Actions

COVID-19 hitting some bank accounts hard. We have some advice

money.jpg
Posted at 4:00 AM, Apr 24, 2020
and last updated 2020-04-24 05:33:31-04

BUFFALO, N.Y. (WKBW) — According to Anthony Ogorek of Ogorek Wealth Management, this financial crisis due to COVID-19 is incredibly unique.

"What we see today is a health crisis driving a financial crisis," Ogorek said.

Ogorek says the phones have been ringing consistently with people asking for help. The ones hit the hardest are those who just retired. He suggests they start making some changes.

"Take a look at your spending," Ogorek said, "Be like a corporation... look at head counts and ways to reduce expenses."

Due to fewer cars being on the roads, Ogorek says there are insurance rebates to be had.

"15% to 25% on premiums," Ogorek said.

He also suggests not taking out a loan on your 401K just to get a quick fix. That's because if you lose your job, that loan must be paid back within 60 days.

This economic downturn is not going to last forever, and Ogorek thinks the best thing for people to do is being prepared, not panicked.

"It's not as bad as you think, but you need to know what you owe," Ogorek said. "And in the event that changes need to be made, you have to take a close look at that."

For anyone that may have a financial question for Ogorek, you can send me an email at jeffrey.d.slawson@wkbw.com, or reach out to Ogorek directly at the website for his company here.