With the spread of Chinese coronavirus anxiety overtakes financial markets and economy, travel and meetings are canceled, the fear of recession grows, writes USA Today.
On Wednesday, March 11, the industrial index Dow Jones fell by 1464,94 of the item, in addition to his previous fall, and stopped at more than 20% of the level below its record high from last month.
Investors may think that it is time to buy or sell stocks as prices continue to fall. But despite the market decline, experts on personal Finance say that investors should remain calm.
Here are their top tips for turbulent times in the market.
The possibility of buying
It is best to avoid panic. Every recession in the stock market was followed by growth. According to experts, investors should use the market to buy shares at a price below the regular.
“The market gives you the opportunity to buy shares in interested companies at a better price than a week ago. If you have time and enough money, now is the time to buy needed items at a really attractive price,” said Charles Leonides, founder and managing portfolio ValueWorks.
Start saving and save money
If you are soon to retire, it is important that you have enough cash to buy food and pay the rent. Availability of cash ensures that you do not need to sell anything during the crisis.
“History suggests that the critical situation in the market may not be so obvious and lasts longer than you think. It is advisable to have a considerable amount of money in liquid assets, especially if you already retire and know that you need enough money to live on,” — said the expert on personal Finance, the economy and markets, author of”the savage truth about money” by Terry savage.
Equip yourself in retirement
Retirees with guaranteed employment, which have accumulated enough cash reserves, is to think about how to multiply their money. Because now because of market conditions, stock prices of some companies are at the lowest level.
“Take advantage of this opportunity to get more shares for the same amount of money. It is a proven way to get rich in times of uncertainty,” said Jimmy Lee, CEO of The Wealth Consulting Group.