During a time of pandemic, you may have asked, “What do I do now?” From a personal finance perspective, we have a few suggestions:
- Don’t panic – retirement accounts lose value and gain value in moments of time, but, in the long run, they provide a good return to investors. Experts say that time in the market is more important than timing the market, so, especially if you don’t need the money now, avoid panic selling.
- Evaluate your risk tolerance – if your long-term savings have been in volatile investments, are you going to be okay through the market’s ups and downs? This may be a good time to consider diversification options for your future investments.
- Do the things you’ve been putting off – some people delay creating a budget due to time constraints. If you’re quarantined, maybe you’ve got more time on your hands to do things like make a budget, write a will, read personal finance material, or study the Scriptures to see what God says about money.
- Take note of the “essential” businesses – this is especially true if you’re graduating high school soon or you’ve recently graduated. Something to keep in mind when considering a career is the stability that it will offer. Some industries are more impacted by economic downturns than others, but working in a job that’s considered essential would provide steadier income even in times like the COVID-19 pandemic.
- Look for opportunities to help others. A national emergency can be a scary thing. When we get scared, we get stingy, and the only thing we’re concerned about is ourselves. Hoarding blessings or denying help to others is never stewardship – it’s selfishness.
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