The Covid-19 virus has brought a surge in stock market volatility. So, how should an investor handle these times? Here are three things you need to do if you are investing during this Covid-19 stock market.
Check your investing methodology
Your viewpoint on investing should be the same as it was prior to Covid-19. It is done with a long-term goal in mind and emotions should be taken out of the decision-making process as much as possible. In fact, you could argue the market volatility caused by Covid-19 is a good reminder that the stock market is not a place for short-term gains.
Talk to a professional
The job of an investing professional is to give you sound advice, especially during volatile times in the market. During times of extreme volatility, a professional can also create a sound buffer between an emotional decision or a decision based on long-term goals.
Address your "personal economy"
The financial health of a person or family is much bigger than just investments. Now is a great time to re-evaluate and take a deeper look at your "personal economy". Consider your personal debt, size of your emergency fund, spending patterns and communication habits with your spouse. Tough times are great times to expose pitfalls in these areas and make improvements.
If you need help navigating market volatility or need a second opinion regarding your portfolio, please, give us a call at 320.222.4236 or email me directly at [email protected].