4 Financial Planning Moves to Consider Now

Financial tips

4 Financial Planning Moves to Consider Now

Posted by Infinite Wealth Advisors, LLC
7 months ago | March 8, 2020

You might have noticed a little market volatility lately, along with bare grocery store shelves as certain items sell out. The coronavirus situation has sparked fear of trade difficulties and shortages (mostly with China), which has triggered a chain reaction of instability.

While most analysts predict this temporary situation will soon resolve, you might be wondering what to do in the meantime. Rather than panicking, it might be worthwhile to consider some strategic financial planning moves.

Remember, your own decisions should be made after careful consideration and consultation with an experienced financial advisor. The following ideas might apply to your situation, but we should discuss them before proceeding.

Set aside cash in emergency savings. Everyone needs a rainy day fund, no matter how the economy is performing. Compare interest rates with several banks and choose the best one that is accessible to you. If you have assets on hand during an emergency, you can avoid costly credit card debt.

Refinance your mortgage. If you still have several years left on your mortgage, and you don’t plan to sell any time soon, refinancing might be a good idea at this time. Interest rates recently hit their lowest point in several years.

File your taxes. Okay, everyone needs to do this, regardless of the overall market situation. And with the average refund amounting to more than $2,800, you might have the perfect source of funding for that savings account.

Stick with your long-term plan. If everyone panics and sells assets, this only makes the situation worse. Analysts predict that the market will rebound before long, so this probably isn’t the time to make drastic moves. But if you’re concerned about your portfolio, give us a call to discuss it. We can help you decide if you should consider any strategic moves at this time.

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