JACKSON, Miss. (WJTV) The stock market experienced its biggest drop since the crash of 1987.
The dow fell 10 percent. As fears about the coronavirus worsen, the crisis leaves many with questions about their own finances.
Will the coronavirus have an impact on my financial future?
People are wondering with the stock market plunging. One advisor says “this too will pass,” but now is a good time to review your financial goals.
It’s a bumpy ride ride now, with sports cancellations, extended spring spreaks
and the stock market dropping.
“The markets are off they’re going crazy, but it’s not a systemic problem, said financial advisor Ed Prybylski of Ameriprise. “It’s not a money problem. It’s not a liquidity problem. It’s not a banking problem. It is a virus. It is an illness.”
Prybylski believes the virus will eventually run its course, but in the meantime take a look at your investment accounts including your 401k.
“Is your portfolio properly situated? Do you have the right amount mixed? Do you have treasury securities? Do you have a little gold? Do you have dividend paying stocks? If that’s where you need to be, stay with it,” he said.
Your portfolio statement from this month may not be looking too pleasant, but Prybylski says right now is the time to focus on the long-term when it comes to your finances.
“Equities over long term are going to give you the best rate on return,” he said. “Not yesterday and certainly not over the next few weeks but there will be some opportunities to start buying some things that are appropriate for you.”