Warren Buffett On How To Financially Survive COVID-19

Warren Buffett says this is how to financially survive COVID-19

Doug Whiteman   MoneyWise  May 15, 2020

When Warren Buffett speaks, investors listen. The folksy financial guru who eats at McDonald's and still lives in his hometown of Omaha, Nebraska, is a billionaire many, many times over, so followers hang on his every word for tips on how they can be wealthy, too.

Lately, ears have been pricking up as Buffett has shared some money wisdom about the coronavirus calamity.

Always Be Ready For The Worst

They don't call him an oracle for nothing. The multibillionaire said during an interview in March: "I've always felt a pandemic would happen sometime."

Last year, he warned that we were due for a "megacatastrophe." It would be some kind of "total surprise" that would dwarf devastating hurricanes Katrina and Michael, Buffett warned his Berkshire Hathaway company shareholders, in a letter.

He said Berkshire, which is big in the insurance business (it owns Geico and other insurers), would suffer massive losses — but would be ready for business the next day.

A good way for you to prepare for whatever comes is by buying life insurance to protect your loved ones. In just 90 seconds, you can find multiple life insurance rates tailored to your family’s needs and costing as little as $1 a day for $1 million in coverage, depending on your age and where you live.

Don't Carry Credit Card Balances

Buffett says if you're carrying credit card debt, get rid of it

With layoffs skyrocketing during the outbreak and lockdowns, Americans have been piling on more credit card debt: 47% now carry balances, up from 43% in March, and nearly a quarter say they've taken on more card debt amid the economic crisis, a CreditCards.com survey found.

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