We are all navigating uncharted territory as the Covid-19 pandemic continues to impact multiple aspects of everyone’s lives. The spread of the Corona Virus has caused erratic turbulence in the global and U.S. markets as well as throughout our local economies. The biggest, and most important thing is to make sure you’re being safe. But with all of the Covid-19 market volatility, many Americans are wondering what to do about their money. Here are a few actions you can take right now to help ensure you stay financially sound.
It’s easier said than done, but it is very important that you remain calm and don’t panic. Your emotions are important, but don’t react from a place of fear and do not allow the media to form your opinions on your portfolio. The goal, at this point, is to outperform your index on the way down, and hopefully bounce back up with fortitude. Now is a great time to speak to a confidant, or therapist, or start mediating in order to balance all of your emotions. As mental and physical health should be everyone’s top priority.
Have A Plan
Given the ever changing situation, now is a good time to consult your fiduciary advisor in Orlando and make sure that your risk tolerance, financial plan and general portfolio are all still in alignment. Bear in mind, when your financial plan was first established, some degree of volatility was accounted for.
If you don’t have a financial plan in place, please seek out professional financial help. No one truly knows how the Corona Virus will ultimately affect everyone, but a financial service professional, preferably a fiduciary, will be able to construct a well laid plan, suited to your current situation. Financial strategy will provide some much needed peace of mind and during all of this market volatility, that is invaluable.
Get Help If You Need It
If you are unable to pay bills, call your creditors before you miss a payment to see what kind of assistance they can provide as a result of Covid-19. As each of them will have slightly different safety nets, it’s best to reach out individually first. Because policies are being created on the fly, stay updated, informed and proactive. There are organizations working with banks, and lenders and creditors in order to help out anyone who is struggling because of the disruption Corona Virus has caused. You can also speak with a financial advisor or certified credit counselor to help guide you, and there are even debt management plans available to help restructure your current payment method.
It’s important to prioritize your health and well being in these uncertain times. Take actions to settle your finances and achieve calmness in any way that works for you. The key now is to position yourself to be physically and financially healthy when the Covid-19 health crisis is finally over.