The turmoil and anxiety from the Covid-19 pandemic is wreaking havoc on every aspect of life. Especially finances and the economy. Businesses are reporting closings and losses, and the stock market seems to be hitting new lows every day. What should you do about it?

“During a downturn, many people’s first instinct is to sell and salvage what they can,” said Richard Cayne of Meyer International. “While this may seem like a good idea, it isn’t necessarily so.”

What goes up, must come down. But then they go up.

If you’re keeping up with the news and social media reports, it’s understandable that you may feel a little panicked. Headlines about the biggest losses, lockdowns, cancellations, and on and on. How is anyone going to make money? Are you supposed to watch as your retirement portfolio dwindles?

Well, yes. And no. Even if you’re planning on drawing from your investments in the next year or so, you shouldn’t act rashly now. You may have to delay plans for a bit, but if history tells us anything, it’s that the markets will recover. Bad news may capture attention, but you should also listen to analysts who also call for calm. Black Monday, the 2008 crash, SARs – they all caused markets to plummet. But they all recovered.

It may be painful to watch, so don’t. Even the savviest investment experts are biting the bullet. Others, including Warren Buffet, are suggesting taking advantage of the downturn. So, if you have some funds to work with, you may actually want to consider buying.

Take advantage of the downturn

Some people immediately think of gold. You may have read about how gold prices have skyrocketed and may continue to do so. But look closely and you’ll see that there’s volatility there too. And by now, the buying is driven by those with FOMO (fear of missing out). Don’t let that be you.  In fact now Gold has started to drop so it’s not always a good hedge.

There are plenty of buying opportunities across the board. People still need to buy essentials and eat, so perhaps look at companies like Kraft Heinz or Unilever. Technology companies like Apple may have taken a hit in their supply chain due to stoppages in China, but people still need phones and computers. If you’re unsure about specific companies, there are also index funds to research.

Furthermore, the US Federal Reserve and other central banks are cutting interest rates, which means this may be a good time to refinance outstanding loans. You may even see your credit card rates go lower. So even if you don’t have extra cash to invest, you may still be able to save money.

Still not sure what to do? This is a good time to talk to a trusted financial expert like Richard Cayne. He can help you review your portfolio and consider you options, calmly, clearly, without panic. Don’t act rashly, and you may be able to thrive, even in this time of uncertainty.