There could be an economic impact of the coronavirus. Mike Reeves, financial planning advisor of Strategic Wealth Designers, talks about how this outbreak may be different than others we have seen in the past and what people should do with their portfolios.
The coronavirus could be different than other outbreaks we have seen in the past like the Bird Flu and West Nile Virus. Reeves explains, “It is the timing here. The entire world is stimulating their economy while the U.S. is doing great. The problem here is if they are trying to stimulate their economies by printing money, by lowering interest rates and this gets worse it could come home and affect us. There are real concerns about a recession at some point if this gets out of hand”.
As we watch to see what occurs with the coronavirus, Reeves explains what to do with your portfolio. He states, “If you are watching this every day and getting nervous you are doing something wrong. Either you don’t understand your investments, or you do not have a financial plan. Go see your Advisor. Understand how you are invested and that you are getting a reasonable rate of return. That you have some safe stuff and you are keeping things simple”.
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