By Delta Jones-Walker
You probably can imagine that since the Coronavirus pandemic hit the United States, some of my clients expressed concern about their investment accounts. Now that we are in quarantine mode and the market is taking an almost daily dive, many people are borderline freaking out. When asked for my thoughts about the market, I shared the following feedback and wanted my readers to get this information too:
- The stock market is a risk and always will be. Any investment is a risk, plain and simple. Whether you have a high or low risk tolerance, once you commit to any type of investment, there is a chance that you will be prosperous, or that you can lose it all. It’s up to you whether you want to take a chance.
- Investing is a long-term process. It is better to look at investing from a “big picture” standpoint. Watching every number go up or down every day can be stressful, especially during these unpredictable times. View your investment as long-term versus day-to-day.
- Explore other ways to build wealth. Investing in the stock market is not for everyone, so it may be helpful to explore other ways of building wealth. Purchasing rental property, investing in a local business or even opening an account or IRA to build some interest on your money are a few ideas.
- Let a financial advisor help. Before you let the pandemic of the Coronavirus cause you to make a rash decision, make an appointment with your financial advisor. Take the time to go over your portfolio performance and allow your advisor to provide guidance for next steps. This can be done over the phone or via video chat.
As we all continue to adjust to the new norm of isolating ourselves through “social distancing,” and quarantines, I urge you and your families to be safe and follow the advice of health professionals. We will get through this together!
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