Market Update: Coronavirus and Its Impact

Should you get caught up in the fear and uncertainty when it comes to the Coronavirus? What kind of impact could it have on you and your financial plan? Let’s discuss the biggest international story in early 2020.

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The View From The Pinnacle

Should you get caught up in the fear and uncertainty when it comes to the Coronavirus? What kind of impact could it have on you and your financial plan? Let’s discuss the biggest international story in early 2020.

Click the timestamps below to fast forward to certain points of the episode.

 

Thing’s You’ll Learn Along Today’s Journey

Coronavirus has been a top story for weeks, especially as it spreads to different countries. At the time of taping this podcast, the market is down 3.56 percent or 1,000 points. Should we be panicking?

The rise of more people outside of China contracting the coronavirus has investors a bit spooked. The biggest fear is if this becomes a pandemic and passes worldwide. That said, the survival rate is high, so right now a lot of it comes down to unknowns. How will it possibly hurt the market and your financial situation?

Despite the uncertainty, make sure you are following your financial plan. Having a plan can help you focus and bring clarity to the foundations of your plan. When people become fearful and emotional, that’s what could cause you to make financial decisions that could impact you for the worst. As fear continues to build, it creates a unique buying opportunity.

Due to slowed production in China, this could be an ongoing story but don’t let that derail your entire financial plan. While these stories create panic, they do very little ultimately to alter the fundamentals that drive our economy. If we focus on the fundamentals and know what our plan looks like, we can continue in a positive manner regardless of what’s happening emotionally.

If you feel uncomfortable with what’s happening in the market, maybe this is a good time to talk with an advisor and evaluate how your investments are allocated. Do you know how you are invested and how it aligns with your financial plan?

Listen to the full episode or click on the timestamps below to learn more about how to handle the impact of coronavirus in the market.

0:48 – The biggest factor impacting the market right now is the coronavirus.

1:51 – The average flu kills thousands each year.

3:24 – Should you sell off your investments?

6:35 – A large percentage of products come from China and production has slowed.

7:12 – How does this impact your financial plan?

8:06 – What kind of perspective should you have regarding a market drop?

 

 

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As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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