Staying Calm During Market Fluctuations
The Coronavirus has put the world into a tailspin. The impact has gone far beyond the individuals who have contracted the Virus and been taken ill. You hear of more and more cases in the US every day, which are causing behaviors affecting our everyday lives.
So, what can we do? STAY CALM. Being reactive is not always the best behavior, so try to be proactive. Think before acting.
The stock market has been a big focus in recent weeks and people are afraid when seeing their portfolios lose value. At least part of the problem is attributable to people’s reactions to the wide-spread Virus. While I am not a financial guru and don’t have a crystal ball, I offer these practical tips on trying to ride out the tide in this tumultuous time:
- First of all, stay calm or try to stay calm.
- Don’t make any decisions based on fear.
- Talk to your financial advisor regarding your portfolio – they are there to help you.
- If you don’t have a financial advisor, think twice before taking steps to liquidate any securities.
- If you have extra cash, now might be a good time to do some investing when prices are low.
- Most of all, remember that a recovery is likely, so be patient.
Sound advice!