived, however, because they then realized and related that every cent would have to be used toward their mounting heap of bills. I find it utterly disturbing that people are so deep in the hole as to be unable to put any money into savings. People who find themselves in such dire financial straits tend to be undisciplined when it comes to saving money. To be fair, certain unfavorable life circumstances some people face at a young age -- from parents getting divorced to an unexpected pregnancy to drug abuse -- don't exactly plant the seeds for financial prosperity. But I have no pity for those who are in such a pickle as a result of reckless spending habits. I've beaten this topic to death on my blog, but it's worth repeating: One should always strive to live within -- or, even better, below -- his or her means. If money is tight, stay in and cook rather tha...

I recently read an article stating that 62% of Americans have less than $1,000 in savings. What's worse, 21% of them don't even have a savings account! Supposedly, Americans have been saving more since the global recession, but the stat above doesn't seem to bear that out. One of the most discussed topics on this forum is consumer behavior, as my background is in psychology and marketing. It's imperative that Americans -- and people throughout the world, for that matter -- practice saving responsibly. The best way to save money is by living below one's means. Spending hundreds of dollars on clothing and food every week doesn't help your pocketbook in any way,  especially if you have the tendency to run up your credit card bills and pay late. I'm not saying you can't treat yourself to a good meal here and there, but spending -- just like eating amd drinking -- should be done in moderation. As I tell many of my cash-strapped friends, sometimes ...