10 Dollar Do And Do Nots During The Pandemic
It is hard for individual investors to stay focused on long term goals when in the current financial environment jobs are disappearing, businesses are failing, legislators lack leadership, markets are volatile, and retirement balances shrinking.
Here’s a few practical tips how to proceed in pandemic times:
2. Don’t be afraid to keep investing if the right opportunities present themselves and you have the means, there are bargains in the market right now;
3. Take advantage of offers to put off till tomorrow what payments you can, make only minimum payments on your credit cards;
4. Keep adding to your emergency fund (use your stimulus check to beef it up a bit) – the pandemic is still with us and a recession may be right behind;
5. Hold off on any major purchases till the dust settles, put off non-essential repairs;
6. Social distancing should not be equated with online shopping sprees;
7. Revisit your retirement plan and take advantage of any new flexibility thanks to the Cares Act and SECURE Act changes;
8. Take this opportunity to rebalance and diversify your portfolio for the long term;
9. Consider falling rates – this may be a time to refinance;
10. Revisit your risk tolerance, and ask for a portfolio assessment from your TFGFA professional.
Reach Out To Us: Turbulent times call for tough survival strategies. Be proactive, but do not panic. Yes, markets are shifting, stocks are see-sawing, and the pandemic has created a global economic domino effect, however, remember your portfolio reflects your goals. Stay focused on what is important to you in the long run, whether it is funding your child’s education, enjoying a comfortable retirement, or leaving a lasting legacy. We’re focused on helping you find the right options and educating you on your choices, so you make the right moves – not just during this crisis but beyond. Feel free to contact me, Cory Lyon, directly at 561-209-1120, for a complimentary portfolio review and analysis. My goal is to assist you in making informed decisions, and I act as a fiduciary for all my clients.
TFG Financial Advisors, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.