Five fundamentals to financial recovery

May 31, 2021
Saving money woman hand putting coin in jug glass concept business finance

The COVID-19 public health crisis triggered a financial crisis for many individuals and families. Whether their pain was caused by furloughs, layoffs, or pay reductions, people were thrown off track from meeting monthly obligations and from progressing toward their long-term money goals.

Now as vaccines help the U.S. edge closer to normalcy and more people regain employment, recovery can be a slow process. But there are simple steps people can take to get back on track and stay on solid financial ground, says financial planner Aaron Leak (, the founder of ECL Private Wealth Management.  

“The key to gaining back lost ground and full recovery is making sure you put the fundamental pieces in place,” Leak says. 

“One of the challenges is figuring out how to do it amid continued uncertainty with the economy. But the most important thing is to take control of all the factors of your financial situation as best you can.”

Leak offers these steps to financial recovery:

• Learn about assistance programs. Many people who are eligible have not pursued avenues of aid such as unemployment benefits, credit card hardship programs, and the Paycheck Protection Program, which is available to the self-employed and contractors as well as small businesses. “It’s important for people to understand what’s available to them,” Leak says. “Some don’t think they qualify when in fact they do, or they feel they’re being a burden, or they didn’t think the pandemic would last this long.”