Six months after the COVID-19 pandemic wreaked financial havoc on households and business owners in Reno and Sparks, many still are working to get themselves back on solid footing.
At the same time, they worry if they’re in good shape to weather another big economic disruption should the pandemic surge again.
We asked four leading financial advisors in Northern Nevada for their best suggestions for consumers and business right now. Here’s what they told us:
“These times show us that being prepared for the unexpected is critical. One of the best ways to do that financially is by starting an emergency savings account. Creating healthy savings habits can yield lifelong benefits for you and your family. Greater Nevada Credit Union is just one of many banks offering special accounts with high-interest rates to get you started. Several studies show people who know how to save often feel more confident in their financial future and more satisfied with their lives. And we could all use little more of that right now.” — Dean Altus, Chief Credit and Retail Officer, Greater Nevada Credit Union
For challenged consumers
“Organization and education is key to overcoming the financial barriers faced by Nevadans today. There is always a way forward, options to explore, and help available, no matter how challenging your situation. It is critically important to take the time to understand your entire financial situation and become an expert on the nuances of each obligation and asset. Disruption is also an opportunity for positive change. In hindsight, many of our clients say the changes they made during times of economic crisis — while stressful — were necessary to reset their lives or careers for the better. Remember, you are not alone!” ‑ – Alma DeLeon, Certified Credit Counselor, MoneyManagement.org
“2020 has been a year of worry and restriction for most, but take this as an opportunity to strengthen your financial well-being. It is a great time to think strategic while planning for the future. Take advantage of recent market volatility by rebalancing your investments, perform Roth IRA conversions, or simply start investing. Small steps today yield large returns in the future.” — Josh Rennie, Advisor, TCI Wealth Advisors
For business owners
“There’s no doubt you’ve been forced to reinvent some aspect of your business. Cash may be scarce at this point, but knowing you’ve been able to weather the storm so far speaks volumes about your ability to manage. Banks like that. They also like to help strategize because your bank is invested in your success. Even businesses who are doing well during the pandemic should plan cash reserves to carry operating costs for a minimum of six months. A good business banker is your sounding board and advisor to help you achieve this goal and navigate the uncharted waters ahead.” — Teresa Courrier, Senior Vice President and Commercial Lending Officer, Plumas Bank