What do you think are the effects of the Coronavirus pandemic? Is it just on the Healthcare system? I guess not. How can we forget about the economic market which is severely getting hampered due to the COVID – 19 pandemic. There has been a wave of electricity hitting the market. The economy of the countries is falling.
People are looking for ways to save themselves from bankruptcy. The market has been unpredictable, moving into extremes on both sides. It is showing a blessing on a day and a curse on the other. Prices of stocks are falling rapidly and people are not able to adapt themselves to this change.
Who do you think can help? If you are thinking the witty heads who appear on television can help you then you are moving in a completely wrong direction. The power to save yourself lies within you and the control should always be in your hands. With such a catastrophe comes to tension and stress.
In such situations thinking that the market has survived such a situation in the past helps you out. Convince yourself that the recession is not going to be there for a long time which is actually true as stock markets haven’t been a bad investment for a period of 10 years, equities have always gained 7% from the time of inception. In such situations, some pro tips can help you to stay safe and not run out of money as money is your life-saving yacht in the sea.
Let’s look at some of them which to you may seem basic but can be pretty helpful in such times.
Also, read Tips to be a Successful Forex Traders
1. Increasing your emergency funds
I personally believe that cash can save you in any bad times. Keeping some funds for emergencies is never a bad option. For safety always keep 15% of your portfolio amount as your emergency funds which should be other than your backup money. This will be useful for your future.
2. Working on your retirement plan
Such times of crisis can be the best time for investment. How…