Smart Financial and Investing Moves during the Coronavirus Pandemic
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This pandemic has caused financial hardships and uncertainties for many people across the globe. In this video, I discuss some actions you can take to get your finances in order and some smart moves you can make with your investment portfolios.
Survival Mode:
1. Take inventory - Calculate your net worth statement and monthly cash flow.
2. Calculate all your available credit in case you need to take a cash advance or buy everything on credit cards for a few months.
Opportunity Mode:
1. Increase your 401k and IRA contributions
2. Tax Loss Harvesting - sell your losers to offset some of the gains in your portfolio or take a loss on your tax return.
3. Roth IRA Conversions - it is a great time to convert when the market is down.
4. Rebalance Your Portfolio - This forces you to buy stocks when they are low and seem scary.
A great strategy is to buy a little when it feels like the world is coming to an end and to sell a little when it feels like the market is unstoppable.
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