BETTENDORF, Iowa — You might be feeling the strain of the coronavirus on your investments and retirement plans right now. Financial planner Drue Kampmann with True Financial Partners in Bettendorf has some tips for navigating these times.
Kampmann says it's crucial to not let your emotions get the best of you. Stocks are changing drastically every day as buyers and sellers react to the coronavirus impact. Currently, life is a time full of fear, uncertainty and stress, which could cause some people to want to get out of the stock market.
He says if you sell now, however, you're just accepting a loss on your investment. After some time, the market will start to recover.
"Trying to navigate through all that fear and emotion is a challenge because it's right here and now," he said. "The objective in most discussions I have is, look past what we're dealing with right now."
Another way to get through a stressful financial time: ignore your daily balances. Retirement savings accounts and 401Ks are dramatically fluctuating and mostly for the worse. Kampmann says it's a temporary situation that will eventually correct itself.
One silver lining in all of this: cheap stock prices.
Kampmann says now could be a great time to invest, especially for young people. If you have some money set aside, it could be better spent invested.
For those who are being hit by hard financial times, Kampmann says to not fall back on credit cards. He says the high-interest rates can cause even more damage to your financial future.