DO NOT MOVE YOUR INVESTMENTS__
The Coronavirus has a global grip on everyone, everywhere. From traveling to employment, we all feel the effects of the Coronavirus outbreak. Especially in the Stock market. The Dow industrial average dropped 10%, which was the biggest drop in 33 years. And with the significant drops in the market, those who are not financially prepared will feel the financial pressure. Many businesses are cutting back on hours of operation and staff because they do not have sufficient funding. And now it really hits home!
Whether you live from paycheck to paycheck, or you have a solid financial foundation, the below list shares the most important things to do with your money even when we are faced with a pandemic due to the Coronavirus:
1. According to CNBC’s article, “The Most Important Things To Do With Your Money During The Coronavirus Outbreak”, by Alicia Adamcyzk, DO NOT MOVE YOUR INVESTMENTS. Christine Benz also stated, “You must be willing to tolerate some uncertainty and risk…if you want to outearn the inflation rate.”
2. Reassess your goals. Life happens and goals change. Whether you plan to purchase a home, or need to make adjustments to your retirement plan, now is a good time to assess where you are and strategies to achieve your goals.
3. INCREASE EMERGENCY FUNDS! This should be your TOP priority to build an emergency fund of three – six months’ worth in case of job loss, sickness, etc.
4. Support others financially, if you’re able. Continue to patronize reputable businesses, including an extra generous tip for your server.
Additionally, start on a financial protection plan today! I have family members and close friends who have leaped into action as a result of the Coronavirus. Make the time to prepare now, stick to your plan, and you’ll be prepared to weather any storm or pandemic.