Financial advisor shares tips to weather financial crisis caused by COVID-19

Business

VIRGINIA BEACH, Va. (WAVY) — Maneuvering money matters in the midst of an emotionally-exhausting health crisis can seem cruel, but it’s more like a necessary evil in tough times.

Everyone’s trying to figure out what’s next, whether you’re just trying to stretch a dollar to the end of the week, or you’re trying to figure out how best to invest. But experts say if you’re already in the market, stay there.

“I would encourage everyone to hang tough at least financially when it comes to investing,” said Jake Bawab, a financial advisor with Northwestern Mutual in Virginia Beach. “We’ve seen market fluctuations like this before and typically it’s the ones who hang in that see the best results.”

It might be tough. And you might be nervous about the future. But, here are a few things to keep in mind today.

For starters, don’t make drastic decisions during a time of economic shock. Bawab says there are two camps of investors right now. Those who are extremely scared, and those who see opportunities.

“They technically just saw a dip in the value of their portfolio,” said Bawab. “On the other camp are a bunch of folks who know when there’s a shift up or downwards it’s a buying opportunity potentially.”

He says now is the time to review and possibly rebalance your portfolio and diversify. If there are any questions, seek professional help.

What about those who are seeing the possibilities but wondering if it’s even a good time to jump in for the first time?

“If someone came up to me and said ‘Hey, I want to invest as aggressively as possible’ I would say it seems like you have a pebble in your shoe and I might be able to help you,” said Bawab. “Let’s look at the pros and cons and see if it still makes sense for you to get in the market. Facing an uncertain market especially for those who are close to retirement really comes with high stakes. I believe a great advisor should understand your financial goals and help guide you in ways that truly fit your needs.”

Bawab recommends you check your 401k and/or TSP plan to make sure you’re getting a match. And remember, rebounds do happen in time.


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