This COVID-19 pandemic and the associated emotional and financial impact has been unprecedented.
We are all (individuals, businesses, governments) reacting and adapting on a seemingly day-to-day basis. At Brown Financial Security we have been talking with clients and community members like you about what is happening with their financial plans.
Here are the 2 Simple Secrets (themes) that I have taken away from the very recent flood of opinions and analysis on investing during COVID-19:
Take the emotion out of your investing
- Your ‘gut reaction’ is not likely your best guide for making long-term financial decisions, a good plan is still a good plan, stay the course
- You don’t need more stress in your life right now, you’ve got more important things to focus on like your health, your family and your community
- Leave your quarterly statement in the envelope and don’t worry about the headlines, do a review after the quarantines and self-isolations are over
- If you want to talk, call a licensed advisor for an objective discussion
There will be a recovery, there always is – markets are amazingly resilient
- Believe me, no one knows what will happen in the investment markets on a short-term basis (e.g. days, months), but history gives overwhelming evidence that well-managed portfolios deliver outstanding results over the long-term – particularly after crisis- related downturns
- Market corrections are a natural part of the investment cycle, they ‘let the air out’ of investment bubbles and create opportunities
- This is not the right time to sell, no one’s investment plan should include “Sell Low”, some of the all-time best days on major equity markets follow very closely to the all-time worst days – ‘Time in the market’ is more important than ‘Timing the market’.
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