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There’s a lot of concern and uncertainty throughout our communities and the world as we collectively respond to the growing threat of COVID-19, also known as the Coronavirus. As we focus on taking care of each other by helping one another stay as healthy as possible, we are also facing financial concerns. When significant events occur that impact our country and the world, the financial markets respond. These bumps, dips and significant declines have happened throughout history and will occur in the future.It’s important to remember however, that history has shown the market to course-correct for the better. It can be difficult to keep this perspective as you watch the news, likely leaving you with a sense of unease and urgency, possibly wondering, “is there something I should be doing?” Believe it or not, in most cases the best thing to do in any of kind of market shake-up is to hold your position.
1. Look Closely at Your Time Horizon—One of the first things I remind clients in times of uncertainty is to view your financial management plan through the lens of time horizon. Understanding where your financial goals fall in the future significantly helps you make better choices in the moment. When you look at the market’s history, you can deduce what lengths of time will yield different conditions. For example, if you have less than three to five years in the market before you need all of your money, you probably shouldn’t be in the market do to risk and the speculative nature of that immediate timeline.
2. Remember Who You’ve Invested In—It’s likely you approached your investment portfolio wisely, understanding who and what you have invested in. It’s understandable to be anxious in a time of decline. However, it’s important to remember and revisit why you’ve made the investments that you have. Consider if those reasons and facts still hold true. This is an exercise you should do periodically even before a downturn in the market occurs. Keeping a pulse on your positions keeps you engaged and intimately aware of the decisions you’ve made.
3. Take Comfort in Diversification—An effective financial strategy is a diversified one. It’s likely that if you’ve worked with a financial advisor, your investments include a variety of assets. As the saying goes, don’t put all your eggs in one basket. If you are diversified, your portfolio is more likely to withstand declines in the market that may only impact certain industries or commodities for example.
Never hesitate to reach out to a trusted financial advisor with questions are concerns that you have regarding your financial plan – especially in environments like today.If you have questions and need guidance, we’d love to help you feel more secure about your financial investments and future. Call us at 803-791-1111 or drop us a message on our Contact page.A diversified portfolio does not assure a profit or protect against loss in a declining market.
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Investment Advisory Representatives offer advisory products and services through Longleaf Advisory Services, LLC, a Registered Investment Advisor.
171 Lott Court
West Columbia, SC 29169
All Rights Reserved | Longleaf Advisors
Investment Advisory Representatives offer advisory products and services through Longleaf Advisory Services, LLC, a Registered Investment Advisor.