Mar 31, 2020

Staying Financially Smart During Trying Times

a pink piggy wearing a mask

Hughes remains committed to your financial future. Even as things shift, we're here to help you make wise choices with your finances and investments. Here are a few things to keep in mind:

Your Money Is Safe

We know that it's easy to worry during tough or uncertain situations, but you can rest easy knowing that Hughes and other financial institutes are here to safeguard your money and investments. Your money is safest with a bank or credit union, because government-backed entities such as the FDIC and NCUA insure your deposits and protect your funds. All savings accounts at Hughes are insured by the NCUA up to $250,000, and IRAs are separately insured for $250,000. For more information on how the NCUA keeps your money safe at Hughes, download this PDF flyer.

Stay Calm and Watch for Opportunity

As with any significant world-wide event, COVID-19 has left it's mark on the economy. While it is understandable to want to withdraw money from investment and retirement accounts, doing so could potentially be devastating to your portfolio and long-term wealth. This is not the first or the last time the stock market will fluctuate, and there may be some great opportunities to invest as the market changes. Remember to consult with a financial advisor to help you make the best decisions for your particular situation and stay on track to meet your financial goals.

Be Aware of Scams

The FCC has reported that scams relating to COVID-19 are on the rise. Be cautious when answering phone calls from numbers that you do not recognize as there are reports of robocalls and text message scams offering virus testing kits, fake cures, bogus work from home opportunities, and false loan or debt repayment offers.

Scams related to the coronavirus relief plan are also on the rise. The FCC is warning consumers to beware of scammers trying to get a hold of your stimulus check. Beware of calls, text messages and emails that promise a speedy delivery by paying a “processing fee.” The Internal Revenue Service (IRS) will deposit your check directly into your account provided on your 2019 return or will mail you a paper check. More details on the “Coronavirus Aid, Relief, and Economic Security Act” or the “Cares Act” will soon be available.

We are here to help! If you are experiencing hardship as a result of COVID-19, please send us a secure message, or call us at 520-794-8341 to see if we can tailor a plan for your specific needs.