— The question among many right now is what they should be doing with their investments amid the coronavirus pandemic.
- What should I be doing with my 401k account right now, with the stock market so low?
“The first thing in an emergency is you keep flying the plane and the same should be true on your 401k or any investment account,” said Barry James with James Investment Research in Greene County.
James said its important to keep your accounts diversified.
He said its also important to not allocate your money in one place.
“You don’t want all your money in your company’s stock, it might be tempting but it might not be something that works well for you,” James said.
James also said it’s important to look for opportunities to take advantage of low stock prices.
- Assuming prices for stock are cheaper right now, what are some of the biggest bargains you see out there right now for someone who wants to invest in stocks?
James said it’s important to not chase the current market, in fact, he said you should be looking to do the opposite.
He also said you should be looking at solid companies with good earning and a lot of cash that have seen their stock prices drop.
- Should I be refinancing my home mortgage because of the interest rates out there right now? What are the pros-cons of this?
James said there will likely be a little bit of a window for people to take advantage of lower interest rates for home mortgages.
He did say lenders may be more careful lending in these situations and will be looking at the long-term impact on you personally before making a decision.
He said if you can get approved, some people will likely be able to lock in a low rate.
- What are a few things people in the Miami Valley should do right now to protect themselves financially during this pandemic?
- Watch out for hackers trying to take advantage of your accounts.
- “Don’t make a run on the banks,” James said. The money there is safe.
- Avoid taking on additional debt, especially credit card debt.