You know to wash your hands to protect yourself from the coronavirus, but do you know how to protect your money?
It’s no secret that coronavirus (COVID-19) has been a major disruptor to nearly everything in our lives the past few weeks. And it’s not over yet. Every day the respiratory illness, which began in Wuhan, China, trickles out across the globe, affecting us all in ways we’d never imagine.
Although we can agree our personal safety and well-being is more important than our money, we also can admit that we want to keep our assets safe during this unusual and (let’s face it) scary time. Whether you have money in the stock market (already down over 12 percent) or are in the middle of flipping a house to sell, you could be losing money right now. Most people are…
Here are a few things to think about regarding coronavirus and your money:
- Know your assets: This may go without saying, but you should know how much money you have in the stock market, how much interest rates are changing with the dynamic nature of this virus. Knowing exactly what you’re dealing with helps you to individually adjust the ways in which you invest or spend your money. Although we’re in the throes of the outbreak, it’s always better to be proactive than reactive.
- Stay aware & be ready to act: If you have the financial flexibility to move some money around to match your money rules; perhaps buy property, stock, cryptocurrency (like Bitcoin) when the prices are right – get help from an expert. Economic downturns (and the potential for a recession) are just part of the cycle.Although this outbreak is turning the market upside down, it will eventually balance out.
- Learn how to make money, in these trying times: We’ll give you the tools and the team to not miss a beat in this dynamic economy. Join our community, attend a webinar, or chat with us in person at one of our live events.
For any additional questions about how to manage your money during the coronavirus outbreak (and aftermath), contact Loral & her incredible team of financial experts at (775) 430-5523 or by sending us an email.