Just about everyone has been touched in some way by the ongoing coronavirus pandemic. This includes even the wealthiest, such as billionaire businessman Warren Buffett.
Here are some public comments Buffett has made about how you can keep debt under control and protect yourself as the pandemic continues.
Prepare for the Worst
No matter what life might throw at you, you should always be prepared in case the worst happens. Although it’s a bit too late considering the current crisis is already a thing, this is something you should keep in mind for the future.
For example, having life insurance in place is one of the best things you can do to help ensure that your family is financially protected.
Take Advantage of Low Interest Rates
If you’re able to, right now is a great time to take advantage of low interest rates, even if you have to borrow money to do it. However, lending money isn’t such a great idea.
In other words, this is an excellent time for homebuyers and homeowners to borrow thanks to the feds cutting interest rates to almost zero.
Keep an Eye on Your Stocks
When purchasing stocks, you should be really careful at this time. That’s because entire industries are being ravaged as a result of the coronavirus, including restaurants, retail and entertainment.
No matter what stocks you decide to purchase, automatic investing services can be one solution since it can help provide a cushion to your portfolio in the event that individual stocks start to plummet.
Rid Yourself of Credit Card Debt
Whatever you do, try to avoid piling on credit card debt. And if you find yourself with extra money, the first thing you should do is pay off any credit card debt so you can have more money on hand, and less to pay in interest rates.
A good first step many people can take is to look into a debt consolidation loan at a much lower interest rate than what your current cards might offer.
Stick to your Long-Term Goals
One thing you should keep in mind is that this pandemic is only temporary. That means you shouldn’t let go of your long-term goals for short-term rewards.
Plan ahead so you can survive the current crisis. Spend as little as you can and avoid piling on debt. This is your best bet to help insure that you don’t find yourself facing even bigger financial issues in the future.