How to Handle Coronavirus Market Meltdown: Advice from the Pros
Is there a scarier word than "pandemic"? In addition to the human toll, the coronavirus spreading around the world is also sickening supply chains and denting GDP growth. The Kiplinger Letter is forecasting a realistic, worst-case scenario wherein economic growth is cut in half, to something like 1.6% this year. (See How Hard Will Coronavirus Hit U.S., Global Economies?)
No wonder stock markets are in a spiral. What should investors do?
We reached out to the financial planners who contribute to our Wealth Creation channel to discover what they're telling different types of clients. Here is what they had to say.
This Is a Big Test (and an Opportunity!) for Younger Investors
By Paul V. Sydlansky, CFP®
As much as we knew a drop was eventually coming and have continually told clients this bull market will end, when it does happen it is scary (especially when the situation could also pose a physical risk to your health). This is hard. No one likes to lose money, especially this fast and with no real end in sight.
For my younger clients with young families (those in their 30s and early 40s) who have had little experience with this is a real test. For most, it is their first real downturn, because they weren't investing
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