The stock market looks to continue it’s free fall as the coronavirus concerns deepen throughout the world. Knowing how to navigate the pandemic with your financial portfolio is difficult. Dustin Stanley, independent financial planner of Strategic Wealth Designers joined WDRB in the morning to talk about what investors should consider as this correction is happening.
“We’ve entered the bear market territory for the stock market, which is a drop of 20% or greater, the average drop (in a bear market) is 38% and we’re not quite there yet,” Stanley said. “I truly believe we have a little further to go before we start seeing some positivity, look at today, pre-market we’re already down between 3 and 4%.”
Jobs reports are showing millions have been laid off and filing for unemployment. Europe continues to reel with massive spread of the virus throughout regions of Italy, Spain and France. The United States government has begun talking about a stimulus incentive to help with entire sectors of the country being shut down. When it comes to your personal financial investments that may be sitting in a 401K or IRA retirement account, WDRB viewers submitted several questions asking what changes they should make to their investment positions.
“If you are in later 30’s or early 40’s, they should probably go in and start maxing out their 401K right now, everything so low, it’s almost like your buying things on sale,” Stanley says. “If you are close to retirement or already in retirement, you really need to pay attention to what is happening right now.” Re-balancing the investment portfolio is a re-positioning of assets that fit your financial retirement goals as life changes shift your landscape. Re-balancing can be done effectively by doing lateral financial investment shifting without losing by selling out of some stocks.
“If you look at small cap stocks right now, it’s aggressive, it’s going to be down the most, you may want to pull back on that right now, international exposure, I think the US economy is a little more stable and able to handle things like we are going through right now,” Stanley says. “You talk with your financial advisor or a financial professional to make sure what you are in (your investments) match what your goals are at this point in life.”
To learn more about this financial topic and all market updates visit https://WDRB.com/MoneyMatters
- Floyd County Prosecutor Keith Henderson dies
- Male found shot dead in Portland neighborhood
- Oldham County preacher dies after weekslong battle with COVID-19
- Stonehenge mystery solved: Scientists work out where huge stones came from
- Coronavirus cases rising in Kentucky children, doctor says
- Chairman of Bullitt County Planning Commission under fire for controversial comments
- Suspect arrested after 29-year-old woman shot to death in Newburg neighborhood
- City monitoring recent traffic pattern changes in the Highlands
- COVID-19 cases identified at two southern Indiana high schools days after reopening
- Negotiators report progress in coronavirus relief talks