Financial Focus: Coronavirus is about to kill our economy

By Professor Anthony Rivieccio MBA PFA

Well, now the financial numbers are starting to come in:

  • Employment claims in last 2 weeks: 10 million
  • Stock market: ( Jan- March) -25%
  • 80% of Americans are on stay at home orders

Ready to open up your 401k statement?

And according to many experts, the worst could be coming as they expect the “apex” of the coronavirus pandemic will not be until May .

Basically this means we can not expect total extermination of this virus in the US till at least September.

So what should we do:

Firstly, exhale! This is a situation that will pass. It is a respiratory virus. In essence what I call the flu ++

Secondly, consider or re- consider Asset Allocation. Rebalancing your portfolio even in a basic format, protects your money by offsetting possible gains against possible losses. Asset allocation is and should always be based on your short and long term goals. Your financial advisor if reachable should be checked in with and having this discussion, now!.

Thirdly, think of what goods and services will be needed during this virus time. It will be those areas are to be the best to rise in the market. But note that with Global markets changing our financial markets, literally every hour, remember to speak to a financial professional first.

Lastly, check on your friends . This pandamic will bring more mental stress than physical sickness. A lending ear or short conversation can do wonders for your friend- and yourself.

Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr.  Rivieccio is an Adjunct Professor of Business, Finance & Accounting at the City University of New York and Monroe College. You can reach Anthony at 347.575.5045.

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