Advice That Can Help You Survive a Crisis

Advice From Mark Cuban, Warren Buffett and Other Experts That Can Help You Survive a Crisis

Nicole Spector  Thu, July 29, 2021

Amid a calamitous year (and then some) marked with historic civil unrest, a full-blown pandemic and a whiplashed economy, we could all use some words of encouragement. And to whom shall we turn for those prized pearls of wisdom? Might we suggest financial advisors.

These money-minded folks are able to see the state of the economy in a way that the average American doesn’t always get to see — unless they’re hiring them or their services. They bring a detached, big-picture perspective to financial affairs, understanding situations not only according to how they feel in the short term, but what they mean in the long term.

Just as people lean on mentors in their respective fields, financial advisors look to successful people in their industry for guidance and perseverance. GOBankingRates consulted 11 different money experts to learn: What quotes spoken by great financial thinkers do they turn to in these times of trouble? How can these words of wisdom help out the average American right now, no matter their money situation?

Suze Orman

“The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem. If you're not staying on top of your money, you are putting your financial well-being at risk.”

Ebony J. Howard, CPA, a financial expert for RetireGuide.com, loves how this quote “establishes how to maintain financial security.” She added that this bit of Suze Orman's wisdom is essential to help folks become adequately prepared for any crisis that may arise during COVID-19. “Ensuring that you have built an emergency savings fund to cover at least six months’ worth of expenses is the key to stay afloat — while focusing on keeping spending habits under control, lowering debts and only the necessities."

Warren Buffett

“Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”

Warren Buffett wrote these prescient words in The New York Times op-ed in 2008 during the Great Recession. Now, in the bellows of the COVID-19 recession, these words ring true again to Asher Rogovy, chief investment officer at Magnifina.

To continue reading, please go to the original article here:

https://www.yahoo.com/finance/news/advice-mark-cuban-warren-buffett-120047426.html