The market got hit hard. When your 1st quarter statements come out you will feel it; if you haven’t already. I feel it with you. In my industry, a portion of our revenue is directly tied to the market since the market is down so is my income. Don’t feel bad for me, I just want you to know I understand what you feel when you look at your accounts.
This video isn’t about being scared or worried, it’s about being optimistic. It’s not being Pollyanna either but rather why we can have a positive outlook on the future of the market, and more importantly, your account.
The Three Things You Can Do?
1. Invest any extra savings you have
With the market being down, this is a great time to buy. Even if it falls more, you are getting a 20% discount on what you would have paid a little over a month ago.
2. Roth Conversions
If a Roth conversion is something in your plan, this is the time to do it. For the same amount of taxes, you can now convert a great portion of your retirement into tax-free money.
3. Tax Loss Harvesting
If you have been holding onto investments because you didn’t want to pay the capital gains tax, this is a good time to make that sale. I wouldn’t sell just for this purpose, but if you were planning on it, now is a good time.
These actions, plus more, can be very helpful in times of a market drop. If you’d like help getting through this hard time call and I can help.