FARMINGTON HILLS, Mich. (WXYZ) — With so many people out of a job, it’s near impossible not to worry about your financial future.
One local financial advisor is helping guide people through this difficult time.
Rick Bloom is the President of Bloom Asset Management, a company he and his brother started 36 years ago. He has been taking questions over the phone, as well as using Zoom to connect with client and non-clients alike.
WE’RE OPEN DETROIT: Rick Bloom with Bloom Asset Management has been answering financial questions for clients and non-clients alike. He says the stock market will likely remain volatile, but depending on your goals now might be a good time to invest. @wxyzdetroit pic.twitter.com/rTHupZxPl7— Ali Hoxie (@ali_hoxie) April 17, 2020
Bloom says now might be a good time to invest in the market now that stocks are down.
"Well I think it is a great time. I mean think about this, Wall Street is the store I know of that people run away from when it is on sale, usually we run to the store when it is on sale,” said Bloom.
As for those in retirement, Bloom says don’t invest based on age but your goals.
“The first thing I would tell someone who is retired is do you need money from your portfolio right now, if you don’t need money from your portfolio that is one thing. If you’re an investor that needs money, then you need to, you know, prune down those stocks to make sure you have investments that can produce income on a regular basis,” said Bloom.
Bloom has been setting up Zoom meetings and telephone conference calls to educate both clients and non-clients.
On Wednesday, April 22 at 2 p.m., Bloom will be hosting a conference call with the Better Business Bureau.
The focus of the meeting will pertain to stimulus check scams. To sign up to be apart of the conference call, click here.