PITTSBURGH — At a time when employment and financial situations are changing, what can you do to protect your money?
One of the first things, according to financial advisor David Martin, is to pull your credit report.
“If the government comes in and says nobody is going to have a late mortgage payment for these two or three months, how is that going to affect credit? So, I think a baseline for credit is critical,” Martin said.
When it comes to checking your 401(k), Martin thinks it’s a mistake to not look.
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“The thing that you need to do … and I’m hearing from everybody they don’t want to look at their 401(k) balances. I think that is a big mistake,” Martin said. “You gotta know where you are.”
Martin believes people should have a baseline and expects most people will have to rebalance their investments in the near future.
Martin thinks the economy will recover in stages once the coronavirus pandemic is behind us. He said typically after something like this, it takes about 14 months.
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