Job Loss Causes Stress and Financial Tension
Robyn A. Crigger, CEO
With so many being thrown into a Career Transition during this volatile time caused by the Coronavirus, too many opportunists are striking while emotions and stress are running high.
True, there are many caught ill-prepared for this devastating chain of events, but it is very important for people to keep calm and resist being pressured to make major decisions without taking the time to review your entire situation and consider all options. Obviously, most are concerned about the status of their finances. Economic Changes will fluctuate, bouncing up and down, back and forth multiple times until the market settles down.
The economy and financial industry has many factors that have to come to terms and determine what makes sense before there can be a logical resolution. Seldom does this roller coaster ride stop when all is up in the air. Instead, the Economic Market eventually takes a deep breath and settles on some middle ground that is reasonable and makes sense.
However, before this comes about, there are those, who are guilty of playing on the fears of many stockholders or investors, and stirring up enough emotions to cause these people to take risks or make decisions that are unwise. This can trigger much financial devastation, harming companies and innocent investors. To those who pull this prank, this is all a game of “chance” and seeing who can make more money off of others.
The bottom line is for individuals to not rush into any sudden changes, as well as select a Financial Advisor who has lots of experience in their areas. A wise and experienced financial advisor will be apt to have access to credible resources and be able to provide more dependable insight in regards to stocks, bonds, and other financial tools. Try not to panic when sudden, economic changes occur.
Obviously, today’s Coronavirus is causing many businesses to close, substantially reduce their hours, or have their employees work from home. Traveling has also been changed to only those trips that are absolutely necessary. This dramatically affects all travel-related businesses (airlines, hotels, restaurants, etc.). Therefore, use wisdom during these days to make “good choices”, and avoid BIG decisions now if at all possible. Don’t allow anyone to pressure you into a major investment decision. Take your time and use wisdom.