The coronavirus outbreak has already generated severe consequences for the national and global economies. With all this uncertainty, it's natural to worry. Here are some practical do's and don'ts to help you maintain some financial stability and peace of mind during this time.
Don't: make rash decisions with your investments
Whether you have a robust portfolio or just a modest retirement account, it can be nerve-racking to see investments drop in value. It may seem like a smart idea to sell off now to spare investments from further losses, but that may not be in your best interest. It is important to keep in mind your own investment horizon and risk tolerance. Before making any investment decisions, please seek the guidance of a professional such as a Registered Investment Advisor. If you'd like to speak to someone, our partner and Financial Consultant, Gary Ginsberg of Royal Alliance Associates, Inc. is still taking phone appointments. Please call us 212.869.8926, opt. 7 and leave a voice message with your name and telephone number. Someone will return your call to schedule an appointment.
Do: trim your spending
The thriving economy the country has enjoyed for a while has prompted a gradual lifestyle inflation for many people. Trimming discretionary spending now will help you lower your monthly expenses moving forward. If you have lost work or income, you may also qualify for accommodations from debtors.
Don't: put your money before your health
Financial wellness is important, but physical health should always take priority. Don't let financial considerations come before your health and the health of those you come into contact with each day. Doctors visits can cost a pretty penny, but when necessary, should always outweigh financial concerns. If you're not sure where to turn, consider contacting The Actors Fund.
Do: tap your emergency fund if necessary
If you have lost all or part of your income, now may be the time to tap into the money you've saved for an emergency. If you have the option, tapping into your savings may be smarter than taking on new debt with credit cards or personal loans. Borrowing money now will ultimately increase your monthly obligations in the future.
If you have specific financial concerns or questions about your ActorsFCU accounts, please feel free to email us at firstname.lastname@example.org