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9 Steps To Healing Your Finances

9 Steps To Healing Your Finances

May 04, 2020
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THE COVID-19 VIRUS HAS INFECTED A LOT MORE THAN PEOPLE

EVEN IF YOU DON'T HAVE THE VIRUS, CHANCES ARE IT'S HAD SOME IMPACT ON YOUR MONEY AND PERSONAL FINANCES.

1. Stay Calm. Yes, it’s scary, but financial  volatility is not unusual. Don’t make a rash decision you may regret in the future. If you want some peace of mind, look up what the Dow was trading at the day you were born. Look at where it is today, despite the recent news.

2. Analyze your progress to goal.  Before the crash, your current savings level may have been adequate to reach your goals. Now, maybe not. Find out what adjustments you need to make.

3. Re-balance. The goal with investments is to buy when prices are low and sell when they are high. Consider setting a date every quarter to re-balance - it's a strategy designed to help you do just that. Stocks just went on sale.

4. Shore up your cash reserves. It’s wise to always have at least 3 months of living expenses set aside in cash. Now you know why.

5. Try not to lock in losses. Selling when markets are down can be very destructive and you may end up feeling worse when they rise again.

6. Be careful listening to “experts.” No one knows the future, so be careful taking advice from people who sound like they do. There are typically two types of people: Those who don’t know and those who don’t know they don’t know.

7. Create a “Bucket Strategy.” Organize your money into investment buckets where each one is allocated differently depending on when you need to tap it. The money you may need over the next five years should be invested more conservatively than the money you need ten years into the future.

8. Find the waste in your spending. If you end up earning less over the next few months, find places to save money. Chances are you have a number of habits that can be changed: dining out, coffee, premium channels, clothes.

9. Get help. These can be scary times. You don't have to go it alone. We have dedicated our lives to helping people plan for financial security through both good times and bad. Let's work together!

Call 412-733-4016 or click the button below to arrange a brief introduction Zoom or phone meeting with a Bridger Financial Group advisor!

Bridger Partners

For educational purposes only - not to be relied upon as financial advice. Investing involves risk, including loss of value, and past performance is not a reliable indicator of future results. 3057954RB_Apr22

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