Coronavirus and your Investments!!

Coronavirus is here in Tulsa for the foreseeable future.  And with it comes a lot of uncertainty in the financial markets and our personal finances.  As an advisor, I wanted to make people aware of best practices during this time when it comes to their investment portfolio and retirement accounts.  

First, don’t panic. Although we have seen a hard and fast pullback in the stock market we don’t need to panic, we have seen this before, the worst thing we can do is make decisions out of fear.  Fear takes us off of our investment strategy, we need to stay the course and weather the storm.  If we begin to let our emotions take over, we will end up locking in those big losses for years to come; we sell low and don’t get in when the market begins to take off because we are uncertain about the real direction of the market.  Or worse we buy some financial product that we are told is the solution to our financial worry.

Which leads me to my second point.  Don’t let a financial product salesmen sell you a product, what do I mean by a product. I’m talking permanent life insurance, whole life or universal, don’t lock in your losses with a low yield annuity, or insurance product.  Keep your money in the market, that is the only way you will recover your losses.  This is much easier for younger investors, but it’s more important for retirement age investors.  Don’t let the downturn become permanent for you.

Finally, if you don’t have a financial strategy, make a plan, give us a call, we want to help you, we don’t make a commission on investment products, we sell true advice.  Now is the time to get into the market.  Stocks are on sale.  

Coronavirus has affected everyone’s portfolios, but as a Tulsa financial advisor and wealth manager, I want to help you take advantage of the low prices and help you grow your wealth with time tested strategies.  We can’t beat the market but we can help you weather it.

                                                                – Joseph Hanson, JD EA

                                                                  Attorney & Senior Wealth Advisor

                                                                  Burkholder Wealth Management 

                                                                  www.burkholderwm.com