While it’s essential to stay informed, it’s equally important to know when to step away and focus on what you can control (this advice is primarily for me).
Suppose the current situation with COVID-19 turns into a more prolonged recession.
In that case, we will all know someone who loses a job, files for bankruptcy forecloses on a home, or severs a relationship due to financial reasons.
If you were going to time the market, which I don’t recommend, the time to pull your money out is when the market is at all-time highs, not when the market falls by 35%.
If you haven’t pulled your money out now, it’s time to hold on for dear life unless you need the money to survive.
So how can you help others? Maybe purchase a local grocery store gift card for a family in need. Or spend money at local restaurants that choose to remain open.
We look for organizations that take the dollar we offer and amplify it. We will continue to search for opportunities to give back to a community that has been so good to us.