While we can’t claim to be financial gurus, we do know that ‘Rona has all of us feeling some typa’ way about our financial futures. Will my 401k survive? What about all my other investments?
We’re serving up our best tips for how to keep a cool head about all of this. The first thing is to remember you’re not alone. When the stocks aren’t doing so hot, all of us are “commiserating in company.” It may not help you feel better about that retirement home you’ve been eying in Boca, but markets are resilient and after they tank, the rise again. That’s the ebb and flow of it all.
TLDR; Our biggest piece of advice for you during these times of financial uncertainty is to ride it out.
If you’re young, you have nothing to worry about. When you made a decision to invest for retirement, or maybe even a big milestone, you knew you’d have to keep that money stowed away for at least a few years. And with that comes the volatility of the world’s ups and downs. Right now, we’re in a “down.” A huge down. But this too shall pass. It always does.
Look back to the ’08 recession or September 11th and remember how those made you feel. Most likely, your portfolio bounced back from those, and it will bounce back from this, too.
Another piece of advice? Stop looking! We know stocks are bad right now. We also know it’s a pretty dumb idea to take all of our money out and jump ship. So why do you keep looking at how your retirement fund is doing? You can’t even take that money out right now anyway, so why watch it suffer? Play in the camp of “Ignorance is bliss” for a little bit while the Corona craziness subsides.
And on a positive note, if you have bonds, you’re in good shape. Bonds are doing okay.
All in all, if it wasn’t gonna be Corona Virus, something else was going to come along to correct the stock market. Hang tight and ride the wave of uncertainty. Things will get better!