I’m not sure I’ve ever done this before. I’ve posted 50,000+ words on my site and never have I just sat down and wrote because I felt I needed to put something out there. No edits. Just straight from the heart.
However, I think its important topic. As I write this the stock market has lost just shy of 20% off of recent all-time highs and looks like its going to open at ~5% lower again today.
While I myself have bought into the dip it is still so scary. Frankly, its been pretty easy investing since I entered the real world in 2011. For the most part the market has went up and up and up.
This up and up and up has allowed me to write fancy posts about how my net worth has grown so much.
Not only is the stock market is tanking but the world is facing some rather large unknowns in COVID-19 and the recent OPEC issues.
I don’t have all the details on those. I probably know what you know.
What a lot of personal finance bloggers are saying
As you read the content of a lot of bloggers they are saying exactly what I need to hear. That is, they are saying:
- its going to be ok
- keep your investments in
- the stock market goes up the majority of the time
This is perfect and I’m so glad there are level-headed, smart individuals that can keep everything straight when there are so any unknowns. While I’m certainly not an investment professional I agree with them.
If your time horizon is longer than 10 years I think its an extremely high probability you are going to end up on the right side of this.
That is easier said than done. When travel is being restricted, March Madness isn’t allowing fans, and the NBA suspended their season indefinitely it could be very easy to lose it.
I’ve had these thoughts. Believe me. I’m a personal finance blogger that probably knows more about this topic than a lot of individuals that work in the finance space and I’m still questioning things.
With all that being said, here is my best advice to you.
Control What You Can Control
Control what you can control. Can you control the stock market? Can you control the global spread of COVID-19?
Unfortunately the answers to both of those is no.
The best question to ask yourself in times like this is what can I control?
I’m personally focusing right now on controlling our spending (and thus our savings rate). While I usually keep a pretty close eye on it, any large, unplanned expenses will have to wait.
If you’re looking for more resources check out this great article on how to save money from your salary. It’s a great game plan for those of you just considering this for the first time. If your income took a hit take a look at how to make some free money.
Hopefully this will allow us to invest more if things continue to head south.
I’m also having conversations with my wife about what we need to do to protect our family as COVID-19 begins making its way to the midwest.
We can’t control anything else so we aren’t going to worry (too much) about it. There isn’t any point.
Wherever things head just know I’m right there with you. Please reach out if you need someone to talk to. Depending on where you stand on these important issues the world may just be a little scarier out there.