SAN ANTONIO – With lots of concerns about an unstable economy due to the COVID-19 pandemic, many people are looking to financial experts for advice on how to their manage money.

Rudy Torres, CEO and financial advisor of Torres Advisory Group, said he’s been in the industry for 30 years and has never seen such a drastic shift in the economy.

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“Right now, the economic situation is very volatile,” Torres said. ‘Literally, in four and a half weeks, our country has been turned upside down. Businesses have been turned upside down.”

Torres said the pandemic has led to a change in the way people spend their money.

“People had been very confident about their portfolios with the money that they had, hence then the spending was pretty high, and the economy was rolling on consumer spending. Right now, we can't do that,” Torres said.

He and other experts agree a tailored budget is imperative for financial stability.

“Everybody’s situation is different,” Torres said, adding that based on your budget, now could be a good time to invest.

“There are wonderful opportunities. You can take advantage of them through your 401K plan, and if you’re dollar-cost averaging, that’s the best way to handle this uncertainty,” Torres said.

If you don’t have a savings account, Torres said it could be a good idea to establish one.

“If you have a brokerage account, an IRA account, I would recommend that you do that. Talk to your financial person,” Torres said.

Certain accounts could be set up right from the comfort of your own home.

Torres said when investing and saving, you should consider risk tolerance and goals and always consult a professional.

To contact the Torres Advisory Group, click here.

COVID-19, the respiratory disease caused by the new virus, stands for coronavirus disease 2019. The disease first appeared in late 2019 in Wuhan, China, but spread around the world in early 2020, causing the World Health Organization to declare a pandemic in March.

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