The coronavirus pandemic and resulting recession have been hitting everyone — including billionaire businessman Warren Buffett.
Most of the companies making up his massive conglomerate, Berkshire Hathaway Inc., felt “relatively minor to severe” effects from the COVID-19 outbreak during the spring and early summer, Berkshire’s most recent earnings report reveals.
One of Buffett’s businesses, aircraft parts maker Precision Castparts, cut 10,000 jobs and dropped in value by $9.8 billion, because people are flying less, the report indicates.
Even so, Berkshire reported an 87% jump in quarterly profits — so Buffett would seem to be weathering the crisis just fine. See what the folksy financial guru has said in public comments about how to protect your money and keep debt under control as the virus rages.
Take advantage of low interest rates
shop around and compare mortgage offers from several lenders.
Always be ready for the worst
find multiple life insurance rates tailored to your family’s needs and costing as little as $1 a day for $1 million in coverage.
Don’t carry credit card balances
into a debt consolidation loan — at a much lower interest rate than 18%.
Be careful with stocks
automated investing services automatically adjust your portfolio to give you some cushioning whenever individual stocks or whole sectors go off a cliff.
Stick to your long-term plan
connect with a certified financial planner online and inexpensively, to keep you on track toward your long-term goals.