{"id":5481,"date":"2020-04-08T15:50:24","date_gmt":"2020-04-08T07:50:24","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=5481"},"modified":"2020-04-08T15:50:24","modified_gmt":"2020-04-08T07:50:24","slug":"financial-tips-to-get-through-pandemic","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/financial-planning\/financial-tips-to-get-through-pandemic\/","title":{"rendered":"Financial Tips To Get Through Pandemic"},"content":{"rendered":"

The financial impact of the Coronavirus pandemic is clearly going to be huge on both a macro and a micro level. It\u2019s certainly an issue which is causing a huge amount of anxiety to investors at the current time. Our advisers have been receiving an unprecedented number of questions and concerns from clients due to this precarious economic environment.<\/p>\n

With that in mind we\u2019ve put together five important tips to help you see through the panic and stay calm.<\/p>\n

    \n
  1. Remember markets are resilient<\/strong><\/li>\n<\/ol>\n

    While it\u2019s true that the coronavirus pandemic is unprecedented in terms of global impact, it is by no means the first time the markets have been affected like this. The graph below shows the evolution of markets in relation to other health epidemics or pandemics over the last half century.<\/p>\n

    \"\"Source: MSCI.com<\/p>\n

    What we hope you will find reassuring is that in spite of some serious troughs, markets have always recovered over the long term. If you have invested with a medium or long term horizon in mind, this pandemic is likely to be just a particularly volatile period in an overall upward curve.<\/p>\n

      \n
    1. Don\u2019t panic sell<\/strong><\/li>\n<\/ol>\n

      If you are working to a long term financial plan, we\u2019d rarely advise selling in response to how the markets are performing but at this point in the coronavirus crisis selling would be a truly terrible idea.<\/p>\n

      The only sensible option now is to ride out this turbulent period in the hope that, true to form, the markets will experience an upturn once the tide turns. Often these upturns can be quite dramatic and you certainly don\u2019t want to miss out by ditching your equity investments now. If you sell with a view to buying back at a later date you\u2019re trying to time the markets twice over and that\u2019s pretty much always going to end in tears.<\/p>\n

        \n
      1. Adjust your financial planning outgoings<\/strong><\/li>\n<\/ol>\n

        If you\u2019ve taken a financial hit since the crisis began – and there will be many of you who have \u2013 there may be options available to you with regard to your financial planning to reduce your outgoings in the short term during this difficult period. The first step is to have a chat with your financial planner.<\/p>\n

          \n
        1. Avoid withdrawing cash if you can<\/strong><\/li>\n<\/ol>\n

          Some investors have asked about the possibility of accessing cash from their retirement savings to tide them over this period of financial hardship. If you can avoid this, you really should. Not only will you face penalties for early withdrawal but you will also lose out on any potential growth on that investment between now and when you retire, which could be significant.<\/p>\n

          Governments and financial institutions around the world are stepping up to offer relief for individuals affected by loss of income due to the coronavirus. It\u2019s worth talking to mortgage providers, other lenders and utility companies to see what options are available to defer bills and payments and temporarily reduce your outgoings until your finances get back on an even keel.<\/p>\n

            \n
          1. Future-proof your investments<\/strong><\/li>\n<\/ol>\n

            If you have been taking investment advice from a professional financial adviser your financial plan should be designed to withstand events such as this which send the markets haywire. Tools and processes exist to do that such as matching investment risk to your risk profile or diversifying your portfolio.<\/p>\n

            Nonetheless, it is important to make investment decisions within the context of an overall financial plan.\u00a0 Our advisers would be happy to answer your questions and work with you to ensure you are on track to meet your goals! Please\u00a0contact us<\/a>\u00a0if you need any advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

            The financial impact of the Coronavirus pandemic is clearly going to be huge on both a macro and a micro level. It\u2019s certainly an issue which is causing a huge amount of anxiety to investors at the current time. Our advisers have been receiving an unprecedented number of questions and concerns from clients due to…<\/p>\n","protected":false},"author":2,"featured_media":5482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[45,66,69],"tags":[],"class_list":["post-5481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-management","category-viewpoint","category-financial-planning","category-45","category-66","category-69","description-off"],"acf":[],"yoast_head":"\nFinancial Tips To Get Through Pandemic | Infinity Financial Solutions<\/title>\n<meta name=\"description\" content=\"Five important financial planning tips to help you see through the panic due to the coronavirus pandemic and stay calm at the current time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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