Three ways to protect your finances during a market panic due to coronavirus

As the Chinese coronavirus spreads, anxiety overtakes financial markets and the economy, trips and meetings are canceled, fear of a recession is growing, writes USA Today.

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On Wednesday, March 11, the Dow Jones Industrial Average fell 1464,94 points, in addition to its previous fall, and stood at more than 20% below its all-time high since last month.

Investors may think that it is time to buy or sell stocks as prices continue to fall. But despite the market crash, personal finance experts say investors should be calm.

Here are their top tips for turbulent times in the market.

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Purchase opportunity

It’s best to avoid panic. After each decline in the stock market there will certainly be growth. According to experts, investors should take advantage of the market opportunity to buy shares at a price lower than usual.

“The market gives you the opportunity to buy shares of companies of interest to you at a better price than a week ago. If you have time and enough money, now is the time to buy the right things at a really competitive price, ”said Charles Lemonides, founder and portfolio manager of ValueWorks.

Start saving and saving money

If you are retiring soon, it is important that you have enough cash to buy food and pay for housing. The cash supply ensures that you do not have to sell anything during a crisis.

“History shows that the critical situation in the market may not be so obvious and last longer than you think. It is advisable to have a significant amount of money in liquid assets in stock, especially if you are already retiring and know that you need enough money to live, ”says the expert on personal finance, economics and markets, author of the book“ Savage, the truth about money ” Terry Savage.

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Retire Yourself

Guaranteed job pensioners who have accumulated enough cash reserves should consider increasing their savings. Since now, due to market conditions, stock prices of some companies are at the lowest level.

“Take this opportunity to get more stocks for the same amount of money. It's a proven way to get rich during times of instability, ”said Jimmy Lee, CEO of The Wealth Consulting Group.

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