Right now, all anyone seems to be able to talk about is the coronavirus. So how concerned should you be when it comes to the market?
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
With the market volatility happening now due to coronavirus and a few other factors, many are concerned about their portfolio. How careful should you be? On this episode Retire with Integrity, Brian talks about assessing your risk tolerance and fear regarding the market.
What kind of risk is in your portfolio? What is your risk tolerance? Do these two things match? You want to have these conversations with your advisor and evaluate what kind of risk you are comfortable with. Make sure it fits you.
People are starting to parallel this situation to 2008 and wondering what they should do with their portfolio. If you’re calling your advisor with concern, then maybe you need to take on a different level of risk. You don’t really know your true risk tolerance until you go through a market downturn.
How do you know when to move to safety? Right now we are facing unprecedented times as major events and businesses are shutting down. How can you tell if you are being overly cautious or not careful enough? While no one can predict the future, you should be able to establish a financial plan that works for you.
Listen to the full episode or click on the timestamps below to hear a specific segment.
[0:16] – Are you concerned about market volatility because of the coronavirus?
[1:32] – Do you know what kind of risk you have in your portfolio?
[7:51] – Are you getting used to the number you had on your previous statement?
[8:37] – These are unprecedented times, so can you be careful enough with your money?