In the Media
But if you’re struggling to pay the rent or other bills, new investments — even well-intentioned ones — are ill-advised at best, says Howard Dvorkin, CPA and chairman of Debt.com.
“If I had a dime for every time one of my clients asked me, ‘Should I buy silver or gold during a recession?’ I still wouldn’t buy or invest in silver or gold. Precious metals do skyrocket in value during recessions, but silver and gold don’t help you when you have bills to pay,” he says.
According to a 2019 survey conducted by Debt.com with Moneywise.com, 38% of respondents reported that they saw their credit score drop by more than 50 points after separating from their partner.
A 2019 Debt.com poll found that only 67% of American households prepare a monthly budget.
Debt.com surveyed over 2,600 people in February 2020 and found that close to 80% said they do use a budget.
“Not only do you have the emotional challenges, but you also have the financial challenges,” Howard Dvorkin, a CPA and chairman of Debt.com, tells Business Insider. “My advice is plan, plan, plan.”
Howard Dvorkin, chairman of Florida-based Debt.com, told FOX Business he suspects the program will be riddled with fraud, which he noted was “sad” considering many businesses that actually need the assistance may not get it.
One example of potential fraud Dvorkin foresees potentially occurring is a person who may have fired all of his or her staff and applied for a loan, with no intention of rehiring workers, and then files for bankruptcy protection.
On the other hand, Howard Dvorkin, chairman of Debt.com, told FOX Business the IRS is right to disallow “double dipping.”
“If you’re getting free money, you shouldn’t get the tax deduction for that,” Dvorkin said. “The taxpayers in the end are paying for this.”
Howard Dvorkin, CPA and Chairman of Debt.com, says that although you should be cautious, you can’t believe all the bad propaganda that’s out there. “Yes, there are a few companies that are bad, but you can’t just paint the entire industry with one paintbrush,” he says. “Some are very good and they do the right things.”