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At the beginning of the year, the coronavirus (COVID-19) crept into the US, closing down businesses, causing mass panic and a recession that has affected everyone including the legendary billionaire investor Warren Buffett. Fortunately for him, many of the companies Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) has invested in have only felt "relatively minor to severe" effects from the COVID-19 outbreak. We know this from Berkshire's most recent earnings report that revealed a pretty level portfolio performance during the spring and early summer. Regardless, Berkshire reported an 87% increase in quarterly profits giving the "Oracle of Omaha" some credibility that he knows how to weather the storm this  2020.

So what is Warren Buffett's advice for making it through the COVID-19 pandemic financially?

Take full advantage of low-interest rates

Warren Buffett is well known for making his wealth by capitalizing on opportunities. During the coronavirus pandemic, the billionaire sees incredible opportunities for borrowers in 2020. According to him, he is thankful to the Federal Reserve. In an effort to stimulate economic recovery from the coronavirus, Buffet believes the Fed Reserve "did the right thing" by cutting interest rates to almost zero. As a result, other rates have fallen respectively meaning borrowers are getting the best deals we've seen in a long time on debt. "This is a very good time to borrow money, which means it may not be such a great time to lend money, but it’s good for the country that it’s a good time to borrow money," said Buffett during Berkshire Hathaway's online shareholders' meeting earlier in the year. How can you put this advice to good use? If you're a home buyer or homeowner and have a solid credit score,  you should be looking to take advantage of today's all-time-low mortgage rates or refinancing your current mortgage before they rise again.

Prepare for the worst

There's a reason people call Buffett the "Oracle of Omaha". The investing legend said during a March interview that he, "Always felt a pandemic would happen sometime." In 2019, he cautioned investors to prepare for a "mega catastrophe," since we had not seen one in some time and that the odds pointed towards us is due for one. He said it would be a "total surprise", one that would dwarf events like the hurricanes Katrina and Michael, which we all know were as devastating as it gets (or so we thought). The "mega catastrophe" would cause massive losses for his company given the large interests it has in the insurance business (it owns Geico and other insurers). However, Buffett believed Berkshire would be ready for business the next day, insinuating the company was building positions in its portfolio to hedge the bets previously placed on insurance companies.