Financial Focus: Coronavirus and what you should do for your financial health

By Professor Anthony Rivieccio MBA PFA

In this sad state of affairs that we now see ourselves in because of the coronavirus, we will not comment on the health concerns, except to say, please be safe and careful.

But while our government tries to find ways to safeguard the US economy, The Federal Reserve has lowered short term interest rates to nearly zero percent.

This will no doubt have a trickle-down effect on long term interest rates as well.

So, how do you dare save money in Banking accounts? At 0% interest?

What should you do to make your money healthier, while you’re self-quarantined?


Mortgages normally follow 30-year bonds. One year ago, they were 25 percent higher . Thus, refinancing your home now can save you at least 25 percent.

Student Loans

Student Loans normally follow 10 year bonds. One year ago, the interest rate was down seventy percent. Now would be best time to go back to school

Credit Card Debt

While credit card companies have their own interest rate ceiling, normally at 18 percent or better, consolidating your debt, even at say a 6 percent plan, for example could save you over 65 percent.


Think your favorite pair of shoes or sneakers at $75. If they were at $50, would you buy another pair at 33% off? Would you buy 2 pairs? Exactly!

Well , stocks normally work the same way, so make sure you get credentialed advice, but seriously consider moving into the market now, especially at zero percent bank rate interest!.

Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr.  Rivieccio is an Adjunct Professor of Business, Finance & Accounting at the City University of New York and Monroe College. You can reach Anthony at 347.575.5045.

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